When it comes to protecting your family, taking the time to establish a customized estate plan is one of the most important steps you can take to ensure that your loved ones will remain supported, no matter what the future holds. Unfortunately, putting off this task can lead to additional stress and legal headaches in the event of an unexpected event or loss. Even if the present moment may not seem like the “right” time to focus on estate planning, prioritizing this process can give you and your loved ones the peace of mind you need to feel confident in the future.
As you start to explore your estate planning options in the Portland or Vancouver area, it’s common to feel overwhelmed by the choices you face. For instance, many people quickly discover that several estate planning tools and forms are available online, which may initially appear to be an attractive option. However, these online forms are often overly broad and fail to offer the legal protections that you and your family actually need. When you enlist the support of a caring and experienced estate planning attorney, you are making sure that your estate planning goals are articulated clearly and protected sufficiently. This post will explore two of the most commonly used estate planning tools: Wills and trusts. Your attorney will help you assess your specific needs to determine the most appropriate estate planning tool for you so that your loved ones are protected and your legacy is secure.
Understanding Wills in Oregon and Washington
When people hear the term “estate planning,” they usually think of a will. As defined by the Oregon State Bar, a will “is a set of instructions that explains how you want your property distributed after your death.” Essentially, a will includes documents that express your wishes regarding the allocation of your estate and property upon your passing. In addition to naming your beneficiaries and the property you wish to be distributed to each person, your will can also address how your minor children or other dependents will be cared for when you can no longer do so. Although you are not required to put a will in place, taking this step carries several advantages, particularly for your loved ones.
If you pass away without a will in place, the Oregon or Washington court must step in to oversee the distribution of your estate. Without a will to guide the court’s decisions, your relatives and loved ones may find themselves dissatisfied with the outcome. In some cases, disputes among family members may arise, leading to additional hardship and stress. When you take the time to establish a will, you can rest easier knowing that your loved ones will have a clear guide to support them once you are gone.
One important distinction about wills is that having a will results in probate because the court must validate the will and oversee the distribution of assets according to its terms.
What to Know About Probate
When an individual passes, their estate may go through a legal process known as probate. Probate occurs when individuals die with or without a will (intestate). During the probate process, the court reviews the terms set forth in the decedent’s will. It’s helpful to understand that probate can take several months (and, in some complex cases, years) to complete, and the process tends to be much more complicated for cases without a will. So, having a will is considerably more helpful than not, and helps streamline and simplify the probate process. If you do not have a will in place, the probate court will oversee the distribution of your estate according to state laws. For instance, your spouse will receive any property that was in your name alone upon your passing. Taking the time to work with a dedicated and understanding estate planning lawyer to create a will can give you and your loved ones greater peace of mind, knowing that everyone will be in good hands, come what may.
Trusts as Estate Planning Tools
Another estate planning tool that you may wish to explore is a trust. A trust stays out of probate, and allows you to appoint a trustee to oversee and manage your property in the event of your incapacitation or death. A trust can take effect during your lifetime or after your death; regardless, the trust becomes the title holder for your assets and property. The trustee manages the trust and makes decisions using the wishes and guidelines you established when you created the trust.
It’s important to recognize that several types of trusts are available to you, and your estate planning attorney can meet with you to discuss your specific goals to help you identify the most appropriate type of trust(s) that suit your needs. For instance, you may want to consider creating a Special Needs Trust to ensure that your vulnerable dependent continues to receive the assets they need. Or, you may want to leave money to a charitable organization upon your passing—forming a Charitable Trust can help you accomplish this goal. No matter what your circumstances may be, you can trust that your knowledgeable estate planning attorney will help you identify the most appropriate tools to protect your legacy and loved ones.
Importance of Estate Plan
Now that we’ve explored some basics about wills and trusts, it’s time to highlight some of their fundamental differences. First, it’s important to understand that wills must go through the probate process, while trusts allow the estate to circumvent this legal process (saving considerable time and minimizing disputes among beneficiaries). Additionally, wills eventually become part of the public record, while trusts remain private and out of the public eye. Finally, trusts offer the most advantageous taxable estate planning and asset protection, which is especially important for those with considerable assets. Either way, an estate plan serves an important purpose as it honors your wishes and secures your legacy.
If you’re ready to take the necessary steps to keep your legacy as secure as possible, reach out to a dedicated and experienced estate planning attorney today to discuss your goals.
It’s never too early to prepare for the future of you and your family. The dedicated and caring estate planning attorneys at Myatt & Bell, P.C., are ready to help you explore your options for protecting your legacy. Call our Portland office at (503) 641-6262 or our Vancouver office at (360) 360-0212 today to get started.
The content on this blog is for general informational purposes only and does not constitute legal advice. The author of this blog is not an attorney, and the views expressed are solely those of the author. Always seek the advice of a qualified attorney for legal guidance regarding your unique situation.
