Understanding wills, trusts, and powers of attorney is vital for effective estate planning. These legal tools help manage and distribute your assets, protect your interests, and ensure your wishes are honored both before and after your passing. At Johnson and Taylor, our estate planning attorneys in Salem, OR can help you understand your options and create an estate plan that meets your family’s specific needs.
Vital Estate Planning Documents
From designating how your assets will be divided to protecting your privacy and making healthcare decisions, documents such as wills, trusts, and powers of attorney, each serve a unique purpose. Carefully planning and creating these documents can ensure your loved ones are provided for and avoid potential legal issues. Our Salem estate planning attorneys provide the guidance you need to create a solid plan tailored to your specific circumstances.
Wills
A last will and testament is a legal document that outlines how your assets will be distributed after your death. Creating a will in Oregon allows you to specify beneficiaries for your assets and property, appoint an executor to manage the distribution of your estate, name guardians for minor children, and address other matters such as funeral arrangements.
Types of wills In Oregon include:
- A simple will names an executor and includes details about the distribution of assets and property and guardianship of children and pets.
- A joint will is usually a single will created for two spouses.
- A testamentary trust will includes one or more trusts to distribute assets to beneficiaries. It can include a portion or all of the estate, as well as life insurance proceeds.
Without a will, Oregon laws of intestate succession dictate asset distribution, which may not align with your wishes. Creating a valid, detailed will ensures your intentions are clear and legally sound. It also makes the probate process easier for your loved ones at an already difficult time.
It’s important to inventory all your assets, including personal items, choose beneficiaries, appoint an executor, and name guardians in your will, if applicable. Your estate planning lawyer can advise you on the specifics that should be included in your will. Our attorneys also ensure that all legal requirements are followed for the drafting, signing, and witnessing of your will.
Trusts
A trust is a legal arrangement in which the grantor names a trustee to manage assets in the trust for beneficiaries. Trusts are used for various purposes, including asset protection, tax reduction, and providing for loved ones with special needs.
Types of Trusts in Oregon
- Living trust – A living trust is created during your lifetime and can be revocable or irrevocable.
- Testamentary trust – As previously mentioned, a testamentary trust is created as part of a will and takes effect after death.
- Revocable trust – This trust may be altered or revoked while the grantor is still alive.
- Irrevocable trust – This type of trust cannot be changed once established.
- Special needs trust (SNT) – A special needs trust allows you to provide for a disabled beneficiary without affecting their government benefits.
- Charitable trust – This type of trust benefits a charity or the public.
Benefits of Trusts
One of the major benefits of a trust is that it enables the assets in it to bypass the probate process. It also provides privacy, as trusts are private documents, while wills are part of the public record. A trust can also be beneficial if you want to provide for someone who isn’t financially responsible. In some cases, a trust may offer tax benefits as well.
Our estate planning attorneys can help you determine your objectives for a trust and determine which type will best meet your needs. If you need help choosing a trustee, deciding which assets to include, and defining the terms and conditions of the trust, our estate planning and probate lawyers provide straightforward legal advice and always keep your best interests in mind.
Powers of Attorney
A power of attorney (POA) is a legal document that enables you to name an agent to make healthcare and financial decisions on your behalf when you’re unable to do so yourself. A general power of attorney gives an agent broad power to handle your affairs, while a limited POA outlines specific powers for particular tasks or periods of time. A power of attorney for healthcare is designed to enable your agent to make medical decisions should you become incapacitated. A financial power of attorney gives an agent the ability to handle your financial affairs, such as paying bills and managing assets.
It’s critical to have your estate planning attorney help you create a POA that holds up to the legal standards for financial and medical powers of attorney in Oregon. This ensures that trusted individuals can make important decisions on your behalf and avoid dealing with complex circumstances like seeking court-appointed guardianship. Our probate and estate planning lawyers can help you choose an agent for each POA and clearly outline their powers and limitations.
What is a Living Will?
Also known as an advance healthcare directive, a living will specifies your wishes for life-sustaining treatment and end-of-life care. Pain management, do not resuscitate (DNR) orders, organ donation, and other issues can be addressed in your living will.
A living will not only ensures your preferences are known and followed, but it saves family members from having to make difficult decisions as well. It can also help loved ones avoid potential conflict about your wishes for medical care.
Our estate planning attorneys are well-versed in the legal requirements for living wills in Oregon. These types of issues can be hard to talk about, and we’re happy to work with you and your family to ensure they understand your wishes and intentions.
In addition to handling matters such as probate, wills, trusts, and power of attorney in Oregon, our team litigates personal injury and divorce, and family matters. Our estate planning lawyers serve clients in Marion, Polk, and Linn counties and surrounding communities.
Contact Our Estate Planning Lawyers in Salem, Oregon
At Johnson and Taylor, we believe in empowering our clients with valuable information about estate planning, probate, and other legal matters. Contact us or call 503-990-6641 to schedule a consultation with an estate planning attorney in Salem, OR. Members of our team offer quality legal services to our Spanish-speaking clients.