Estate Planning in Oregon*

Image of attorney and client

In Oregon unless you have a living trust, a revocable trust, or other trust then your estate will have to go thru Probate. This can be a lengthy and expensive process. Below are some of the reasons you should do an overall Estate Plan. Be sure and get a CMA (Competitive Market Analysis) for any Real Estate you own to help you with your estate planning. 

  1. Control Over Assets: Estate planning allows you to dictate exactly how your assets will be distributed after your death. Without an estate plan, the state's intestacy laws will determine who receives your assets, which may not be to your wishes. Any Real Estate is a significant asset so it is an integral part of any estate plan.

  2. Protecting Beneficiaries: Whether they are minors or adults, estate planning enables you to safeguard and take care of your beneficiaries. For instance, in the case of minor beneficiaries, the estate plan can detail the guardianship and financial management of your of your assets until the child becomes a legal adult or at whatever age you specify. You can set up a trust and trustee to manage any real estae assets especially if there are minor children or adults with limited experience managing property.

  3. Avoiding Probate: Probate can be a lengthy, costly, and public process, no privacy. If you create an estate plan, especially one that includes a living trust, you can avoid probate, thereby preserving the full value of your estate and ensuring that your beneficiaries receive their inheritance more quickly. Taxes, mortgages need to be paid which adds more complications if you have to go thru probate. 

  4. Reducing Estate Taxes: Proper estate planning can help reduce the amount of estate tax that may be owed upon your death. Various trusts and annual gift allowances can be utilized to minimize or even eliminate estate taxes, allowing more of your estate to go directly to your heirs.

  5. Providing for Special Needs Dependents: If you have a dependent with special needs, an estate plan can be structured to ensure that they continue to receive and qualify for essential financial support and services after your death.

  6. Incapacity Planning: An estate plan is not just about death. It also includes provisions for managing your affairs if you become mentally or physically incapacitated.  We never think this will happen to us, but best to plan for it just in case. Through tools such as powers of attorney and living wills, you can stipulate who makes decisions on your behalf about your finances and health care.

  7. Peace of Mind: Ultimately, having an estate plan provides peace of mind. Knowing that your loved ones will be taken care of and that your wishes will be respected in case of your death or incapacity can offer a considerable amount of relief. Estate planning allows you to anticipate and arrange for the management and disposal of your estate, alleviating future burdens on your loved ones.

*Please check with an Estate Attorney for more details and the latest laws in regards to estates.