Call to Action
Enhanced Creditor Protection for Married Couples with Revocable “Living” Trusts
As of the beginning of 2022, Oregon law changed to enhance estate planning safeguards for property owned by married couples when it is titled in the name of a revocable living trust. Prior to the legislation, transferring jointly owned property into a revocable living trust could compromise creditor protections enjoyed by married couples.
Since assets titled in the name of your revocable trust avoid probate altogether, we recommend titling your primary residence in the name of your revocable “living” trust. To maintain the safeguards:
- your primary residence must be held in trust, and
- each spouse must be a trust beneficiary (and must remain married during their joint lifetimes)
Review:
Is Your Home Titled in the Name of Your Revocable “Living” Trust?
How to check the title to your home to confirm your primary residence is titled in the name of your revocable (living) trust*:
- Review your Original Deed (located with your estate planning documents)
- Look up your home and property information on your county assessor’s website
- For Portland residents, look up your home and property information at www.portlandmaps.com
*If the deed reads “husband and wife” or “tenants by the entirety,” your primary residence is not titled in the name of the trust.
Take Action:
If your home is not titled in the name of your revocable “living” trust*
– OR –
If you transferred title to your trust(s) prior to 2022
Catalyst Law assists clients by preparing and recording deeds to transfer title of your primary residence to your revocable “living” trust.
- Legal Services ($225 Fixed Fee) – Prepare and record real property deed in any Oregon county or coordinate preparation of out-of-state deed through U.S. Deeds
- Filing Fees ($100+/- Filing Fee) – Cost depends on the county and number of pages, among other variables