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Hiring an experienced Portland Estate Planning Lawyer is essential if you want your assets and important possessions to be managed according to your specific instructions. When Estates are not managed by an attorney, and the owner dies without a will, all possessions will be automatically distributed in accordance with state intestacy law, generally to a spouse or next of kin. If there is a Will in place, you will have complete control of how the Estate is divided, who will act as Executor and how your Beneficiaries will acquire assets. The Estate Planning Attorney will act in your best interests and ensure that your wishes are met through strategic planning.
While Estate Planning Lawyers are often hired to create Wills and designate Beneficiaries, they can do much more. They can also find ways to avoid probate and reduce estate taxes so that your family does not have deal with the time and costs of the court after you’re gone. An Estate Planning Attorney can also create Living Wills (Advance Directives) and prepare Springing Powers of Attorney. A Living Will is used by a person to express their wishes regarding medical treatment in case they are incapacitated. The document will outline the specific medical and end-of-life preferences of the person. A healthcare agent is a person whom you are trusting to make medical decisions on your behalf if you can't make them for yourself. Choosing your agent is an important decision, and you should think carefully about who you want to assume this responsibility. This person may one day be deciding whether or not life support measures will be in your best interests or determining exactly how your personal and religious values would impact other treatments. In the most basic form, a health care power of attorney merely says, "I want this person to make decisions about my health care if I am unable to do so.”
A common reason to hire an Estate Planning Attorney is to create Living Trusts. Trusts are similar to Wills and what makes them different is that they also include instructions to manage the property before death. By choosing to create a Trust instead of a Will, you can decide how the inheritance and Estate can be used by the Beneficiaries. For example, children can receive access to their trust fund after meeting specific criteria, such as getting a college degree or reaching a certain age. A Will is a written document that designates how your property will be distributed when you die. It is revocable, which means it can be canceled and changed at any time while you’re alive. If you have a will, it also allows you to appoint an executor, a guardian for your minor children, designate how to pay your taxes and forgive debts.
A Living Trust (specifically, a Revocable Living Trust) is a legal document that is created during an individual’s life where a named person (the trustee) is entrusted with managing the individual’s assets for the benefit of another person (the beneficiary). This serves the purpose of managing your assets (bank accounts, real estate, investments, vehicles, personal property) in a trust during your lifetime because often you’re the trustee; it is also setting up the management of your assets and estate after your death or incapacity with naming a successor trustee, who acts as your representative and transfers your assets to the beneficiary based on your wishes. The naming of a successor trustee is a key difference between a Will and a Living Trust.
Assets that could make up an individual’s estate include houses, cars, stocks, artwork, life insurance, pensions, and debt. Individuals have various reasons for planning an estate, such as preserving family wealth, providing for a surviving spouse and children, funding children’s or grandchildren’s education, or leaving their legacy behind to a charitable cause. Starting a business from the ground up and keeping it in the family is not easy. This is why planning for the future and setting up an order of succession is necessary for the business to run. An Estate Planning Attorney can learn the ins and outs of your business and act as a trusted advisor when the time comes for succession. The business will fall into the right hands, and we can also ensure that the person who inherits it knows your exact business goals and plans.
Are you taking care of a minor child or adult with special needs? If that is the case, creating a will is the best way to ensure that they are taken care of, no matter what happens. Most people make the mistake of thinking that a will only guides how the inheritance is split. This is not the case. With estate planning counsel, you can create a will that dictates the funding required for your children’s upbringing and education. Estate Planning can also deal with Temporary and Permanent Guardianship for your minor children. Therefore, you can set your children on a path to success and don’t allow others to determine a life plan for them. Whether determining who will care for your child, methods of raising your child, or mechanisms for funding your child’s upbringing and education, it is always best that you make those determinations, rather than leaving others to try to figure out a plan or worse, having a disinterested party making those decisions. Since this is a sensitive matter, we will work closely alongside you to map out your wishes so they are in place.
Planning an estate is a meticulous and long process that is always best done now. No matter if you have many properties all over the country or just a suitcase filled with valuable heirlooms, there is no better time than now to create an estate plan. The estate plan will go over your properties and assets in detail to ensure that they are passed on to your loved ones just as you wish. The estate plan will also keep your properties safe from extra taxes and fees that are usually charged when there isn’t a legally binding inheritance plan in place.
Did you know that there are several ways an attorney can help your business avoid probate and estate taxes? An attorney can help distribute your inheritance in the form of gifts so that the beneficiaries are not forced to pay any extra taxes. That’s not all. You can also choose to use trusts to avoid both probate and estate taxes. Therefore, hiring counsel will save you and your loved ones money in the long run.
Assigning an Executor of your Last Will and Testament is crucial to having your wishes fulfilled and an attorney that guarantees everything runs according to plan. The executor is the person who will oversee the entire probate until your Estate is closed. You can name multiple Executors. If you choose two, they will need to agree on any decisions that are made. If you choose three, the Executors will act by majority vote.
Many people form a trust in addition to having a Will, rather than as an alternative. An example of the way that these two documents work together is if you get a “pour-over will.” This type of instrument states that anything that’s not already in the trust should be included at the time of death. Although Living Trusts aren’t a must for everyone, they can certainly serve individuals well. The ideal estate plan is the one that works with your unique needs and fulfills your wishes. Whatever question you might have about Estate Planning, we are here to help.
There are several essential legal documents that you should have in place no matter where you are in life.
A will directs who should receive your probate assets upon your death; nominates a Personal Representative to navigate the probate process; appoints guardians for your minor children; directs who should receive your possessions, such as jewelry, pictures, family heirlooms, or your favorite pet; and what should happen to your electronic assets, such as social media accounts.
A health care proxy appoints someone to represent you, advocate for your health, and make medical care decisions on your behalf if you are incapacitated. Related documents include an Advance Directive (or Living Will), which allows you to describe how much end of life care you wish to receive, and a HIPAA Authorization, which allows loved ones to access your medical records.
A power of attorney gives an agent of your choosing the authority to manage your legal and financial matters, such as paying your bills and taxes.
Most people should also consider creating a revocable trust. A revocable trust can hold your assets, while allowing you to maintain complete control over them during your lifetime. Because property held in trust avoids the probate process, at your death your heirs will avoid the delays and costs associated with probating your estate. A revocable trust also allows you to appoint a successor trustee to administer your assets if you are unable, and to administer assets for your beneficiaries after your death, ensuring that your heirs are provided for and receive their inheritance outright only when they are ready to handle the responsibility. Finally, certain types of revocable trusts can significantly reduce estate taxes.