Wills and Trust

Serving Eugene, Salem, and Roseburg – Estate Planning & Asset Protection Experts

Wills and trusts are essential estate planning tools in Oregon that allow individuals to control how their assets are distributed after their passing. A will is a legal document that outlines a person’s wishes regarding the distribution of property, the care of minor children, and the appointment of an executor to manage their estate. Trusts, on the other hand, provide a more flexible and efficient way to transfer assets, often avoiding the probate process. Both instruments help ensure that an individual’s estate is handled according to their intentions while minimizing potential legal complications.

One of the key benefits of having a will in Oregon is that it provides clear instructions on how an estate should be administered. Without a will, assets are distributed according to the state’s intestacy laws, which may not align with the deceased person’s wishes. Additionally, a will allows parents to designate guardians for their minor children, ensuring their care is entrusted to a chosen individual. However, wills must go through probate, a court-supervised process that can be time-consuming and costly, potentially delaying the distribution of assets to beneficiaries.

Trusts offer an alternative or complementary approach to estate planning, providing greater control and privacy. A revocable living trust, for example, allows individuals to transfer assets into the trust during their lifetime while retaining the ability to modify or revoke it as needed. Upon their passing, the assets are distributed according to the trust’s terms, bypassing probate and reducing administrative burdens for beneficiaries. Irrevocable trusts, while more restrictive, can offer benefits such as asset protection, tax savings, and Medicaid eligibility planning.

Creating a will or trust in Oregon requires careful planning to ensure legal compliance and alignment with financial goals. While DIY estate planning tools exist, consulting an experienced estate planning attorney can help individuals navigate complex laws, avoid common pitfalls, and create a strategy tailored to their needs. Whether opting for a will, a trust, or both, having a well-structured estate plan ensures that assets are distributed efficiently, family members are protected, and the individual’s final wishes are honored.