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Ensuring that your assets and property are passed on to your heirs and beneficiaries according to your wishes requires advance planning. Two of the foundations of this estate planning are wills and trusts. Nearly everyone is familiar with what a will does. However, it is important to remember that a will only goes into effect upon your passing and, without one, the state of Oregon will decide who inherits your assets and property. Trusts, however, can be created for many different purposes and can be managed while you are still alive. After your passing, the person you designate to administer your trust will be responsible for passing on your assets according to the terms you wrote into the trust document. Estate planning can include both wills and trusts.
To customize your estate planning through wills and trusts, you need to understand how they work, what they can do, and the options you have in creating them. At Oakes Law Office, PC we focus a large portion of our practice on estate planning. Our Medford wills and trusts lawyer can educate you on these valuable legal methods for protecting your estate and how you want that estate to be distributed upon your passing. Our firm has been providing competent and trusted legal guidance in these matters for decades.
Wills are legal instruments that state your specific instructions on how you wish your assets and property to be distributed to your heirs and beneficiaries after you are gone. Your will can name the person you wish to administer it, known as your “executor.” You can also name a guardian for any minor children you may have and someone to manage the estate or assets you leave to those children until they become adults. You can also have instructions as to funeral services, burial, or cremation. Without a will, the probate court will decide how your estate will be passed on without any input from you.
Trusts are another method for protecting and passing on your property and assets. They can range from the very simple to the very complex, depending on your situation. They can also be designed for various purposes, from caring for special needs relatives to trusts set up for minor children.
A trust involves three parties, the person who creates it, known as the settlor, a trustee who manages it, and the beneficiaries to whom the assets in the trust will be passed on. A trust is a separate legal entity into which you will place your assets. Those assets will then be managed by the trustee. In a living trust, you can act as the trustee of your assets and manage, change, or revoke the trust as you see fit. In the event of your passing, a successor trustee will then administer the transfer of your assets to your beneficiaries according to the instructions you have written into the trust without having to go through probate.
Wills and trusts provide legal methods for protecting yourself and your loved ones in the matter of your estate assets and property. These legal documents can ensure that your wishes are carried out upon your passing. At our law office, we can evaluate your unique situation so as to provide options based upon your needs and goals and follow through with a tailor-made estate plan designed for you.
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