Creating and maintaining wills in Oregon is a backbone of any estate plan. A will is an essential document for every adult, including in Oregon.
Wills in Oregon: What can your will do?
Here are a few ways a will is useful for you, your estate, and those you care about. A will:
- Provides direction for what to do with your items after you pass
- Specifies who is in charge of your estate, who gets your prized possessions, which charity should get the remainder of your belongings, how to divide monetary assets, etc.
- Can create trusts so that you are able to provide for the care of your minor children or pets.
- Can also create trusts so that money inherited is protected from overspending.
These are just a few things an Oregon will can do to help and those you care about. In fact, a will can let you do almost anything with your assets.
The best thing about having an Oregon will?
Your Oregon will gives you a chance to make these decisions for yourself and remains private until your passing. This means that you can make the decisions that are right for you and your family without the concern of a family member being unhappy with you.
Trusts, probate, and wills in Oregon
Having a will does not stop your estate from going through the probate process.
Your estate will go through probate unless you have no assets that need to be passed with court supervision. (During your lifetime, this can be accomplished by establishing a trust.) The assets must be transferred into the trust and titled in the name of the trust.
Other assets pass outside of probate because they have payable on death (POD) beneficiaries or transfer on death (TOD) beneficiaries or are held with rights of survivorship. If your assets are not titled in the name of the trust or passed outside of probate, then a probate is necessary and your will controls who gets what.
Make sure you have the right will
Everyone’s estate and wishes are different, and that’s why there’s no one-size-fits-all solution for a will. In order to have your will and estate plan done correctly so that it protects you and respects your wishes, it’s important to work with an attorney.
Every Oregonian needs a will. The process can be easier than you think—and the peace of mind that comes with a will is priceless.