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Wills in Oregon
When it comes to estate planning, many people believe that creating a will is enough to ensure their assets are distributed according to their wishes. However, in Oregon, wills are often not enough to ensure a smooth distribution of assets.
In this article, we will discuss why wills may not be sufficient in Oregon and what steps you can take to ensure your estate is handled properly.
Probate
One of the main reasons wills may not be enough in Oregon is the state's probate process. Probate is the legal process of settling an estate after someone passes away. In Oregon, probate can be a lengthy and expensive process, which can tie up assets for months or even years. Additionally, the probate court may not distribute assets as you intended, and it may not take into account any changes in your circumstances that occurred after you created your will.
To avoid probate, many people turn to alternative estate planning tools such as trusts. Trusts allow you to transfer assets to a separate legal entity that can hold and manage those assets on behalf of your beneficiaries. By using a trust, you can avoid probate, protect your assets from creditors, and ensure that your assets are distributed according to your wishes.
Medical Incapacity
Another reason wills may not be sufficient in Oregon is that they may not address all of your estate planning needs. For example, wills do not allow you to plan for incapacity. If you become incapacitated and are unable to make decisions for yourself, a will does not provide any guidance on who should make decisions on your behalf. To plan for incapacity, you may need to create a power of attorney or an advanced healthcare directive.
Other Considerations
Wills also do not always address issues related to taxes, asset protection, or business succession planning. If you have complex estate planning needs, you may need to create a comprehensive estate plan that includes multiple tools and strategies.
Conclusion
While wills can be an important part of your estate plan, they may not be sufficient in Oregon.
To ensure your estate is handled properly and your assets are distributed according to your wishes, you may need to use alternative estate planning tools such as trusts, powers of attorney, or advanced healthcare directives.
It is important to work with an experienced estate planning attorney to create a comprehensive estate plan that meets your unique needs and goals. Call, text, or email our office today to schedule a time to meet with an experienced estate attorney.
Info@liskalawllc.com or (564) 208-7952