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Wills vs. Trusts II: Do You Need a Trust?

Trusts are subject to misinformation in Oregon. Entire industries exist to scare people out of probate and create these large estate vehicles that are not always necessary. Most clients who fall for these sales pitches would save money by drafting a will and never creating the trust.

When used for the right reasons, a trust protects your family’s interests. If it is created solely to avoid probate, you will lose more money and time than you will save. Here is an overview of what a trust can and cannot do in Washington, Multnomah, Marion and Clackamas counties.

Wills vs Trusts I: What Wills Do & Don’t Do

There is no doubt that a will is a helpful estate planning tool. When it meets the requirements for a last will and testament in Oregon, it reduces family stress and streamlines the distribution of assets after death. However, there are limits to a will and that is why it is best that you discuss your circumstances with an estate planning attorney rather than attempting to draft one on your own.

To get an idea of what you need to consider while estate planning in Washington, Multnomah, Marion, and Clackamas counties, here is what wills do and don’t do. 

Avoid Homemade Estate Planning–Hire an Oregon Attorney

The availability of online legal document services (like LegalZoom and Rocket Lawyer) produces a false sense of security. Many people gain the impression that drafting a will, creating a trust or starting probate is a fun do-it-yourself project that saves money and yields desirable results without attorney involvement.

In reality, the best service offered by these sites is general information. They do not offer insight on unique situations or provide continuing support. Rocket Lawyer, for example, allows online consultations with attorneys but this contact does not create an attorney-client relationship. You are not guaranteed representation if plans fail to work out.

The desire to create your own estate plan shows a lack of understanding of what estate lawyers do in Washington, Multnomah, Marion and Clackamas counties. If you have children, own real estate or maintain a stock portfolio, you definitely need to hire an attorney who specializes in wills, trusts, and probate. Even if you do not fall under these categories, hiring an estate planning attorney in West Linn, OR provides advantages and peace of mind. Here are four reasons to avoid placing estate planning among your do-it-yourself projects.