Legal Separation, Divorce, & Annulment
Child Custody & Visitation / Parenting Time
Oregon Divorce & Child Custody Statutes & Administrative Rules
Alternative Dispute Resolution
Contempt Actions & Violations of Restraining Orders
Juvenile Delinquency & Dependency
Wills & Living Trusts Powers of Attorney Living Wills (Advance Directives for Health Care) Divorce & Family Law Blog About Us
Oregon Wills & Living Trusts
What is a will?
A will is a relatively simple document that expresses your wishes for the disposition of your property, the payment of your debts, the person who should handle your estate and the person who should be the guardian of you minor children upon your death. There are specific requirements under Oregon law for a will be valid. Once drafted, a will can be modified, revoked, or replaced by a subsequent will anytime before you die.
What is a living will?
A living will (also called an Advance Directive for Health Care) is a document that you create in order to specify what types of life-sustaining medical treatment should be withheld or removed (if any) in the event you are incapacitated and are unable to make decisions regarding your medical treatment. A living will can also designate who should have the authority to make health care decisions for you if you are unable to direct your care. Living wills and Powers of Attorney are very important today, and are frequently overlooked as part of estate planning.
What is probate?
Probate is the legal process which your estate goes through after your death. This process can be fairly complicated and usually requires the assistance of attorney. The probate court determines the validity of your will, the disposition of your property, and the payment of your debts.
What are estate taxes?
Estate taxes (also know as inheritance taxes) are taxes imposed by the Federal Government and/or state governments upon the estate of an individual at the time of his or her death. Generally, these taxes are only imposed on larger estates but the laws in this area is changing both at the Federal and Oregon levels, and should be considered as part of the estate planning process. If you do have a larger estate, there are a number planning techniques which can be used to reduce your estate taxes.
What is a testamentary trust?
The most common form of a trust is a testamentary trust which does not come into effect until your death. A testamentary trust is a legal entity created by a person (the "grantor) for the benefit of another (the "beneficiary"). A third party (the "trustee") typically manages the trust for the beneficiary. A common example of a trust would be where two parents want to provide for their young children in case of the parents untimely death. Upon the death of the parents, a trust would be created to provide for the welfare of the children. Instead of granting money or property outright to children (who have no way to manage the estate), the trustee (typically a bank or close family member) would ensure that the money is being managed responsibly and that the needs of the children are met until they are old enough to manage their own affairs.
What is a living trust?
Often called a "revocable living trust" or "inter vivos trust", a living trust is a form of trust created during your lifetime and which comes into effect before you die. Living trusts are generally more complex to create and keep funded, but they avoid probate and generally have greater privacy than wills and testamentary trusts which pass through probate court.
Can't I just download a generic will off the internet or pay a non-lawyer service to draft my will?
Your will needs to comply with Oregon law in order to be valid. Also keep in mind that an estate plan is more than just a will. A comprehensive estate plan would include consideration of life insurance, the continuation of your business, retirement plans, investment planning, how the title to your various assets should be held, and provisions for any of your family members with special needs.
Is estate planning with a lawyer expensive?
Not necessarily. The cost of an estate plan is dependant on its complexity. You should not avoid estate planning for fear of its cost. The peace of mind that can be achieved through proper estate planning is well worth the cost. A good lawyer will have options for you no matter what your budget. For a more specific breakdown of costs, I offer a no-obligation free initial consultation.
Romano Law, P.C. and Michael G. Romano are licensed to practice in the state of Oregon only. The information provided on this website is offered for informational purposes only. It is not offered as legal advice and does not constitute legal advice. Romano Law, P.C. does not seek to represent you based upon your visit to or review of this website. This website may be considered advertising under the rules of the Oregon Bar Association. You should not make legal decisions based upon brochures, advertising, or other promotional materials. If you would like to schedule a consultation to discuss a specific legal matter, please contact our offices.