Oregon Estate Planning And Wills

A Will is a formal expression of your last wishes. If drafted and executed properly, a Will allows you not only to designate who will receive the property you own upon death, but also how that property will be received. Property can be received directly or can be kept in trust for the benefit of your heirs, permitting you to retain some control over the use of the property beyond your lifetime. A Will can also determine who will administer your probate estate and who will manage any trust established in your Will.

Without a Will, the laws of "intestacy" dictate the distribution of your assets. That means that the state, not you, determines who receives what. All too often, the law differs from one's personal preference. When that happens, failure to create a valid Will results in property going to unintended individuals. Therefore, it is important to develop an estate plan which specifies your wishes clearly. A Will is perhaps the most common estate planning tool used to do so. A Will, however, is subject to "probate" unlike certain "trusts " that can also be used to dispose of your assets upon death.

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