An Irrevocable Life Insurance Trust, or ILIT, goes above and beyond life insurance policies. After all, many people purchase life insurance policies to protect their loved ones if something happens to them and they pass away. Beneficiaries can use life insurance benefits to… Cover funeral and burial expenses Pay off debts Cover expenses after lost financial support Pay for…
A revocable Oregon living trust is called that for a reason: You have the option to revoke or change the trust document at any time. But when should you? If two spouses create a revocable trust together, either spouse has the right to revoke the trust, but they must agree in writing to any amendments to the existing trust…
Your Oregon Power of Attorney, or POA, is one of your estate plan’s most important decisions. You’ve likely heard this term before, especially related to healthcare and finances, the two major areas that this form applies. So, what is the power of attorney and why should you complete this document? The power of the POA Essentially, the POA authorizes…
Let’s demystify Oregon trusts Oregon trusts come in many forms, from living trusts to special needs trusts. Unfortunately, trusts can seem confusing or out of reach to people. However, a trust can be the right legal instrument for your estate. Oregon trusts: Not just for the wealthy Most people are familiar with how wills work, and why creating one…
A valid Oregon estate plan is for any adult, including people who don’t have kids When you think of “estate planning,” you probably don’t picture a young, healthy professional, do you? That can especially be the case for people who don’t have kids in Oregon. Many of us associate estate planning with older individuals, at least of retirement age….
Many people fear an estate planning process known as “probate”. In Oregon, avoiding probate is a priority for many people, but is that even possible? What is probate? Probate is simply the court-supervised process of overseeing and distributing property after one’s death, mainly revolving around 3 main issues: Determining the final wishes of the deceased Paying their debts Disbursing…
A vital part of your Oregon estate plan Many of us worry about what will happen if a traumatic event suddenly injures or incapacitates us. These things happen to people of all ages and all walks of life. Unfortunately, many of them may not have estate planning documents in place. In these cases, medical decisions are handled by an…
Your Oregon will is the starting point for your estate plan The best way to ensure that Oregon estate planning law will honor your wishes after your passing? Create a throughout estate plan with an experienced attorney. A will is a key component of any Oregon estate plan. A will is legal document which allows you to distribute your…
It is tempting to create online wills for putting together your Last Will and Testament. Online will creation services will tell you that the Last Will and Testament created is as good as one written by an attorney and for a much cheaper price. However, the quality of online wills created through those programs is, more likely than not,…
How to provide for a stepchild in your Oregon will Many stepparents consider their stepchildren to be their own. Oregon estate planning with stepchildren has its own crucial legal considerations. It is important to consider how to draft your estate plan. The right construction can ensure that your stepchild is treated like any other children you may have. Here…
