Having a will can prevent conflict and help your loved ones save time and money in the event of your death. It’s essential to seek the counsel of experienced estate planning attorneys who make sure your wishes are carried out in the event of your passing. Our experienced estate planning attorneys help you create a will that reflects your wishes and protects your family’s rights and interests.
What Is A Will?
A will is a legal document that indicates how you wish to have your property distributed after your death. Regardless of the number of assets you own, having a will is vital, especially if you’re a parent of young children. In your will, you name a personal representative (executor) who administers your estate. Your will also allows you to appoint a legal guardian for your children and plan how they will be provided for after your death. Your will must be in writing and signed by you and two witnesses. There are many legal formalities that apply to wills in the state of Oregon, so having knowledgeable estate planning attorneys assist you with drafting your will is a must.
Why Should I Have A Will?
When you die without a will, the state will distribute your estate based on the laws of intestate succession. The probate court chooses a personal representative to fill the role of executor. If you’ve been selected to serve as executor of an estate, it’s important to keep in mind that it can be a time-consuming task that involves many responsibilities. An estate planning lawyer can assist you with the probate process and help you understand how it works.
Oregon’s intestacy law gives your property to your relatives, starting with your spouse and children. If you don’t have a spouse or children, your grandchildren or parents inherit your property. Siblings, grandparents, aunts, uncles, cousins and your spouse’s relatives may all be potential beneficiaries of your estate, depending on your family situation. If the court finds that you have no living relatives by blood or marriage, your property goes to the state of Oregon. If any of your beneficiaries are in debt, their inheritance may be subject to the claims of their creditors.
Probate is the process by which the deceased’s property is distributed and debts are paid. To initiate the probate process, a petition must be filed with the probate court. The probate process usually takes about six to nine months, even with a will. If you don’t have a will at the time of your death, the process can be much more drawn out and costly.
The Importance Of Trusts
Although having a will is vital, it covers only your probate property, which means that your will includes only property owned solely by you at the time of your death. A revocable living trust offers many benefits beyond those of a simple will and can help your family cut probate costs and save on estate taxes.
If you need assistance with drafting your will, contact our caring team of estate planning attorneys at 503-990-6641 or contact us online to schedule a consultation today.