All tagged probate

Why do I need a Revocable Living Trust?

Everyone who has any assets (like a home or a retirement account or a business) has probably heard about Revocable Livings Trusts and wondered whether they need to set one up. At my office in Portland, Oregon, the main estate planning tool that I use to help my clients is a Revocable Living Trust. There are many reasons why so many of my clients choose to plan their estates with a Revocable Living Trust, rather than with a Will-based plan. Here are some of those reasons.

The #1 Thing You Are Putting Off: Estate Planning [Do the Damn Thing podcast, with guest Candice Aiston]

Candice was interviewed on the Do the Damn Thing podcast to talk about the #1 thing that the podcast listeners reported that they were putting off: Estate Planning.

On the episode, Candice talks about the 3 documents that everyone over 18 should have in place, the additional documents that all parents should have in place, whether you should DIY your estate plan, why people put off estate planning, how to get started on estate planning, and so much more.

Will My Estate Go through the Probate Court Process?

Probate is a court process that takes place after a person dies. The purpose of the process is to legally transfer assets that are in the deceased person’s name to whomever the beneficiaries of the estate are. In Oregon, your estate will need to go through a probate process if you die owning real property with a market value worth over $200K, and/or if you own personal property worth over $75K. This applies even if you have a will. Your will simply tells the probate court where to direct your assets after you die.

Most people who don’t want their estate to go through probate set up a revocable living trust to hold their assets. That way, when they die (or if they are incapacitated), they don’t actually own any assets that need to be transferred—the trust does, and the trust agreement tells the trustee what to do with the assets.