Do I need a Will or a Trust? Answer the questions below to see whether a Will or Trust makes the most sense for your family.
Section 1: Specific Circumstances (Please select all that apply – If none apply, please proceed to Section 2.)
|A. I have minor children.|
|B. I have a special needs child.|
|C. Either I or my spouse have step-children.|
|D. I am single, divorced, and/or a widow or widower and I am concerned about having someone manage my affairs if I become incapacited.|
|E. My spouse’s mental capacity is declining and I am concerned that soon he or she will not be able to understand legal documents.|
|F. My spouse requires long term medical care and I am concerned that his or her care will deplete all of our savings.|
|G. According to the Oregon Estate Tax Calculator, I will likely owe Oregon estate taxes.|
|I would like my estate to pay as little as possible in state and federal estate taxes.|
|I do not want my family to have to go through the court process of probate when I pass away.|
|I am a private person and do not want the details of my estate plan to be publically available or published in the newspaper.|
|I want the gifts and inheritence I leave to my family to be distributed as quickly as possible.|
|I want the smoothest, most efficient, and cheapest possible administration of my estate when I pass away.|
|I am willing to pay more today for an estate plan that will save my family time, money, and frustration when I pass away.|
|I would like to make it as hard as possible for people to challenge my estate plan and how I choose to leave gifts to my beneficiaries.|
B. Gifts for Children:
|I would like to put limitations on how my children can use their inheritence. (For example, I would like my children to use their inheritance for education first.)|
|I would like to restrict the age at which my children gain full access to and control over their inheritence. (For example, I do not want them to receive everything at age 18, which is the default under Oregon law.)|
|I would like to ensure that my children’s inheritence does not get shared with their ex–spouse’s, should they ever get divorced. (Divorce Protection)|
|I would like to protect my children’s inheritence from their creditors or potential creditors. (Creditor Protection)|
|I am concerned that my children have or may develop an addiction to drugs, alcohol, or gambling and I would like to make it harder for them to use their inheritence for these things. (Addiction Protection)|
|I am concerned that I or my spouse will be unable to care for ourselves in the foreseeable future.|
|I am concerned that I or my spouse will be unable to manage our finances in the foreseeable future.|
|If I become incapacited, I would like my family to be able to take care of me without having to go to court and without requiring court supervision.|
|If I become incapacited, I would like my family to be able to do Medicaid planning for me to preserve some of the assets I have gathered, while also ensuring that I am cared for.|
|If I become incapacited, I would like my family to be able to make gifts to family members to reduce the potential Oregon estate tax bill that would be owed by my estate.|
[ for the questions you answered, your average score is a 2.5 out of 5. Scores below 2 indicate that a Will probably makes the most sense for you. Scores of 2-3 suggest that a Will or Trust may be a viable option. Scores above 3 indicate that you will probably most value the benefits of a trust.]
Your Score is:
Disclaimer: This calculator is an information tool, intended only to help lay out the different factors that families often consider when deciding between a Will or Trust. To find the best for your family, speak with an attorney.
0 < score < 2: Based on your score, a Will may be sufficient for you and your family. Also, consider the recommendation(s) provided above based on your answers in Section 1 (if any), as your specific circumstances might make a Trust more appropriate. To learn more about Wills and Trusts, please Contact our office for an appointment.
2 ≤ score ≤ 3: Based on your score, you would be a good candidate for either a Will or a Trust, and would likely be happy with either option. Also, consider the recommendation(s) provided above based on your answers in Section 1 (if any), as your specific circumstances might make a Trust more appropriate. To learn more about Wills and Trusts, please Contact our office for an appointment.
3 < score ≤ 5 “Based on your score, you would value the benefits of a Trust. Also, please consider any additionaly recommendations provided based on your answers in Section 1 (if any). To learn more about Wills and Trusts, please Contact our office for an appointment.