ESTATE PLANNING IN OREGON

1. Wills and Living Trusts?

Oregon estate planning involves the development of strategies for protecting your assets, distributing them according to your wishes, and otherwise providing for your family. The most critical component of an effective estate plan is a properly prepared will — one that transfers your assets in accordance with your wishes. A living trust may also be a useful vehicle for estate transfer but only if certain conditions are met.

Here you can find my video interview with Melissa Moog from Itsabelly, LLC regarding estate planning on Fox 12's "Better Portland"!

2. Your Will

Writing a will protects your family and ensures that your wishes will be carried out. Anyone of legal age with any property should have a will. If you die without a will, or what is known as intestate, your estate will be distributed as determined by state law and administered by someone appointed by a court. In addition, the court will decide who will care for your minor children. A will also enables you to:

Provide for future management of investments or a family business.
Designate guardians for your minor children.
Select the person you want to distribute your estate.
Minimize taxes and administration expenses in the settlement of your estate.
Provide for special desires, such as charitable contributions.

3. What Is Probate?

Probate is the legal process of identifying and distributing your probate assets (any assets in your estate that are not transferred automatically or in trust) to the appropriate beneficiaries. If you have a will, the process includes proving that the will is valid and ensuring that assets are distributed according to its provisions. Otherwise, the probate court will oversee the distribution of your assets according to your state's intestacy laws. There are estate planning strategies that enable you to avoid or bypass the probate process. These strategies typically involve providing for the transfer of your assets through joint ownership, trusts, or gifts while you are alive, instead of through a will.

4. Life Insurance

Life insurance is an essential estate planning tool because it provides immediate cash for survivors. Generally, insurance proceeds go directly to the beneficiary and do not have to go through the probate process.

5. Getting Started

Take inventory of your assets
Review insurance coverage
Consult an estate planning attorney

At Levinson Law we offer estate planning packages for a flat fee. These comprehensive packages give you the peace of mind of knowing that all the legal requirements for your estate have been fully met. Give us a call to find out if Levinson Law is a good match for you. Call 503.222.9057 or contact us online today.

Located in Portland, Oregon.

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