Wills for Oregon Families
Portland Wills Attorneys
A wills attorney can help you legally prepare a will for your estate. It is a legally bound document that is put into effect when you die. In it, you state your intentions for the distribution of your assets and properties after your death. It also designates the executor of your will and your heirs and beneficiaries. If you also have minor children, a valid will also allows you to appoint someone to take care of them.
Wills are a relatively simple document you can use to protect your assets and plan your estate. However, having errors in its creation or modification can invalidate your will. Explicitly outlining what you want to happen in the future guarantees that your final wishes won’t be ignored.
A will is only one of the estate planning tools available out there. If you’re developing an estate plan, make sure to consult with an experienced Portland wills attorney. At Michael D. O’Brien & Associates PC, our trusted estate planning lawyers in Portland, OR who can help you draft your will. Contact our law firm today at (503) 694-4445.
The Purpose of Having a Will
Many people think that having an estate plan and a last will and testament is only for the extremely wealthy. In reality, everyone who is 18 years old and older should have a will. If you have any type of savings, properties, investments, or dependents, then you’d benefit from having a will.
If you don’t have a will, it means that you’ve died “intestate.” Oregon state laws and the court will determine how your properties and assets are distributed when this happens. This includes any securities, bank accounts, real estate, and any other personal property you own at the time of death.
The laws revolving around intestate succession can vary greatly depending on whether you were single, married, or had children. Usually, your estate is divided equally between your beneficiaries, including your surviving spouse, children, parents, siblings, and other relatives. If you have no relatives, then your estate will go to the state.
The Different Types of Will
Different types of will are valid and legal. The kind of will you choose will depend on your specific circumstances, future goals, and what you want your beneficiaries to inherit. If you’re interested in knowing about the best type of will for your situation, then consult with an experienced Portland estate law firm today. Contact our law firm at (503) 694-4445 for an initial estate consultation.
If you to make advance directives about your medical care during an illness, accident, or advanced age, then a living will is for you. Unlike a last will and testament, a living will is only for directives about your medical care. If you become incapacitated or unable to speak, a Living Will can speak for you. You can indicate the types of medical treatment you want or don’t want to receive through a living will and name someone who will oversee your medical care.
It can help ease the burden of your loved ones making decisions for your care.
If you become incapacitated for any reason, and you can’t let doctors or loved ones know what you want, a Living Will can speak for you. The benefit of a Living Will is it greatly eases the burden on loved ones if they need to make tough decisions on your behalf. Note that Living Wills become immediately ineffective once you pass away. Contact our Portland wills attorney at (503) 694-4445 so we can help draft a Living Will today.
Testamentary Trust Will
Different from a living will, a testamentary trust will take effect once the grantor (the person who created the trust) dies. This type of trust is made within a will, often to make a trust for minors or if you need to make directives for the long-term care of your beneficiaries. It is also used to direct asset distribution after you pass away. If a will includes a trust, the will takes effect right away, while the trust is only formed after the death of the will’s author.
If you’ve looked into creating a living trust to avoid probate, then you may have heard of a “pour-over will.” This type of will works in conjunction with a revocable living trust. This type of will offers more privacy than a regular Last Will and Testament.
A pour-over will direct that if any asset or property passes through the will after the testator’s death, it should be ‘poured over’ into the trust, then distributed to the trust beneficiaries. Its goal is to distribute all assets under the terms of the trust. It has several benefits, which include:
- A more straightforward estate plan because it is only governed by one document, the trust.
- It is a more private distributing your estate because it doesn’t have to go through probate and become a public record after your death.
- It takes care of the assets that the author wasn’t able to transfer to the living trust before their death.
A simple is a legal document that states the beneficiaries of your assets after you pass away. Much like the name suggests, a simple will isn’t complicated and doesn’t contain many clauses. It is also perfect if you don’t have a large estate. It is composed of basic components such as:
- The name of the testator (author of the will)
- The name of the executor (the person responsible for distributing the estate to the beneficiaries)
- The name of the beneficiaries and what inheritance they are receiving
- Designating a guardian for minors
Two or more people sign a joint will which acts as a separate Will for each testator. A joint will can’t be changed after the death of one of the testators. The beneficiaries, executors, and other provisions in the will can no longer be changed. This inflexibility in a joint will may cause problems for the surviving spouse, especially since their wishes may still change.
Michael D. O’Brien & Associates Estate Planning Law Firm has an experienced wills attorney who can help you create your estate plan. Save your family’s time and money! A wills attorney in Portland, Oregon can help you draft an estate plan that fits your needs. Call our law firm today at (503) 694-4445 today to start drafting your will.
Need Help With Your Estate Planning? Call a Portland Wills Attorney!
Planning for the future can save your family time and money. At Michael D. O’Brien & Associates, we have Portland attorneys with experience in different areas of law who can help you plan your estate.
If you’re planning to create a will, or if you’re interested to know what other options you have for your estate plan, our Portland real estate law firm are here to provide legal advice.