(1) A person who has capacity to make a will has capacity to create, amend, revoke or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust.

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Terms Used In Oregon Statutes 130.500

  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Trustee: A person or institution holding and administering property in trust.

(2) A revocable trust remains a revocable trust for the purposes of ORS § 130.520 to 130.575 even though the trust cannot be revoked because:

(a) The settlor becomes financially incapable; or

(b) An event occurs that by the terms of the trust prevents the revocation of the trust. [2005 c.348 § 45; 2009 c.275 § 16]

 

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