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Going Beyond Wills and Trusts
A Will or Trust generally forms the base of your estate plan and can be used to define how you wish your property to be distributed on your death. However, an entire estate plan also provides for situations that leave you disabled and unable to make decisions for yourself, such as during a severe illness or after an accident.
Contact Us or call (503) 490-0063 to schedule a consultation.
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Guardianship for Minors
Perhaps the foremost consideration for families with minor children is to ensure that their children will be taken care of in the unfortunate circumstance that no parent survives the children. Establishing a guardianship plan today will put your mind at ease and will make the transition that much easier for those left behind in the unfortunate event that it is needed. This can be accomplished in your will.
Wills
A will can only take effect when you die and tells the state how you want your property distributed at that time. It also stipulates other details for settling your estate such as who will be the guardian of your underage children. A will may also include a testamentary trust to manage care and assets for minor children.
Trusts
Trust options are flexible and varied. They are commonly used to provide tax benefits for large estates or to control funds for children. Examples of different types of trusts include: Revocable Living Trust, Testamentary Trust, Special Needs Trusts, Charitable Trust, and Generation Skipping Trust. If set up properly, a trust can help you manage your assets during your lifetime and for your heirs after your death.
Probate
Probate is the process of distributing the decedent's estate according to the terms of the will if there is one, or according to the laws of intestacy if the deceased person left no will.
Normally, the probate process involves:
• Collecting and identifying the decedent’s property;
• Paying any debts and taxes; and
• Identifying the proper heirs and distributing the estate property to them.
While the Court is involved in this process, most of the work is done by the estate executor or administrator with the help of an attorney.
Other Common Documents:
• Durable Power of Attorney
• Advance Directive
• Nomination of Guardian
• Disposition of Remains
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