In most states a certificate or memorandum of a trust agreement which conveys or entrusts an interest in real property may be recorded with the land records clerk of the appropriate county in lieu of the entire trust agreement. The certificate must be executed by the trustee and it must contain the following: (a) the name of the trust; (b) the street and mailing address of the office, and the name and street and mailing address of the trustee; (c) the name and street and mailing address of the trustor or grantor; (d) a legally sufficient description of all interests in real property owned by or conveyed to the trust; (e) the anticipated date of termination of the trust; and (f) the general powers granted to the trustee.
The Oregon Certificate or Memorandum of Trust Agreement is a legal document that serves as proof of the existence of a trust and provides essential information about its terms and conditions. It is commonly utilized in estate planning and administration processes to ensure transparency and facilitate efficient management of trust assets. A typical Oregon Certificate or Memorandum of Trust Agreement contains several key elements. Firstly, it includes the name of the trust, which is essential for identification purposes. Additionally, it specifies the date of establishment, allowing interested parties to determine the trust's relevance to a given period. The trust document also names the trust's settler(s), who are the individuals or entities that established the trust. This information enables beneficiaries and trustees to identify the individuals responsible for creating and funding the trust. Furthermore, the Certificate or Memorandum of Trust Agreement outlines the identity and powers of the trustee(s), who are entrusted with managing and administering the trust assets. It provides the names and contact details of the trustees, allowing interested parties to communicate with them when necessary. Additionally, it delineates the authority granted to the trustees, ensuring clarity regarding their powers and responsibilities. Moreover, the document addresses the beneficiaries of the trust, detailing their identification and respective shares in the trust assets. This information is crucial for beneficiaries to understand their entitlements and rights. In Oregon, there are different types of Certificate or Memorandum of Trust Agreements, each tailored to specific situations and objectives. Some notable types include: 1. Revocable Living Trust Memorandum: This document outlines the provisions of a revocable living trust, allowing the settler(s) to make changes or revoke the trust during their lifetime. It provides flexibility and allows for the efficient transfer of assets upon the settler's death. 2. Irrevocable Trust Certificate: This type of agreement establishes an irrevocable trust, meaning it cannot be modified or revoked without the consent of the beneficiaries. It often serves estate planning purposes, providing tax-efficient asset protection and wealth transfer strategies. 3. Testamentary Trust Memorandum: This document is created as an addendum to a last will and testament, specifying the terms and administration of a trust that will be established upon the settler's death. It allows for the distribution and management of assets according to the settler's wishes, even after their passing. In conclusion, the Oregon Certificate or Memorandum of Trust Agreement is crucial for establishing and managing trusts within the state. It serves to authenticate the trust's existence, clarify its terms, and allow interested parties to operate within the framework of the trust legally.
