Estate Planning in Oregon

As an estate planning attorney, I’m biased, but I think it’s great to make sure you’re prepared for whatever life might throw at you.

 

Why do I need an Estate Plan?

The list is long. So long. There are so many reasons why you should have a plan in place. Here are a few:

 

• Control what happens when you die. If you do not make an estate plan, the government will decide what to do with your property. 

  • By having a will or trust, you express your preferences for how you want your property to pass. If you do not have a plan in place, Oregon’s intestate succession laws apply, and the state decides for you. 

• Be sure your property will pass to your loved ones exactly how you intend.

  • Leave your collectibles to someone you know will love them how you do. Leave your guitars to your child who actually plays. Give a monetary gift to the person who will care for your pets. Donate to charity or start a scholarship fund in your name. When you make a plan, you can be certain your property will pass how you intend.

• Make sure property does not go where you don’t want it to go. 

  • It’s not uncommon for certain relatives to be estranged. When you make a plan, you can be sure those people get nothing, if that’s what you want.

• For unmarried partners, having an estate plan ensures that your partner can receive your property when you pass. 

  • I’ve represented numerous clients where the decedent was unmarried but had a partner. Oregon does not have common-law marriage. So, if you and your partner aren’t married (or registered as domestic partners), dying without an estate plan can leave your partner without any right to inherit your property. 

• Proper planning can help minimize taxes owed down the road. 

  • Sizable estates may owe hefty estate taxes. Oregon taxes estates at the state level, and larger estates may also be taxed as the federal level. Through thoughtful planning, these tax burdens can be minimized.

 

What is included in an Estate Plan?

Simply put, an estate plan is a set of documents that help you plan for aging and death. A full plan will typically include a Will, Durable Power of Attorney, Advance Directive, and HIPAA Authorization Form for each individual. Trust-centered plans will also include a Trust agreement and more. 

 

What is it like to work with you for my estate planning needs?

I aim to make estate planning simple and easy for my clients. I want you to understand your plans – even the parts that look like they were written by lawyers, for lawyers – and to feel like you have complete control along the way. 

 

To begin, we start with a consultation to discuss your goals, and how best to accomplish them. We discuss Wills and Trusts, and how either may be right for you. Ultimately, I make recommendations based on my experience and your goals, but it is up to you, the client, to decide what type of plan you would like. 

 

Our drafting process is collaborative. I encourage your questions and enjoy the dialogue in putting everything together. Once I have the information I need, I begin drafting. I send drafts via email for your review. Once you approve of the plans, we schedule an in-person signing. In light of COVID-19, I also offer instructions for executing your estate plans remotely, if you prefer not to meet in-person.

 

When everything is finalized and executed, I will save a digital copy of your file for our records, and I will provide you with original hard copies of each document.

 

What are Wills? What are Trusts?

 

Wills and trusts are both written documents that state what you want to do with your property. While you’re alive, neither need to be filed publicly. 

 

Wills are documents that say, “this is my family, this is my property, this is what I want to do with my property after I die.”

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I liken Wills to “set it and forget it” documents; once you make one, a will isn’t needed again until someone passes away. Once someone passes, their will is presented to make sure their stuff goes where they intended. Importantly, the will guides the probate process (without a will, probate is guided by intestate succession laws), setting forth “who gets what”, so to speak. 

 

Living Trusts hold your property during your lifetime, so you can avoid the need for probate after death.

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When you make a trust, you transfer your property into the trust. You no longer hold the property as an individual; rather, you hold it as a “trustee” of your trust. When we execute the trust agreement, we place your real property into the trust, as well as your personal property and certain financial accounts. 

 

More legwork goes into drafting a trust, but the effort is worthwhile. Since probate is only necessary for “probate property”, assets held in trust do not need to be administered in the public eye of the Probate court. This allows your property to pass to your beneficiaries without the need for court approval.

 

What else is included in your plans?

All of the estate plans I prepare include a Durable Power of Attorney, HIPAA Authorization Form, and Advance Directive for each client. 

 

• Durable Power of Attorney. This handy document allows individuals to act on your behalf. 

• HIPAA Authorization Form. Names individuals that medical providers can discuss your medical conditions with. 

• Advance Directive. Make it clear what your end-of-life care preferences are, and name a Healthcare Representative that can make these decisions for you, if you’re unable to do so yourself.

 

What you need depends on your goals. Contact me for a free consultation so we can figure out what works best for you!