Will you be better served by a Will or by a Trust?
Reply to the prompts below to receive a customized recommendation.
Section: 1
A. Specific Circumstances
Select all that apply, if none do 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 widowed and I am concerned about having someone manage my affairs if I become incapacitated. | |
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 the costs of care will deplete our savings. | |
G. According to the Oregon Estate Tax Calculator, I will likely owe Oregon estate taxes. |
Section 2
A. General:
Select 1 if not important, 5 if very important, N/A if not applicable.
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 publicly available or published in the newspaper. | |
I want the gifts and inheritance 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:
Select 1 if not important, 5 if very important, N/A if not applicable.
I would like to put limitations on how my children can use their inheritance. 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 inheritance. 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 inheritance does not get shared with their ex–spouse’s, should they ever get divorced. (Divorce Protection) | |
I would like to protect my children’s inheritance 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 inheritance for these things. (Addiction Protection) |
C. Incapacity:
Select 1 if not important, 5 if very important, N/A if not applicable.
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 incapacitated, 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 incapacitated, 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 incapacitated, 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. |
Your Score is:
Section One
Section Two
Disclaimer: This calculator is an information tool 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 additionally 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.