Best Estate Planning Attorneys in Aloha, OR

A will outlines who should receive your assets when you die. If you die without a will, your property will pass via the pre-determined intestate succession rules under Oregon law. If you want to control disposition of your own assets rather than the de facto plan, you will need to ensure you have a will. Most people have a general concept of a will. This formal document names the beneficiaries of your assets and appoints a personal representative to distribute those assets and otherwise wrap up your affairs under the close supervision of the probate court. A will depends on the court process to become fully implemented.

A properly drafted revocable living trust avoids probate and allows family members to keep your financial information private. By avoiding probate, your family can also save the costs associated with probate and the lengthy delays necessitated by the court process. Since the trustee does not have to navigate the complicated probate process, the trustee can settle the estate much faster. A living trust also allows you to outline ahead of time who should care for your property, finances, and yourself in the event you become disabled or incompetent. This eliminates the need to apply to the court for a guardian or conservator for assets titled to the trust.

Despite the advantages of a revocable living trust, this planning mechanism might not be best for everyone. Younger couples who are in accumulation mode may opt to have a will rather than a living trust due to the hassle factor of ensuring everything is titled in the name of the trust. Additionally, it costs more initially to have a trust drafted rather than a will. If a trust is the right planning tool for you, however, your beneficiaries will appreciate that you spent the money to have a proper trust prepared, because the savings are typically far more by avoiding probate.

Typically, the advantages of the revocable living trust far outweigh its disadvantages. However, you may opt to have your estate pay the costs of probate rather than paying the costs upfront to set up a living trust. On the other hand, you may highly value the privacy and long-term savings that a living trust affords when compared to a will. Julia will help you determine which avenue works best for you and your family.

Clients are often surprised to learn that everyone has an estate worth planning. Contrary to common perception, planning is not only for retired people or wealthy people. Estate planning truly benefits everyone, regardless of such factors. Planning in advance allows clients to determine how their property will be transferred when they pass away. Further, creating an estate plan helps clients ensure they have the right people taking care of their children or themselves should they become incapacitated. Julia refers to these individuals through the design process as helpers. Julia spends a lot of time with her clients making sure they designate helpers they trust given the large role they play in either the care of the incapacitated client or in the administration of the estate.