What is a self-settled trust?
A self-settled trust is a type of trust where the creator of the trust is also a beneficiary. In Oregon, these types of trusts are also known as self-settled spendthrift trusts and are more commonly used to protect assets from creditors while allowing the trust creator to benefit from the assets. One of the primary advantages of a self-settled trust is that the creator can place any assets they own into the trust without worrying about it becoming vulnerable to creditors. This offers a level of protection for the trust creator while also allowing them to benefit from the assets they have placed in the trust. Another advantage is that the trust can be set up to limit or restrict access to the trust assets from creditors. This means that the trust creator can have peace of mind knowing that their assets are secure, even if they become subject to certain legal claims. Self-settled trusts are an important part of Oregon inheritance law. They can help protect an individuals’ assets while also allowing them to use and benefit from them. This type of trust is an effective tool for asset protection and can be a great way to ensure your estate stays secure for your beneficiaries.
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