A trust involves any arrangement by which legal title to property is transferred from one person to be administered by a trustee for another person's benefit. The elements of a valid trust are:
" A designated beneficiary.
" A designated trustee.
" A fund identified to enable title to pass to the trustee.
" Delivery by the settlor or grantor to the trustee with the intent of passing title.
A trustor executes a living trust during his or her lifetime. It can be revocable or irrevocable.
Anyone legally capable of holding title to, and dealing in, property can be a trustee. If a trustor does not name a trustee, or if a named trustee cannot or will not serve, a court can appoint one. A trustor may prescribe the trustee's powers and performance. State law applies only in the absence of such terms. A trustee must act with honesty, good faith, and prudence, and exercise loyalty toward the beneficiary. A trustee must keep clear, accurate accounts and furnish complete information to the beneficiary while keeping trust assets separate. A trustee pays an income beneficiary the net income of the trust. A trustee must distribute the risk of loss of the trust assets through diversified "prudent investments."
Gresham Oregon Irrevocable Trust for Lifetime Benefit of Disabled Trust or with Power of Invasion in Trust or is a specific type of trust designed to provide financial benefits and support for disabled individuals while allowing the trust creator (trust or) to retain certain powers and flexibility. This type of trust is established in Gresham, Oregon, and is irrevocable, meaning its terms cannot be changed or revoked once it is set up. It is specifically created for the lifetime benefit of a disabled individual, allowing them to receive ongoing financial assistance and support even after the trust or's passing. One key feature of the Gresham Oregon Irrevocable Trust for Lifetime Benefit of Disabled Trust or with Power of Invasion in Trust or is that the trust or retains the power of invasion. This power allows the trust or to access the trust assets or make distributions for their own benefit if necessary, prior to the designated distribution to the disabled beneficiary. This enables the trust or to have some control over the trust assets during their lifetime while still ensuring that the disabled individual's needs are met. There are different variations or subtypes of the Gresham Oregon Irrevocable Trust for Lifetime Benefit of Disabled Trust or with Power of Invasion in Trust or, depending on specific circumstances or preferences. These variations may include: 1. Supplemental Needs Trust: This type of trust ensures that the disabled individual can benefit from the trust assets without jeopardizing their eligibility for government benefits or assistance programs. 2. Special Needs Trust: Similar to a supplemental needs trust, a special needs trust is designed to provide financial support to disabled individuals while preserving their eligibility for government assistance programs. 3. Medicaid Payback Trust: This type of trust is specifically established to protect the disabled individual's eligibility for Medicaid benefits. Upon the trust or's passing, any remaining trust assets are used to reimburse Medicaid for benefits provided during the beneficiary's lifetime. 4. First-Party and Third-Party Trust: A first-party trust is funded using the disabled individual's own assets, such as an inheritance or litigation settlement. A third-party trust, on the other hand, is funded by someone other than the disabled individual, such as a family member, providing additional options for estate planning and asset protection. Overall, the Gresham Oregon Irrevocable Trust for Lifetime Benefit of Disabled Trust or with Power of Invasion in Trust or offers a comprehensive solution for individuals in need of long-term financial support. It allows the trust or to maintain control while ensuring the disabled beneficiary receives the necessary assistance and protection.Gresham Oregon Irrevocable Trust for Lifetime Benefit of Disabled Trust or with Power of Invasion in Trust or is a specific type of trust designed to provide financial benefits and support for disabled individuals while allowing the trust creator (trust or) to retain certain powers and flexibility. This type of trust is established in Gresham, Oregon, and is irrevocable, meaning its terms cannot be changed or revoked once it is set up. It is specifically created for the lifetime benefit of a disabled individual, allowing them to receive ongoing financial assistance and support even after the trust or's passing. One key feature of the Gresham Oregon Irrevocable Trust for Lifetime Benefit of Disabled Trust or with Power of Invasion in Trust or is that the trust or retains the power of invasion. This power allows the trust or to access the trust assets or make distributions for their own benefit if necessary, prior to the designated distribution to the disabled beneficiary. This enables the trust or to have some control over the trust assets during their lifetime while still ensuring that the disabled individual's needs are met. There are different variations or subtypes of the Gresham Oregon Irrevocable Trust for Lifetime Benefit of Disabled Trust or with Power of Invasion in Trust or, depending on specific circumstances or preferences. These variations may include: 1. Supplemental Needs Trust: This type of trust ensures that the disabled individual can benefit from the trust assets without jeopardizing their eligibility for government benefits or assistance programs. 2. Special Needs Trust: Similar to a supplemental needs trust, a special needs trust is designed to provide financial support to disabled individuals while preserving their eligibility for government assistance programs. 3. Medicaid Payback Trust: This type of trust is specifically established to protect the disabled individual's eligibility for Medicaid benefits. Upon the trust or's passing, any remaining trust assets are used to reimburse Medicaid for benefits provided during the beneficiary's lifetime. 4. First-Party and Third-Party Trust: A first-party trust is funded using the disabled individual's own assets, such as an inheritance or litigation settlement. A third-party trust, on the other hand, is funded by someone other than the disabled individual, such as a family member, providing additional options for estate planning and asset protection. Overall, the Gresham Oregon Irrevocable Trust for Lifetime Benefit of Disabled Trust or with Power of Invasion in Trust or offers a comprehensive solution for individuals in need of long-term financial support. It allows the trust or to maintain control while ensuring the disabled beneficiary receives the necessary assistance and protection.
