How is a revocable living trust established? Appointing a successor trustee is essential if you are the first trustee and the trust will carry on after you die or become incapacitated. You can appoint more than one trustee, delegating different duties to each trustee if you wish, and you can retain the power to remove the trustee and appoint a new one. A professional fiduciary that is not an Oregon bank or trust company can act as trustee, if a court appoints it and it posts a bond. An Oregon bank or trust company can also act as trustee. In Oregon any competent adult can be the trustee, including the person setting up the trust.

Any competent adult can establish a revocable living trust. A revocable living trust agreement or declaration is usually longer and more complicated than a will, and transfer of assets to the trustee can be time-consuming and expensive. If you want your trust to substitute for a probate proceeding (court administration of property after death), you should legally transfer substantially all of your property to the trustee, and you should provide instructions to the trustee regarding how to distribute trust assets after your death. To help you decide if a revocable living trust is right for you, here are answers to some of the most frequently asked questions about these trusts.Ī revocable living trust is a legal device that can be used to manage your property during your lifetime and to distribute your property after your death.Ī revocable living trust is established by a written agreement or declaration, which appoints a “trustee” to administer the property transferred to the trust, and which gives detailed instructions on how the property is to be managed and eventually distributed. Revocable living trusts often serve this purpose, but they often create problems, too. Even though Oregon’s probate system is relatively simple and inexpensive, many people seek an even quicker and easier mechanism for transferring the assets of a deceased person to the beneficiaries of that person. Revocable living trusts are often promoted as an effective alternative to probate.

Setting up living trust