What is a Will?

A Will is a legal document that controls the transfer of your assets after your death.  In a Will, you appoint a person to act as a “Personal Representative,” who ensures that your wishes are carried out under the terms of the will.  Depending on the value of your estate, a will is “probated.”  This means that your Personal Representative files a petition with the local Court to administer your estate, and distribute the assets.  When a will is probated, information about your estate is public, and your personal representative must go through certain steps, under Court supervision, to administer your estate.

What if I die without a will?

 If you or a loved one die without a will, then your estate is “intestate.”  The state law where you passed away will govern the distribution of your assets.  Your personal representative will be required to follow the intestate succession statue.  A will allows you to override this statute, and control how your assets will be distributed.

What is a Trust?

 A trust is a flexible device, similar to a corporation, which allows you to entrust property to a Trustee for the benefit of another person, the “Beneficiary.”  A trust can be created in a Will, or during your life-time.  There are many reasons to create a trust, including protection of children you may leave behind, reduction of estate taxes, or protection against Medicare liens.  We can help you decide whether a trust is a good option for you and your family.

What is an Advanced Directive?

In Oregon, an Advance Directive is a document that allows you to appoint a Health Care Representative to make health care decisions for you if you cannot direct your own medical care.  Your Health Care Representative must follow the directions in your Advance Directive. In this document, you can set out the nature and extent of medical care, and when the medical care should be withheld.  Many Oregonians do not wish to prolong their life by extraordinary means.  This Directive allows you to make those decisions now, when you are able to.

What are Durable Powers of Attorney?

Every estate plan should include one.  A Durable Power of Attorney appoints someone to be your “attorney-in-fact.”  Your attorney in fact is given broad power over your property.  You can, if you wish, issue a more limited durable power of attorney.  The Power of Attorney is “durable.”  This means that it remains in effect as long as you are incapacitated, and unable to make decisions on your own.  During this time, the attorney in fact can pay your bills, manage your affairs, and work with your doctors on health care decisions.  If you become incapacitated without a Power of Attorney, a family member or friend has to petition the court to be appointed as a guardian, conservator, or both.  This is expensive and time consuming.  A Power of Attorney a very easy method to avoid problems down the road.  The attorney in fact is like a trustee, and must manage your affairs for your benefit.