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The deceased spouse's estate typically funds the B Trust (also known as the ?Family Trust?) up to the Oregon exclusion amount, currently $1 million. This protects the first $1 million from estate tax since taxes are only applied to amounts over the $1 million exclusion.

If you want to create a living trust in Oregon, you'll have to devote some time to planning and paperwork. You can do it alone, but it may be helpful to find a lawyer to help you set one up. This will be much more expensive though.

A basic trust plan may run anywhere from $2,000 to $3,000 or more, depending on complexity. There are additional costs for making changes and administration costs after your death. Different types of trusts and trustees can require different fees for administration and wealth management.

The trust allows you to keep your family matters private. While a will becomes public record when probate occurs, a trust is never probated and never made public. No one will know who your beneficiaries are, what assets are in the trust, or what the conditions of the trust are.

If you prefer to keep more of your estate matters private, a trust can help with that. A crucial difference between a will and a trust is that trusts can remain private and out of the public eye. As part of the probate process, a will becomes part of the public record. However, trusts do not pass through probate.

Creating a living trust Oregon requires you to prepare a trust agreement. This document is then signed by you in front of a notary. The trust is not complete or functional until you transfer ownership of your assets into the trust.