Wills Vs. Trust When Estate Planning in Bend
A Will is not enough to avoid a Probate proceeding in Oregon. A properly funded revocable living Trust will avoid Probate in Oregon. Our estate planning lawyers can help you find the best solution for you.
If you own real property in Oregon in your individual name and you die, there will be a Probate proceeding. If you transfer your real property to your trust, it will avoid a Probate proceeding and your successor trustee will have the authority to sell or transfer your real property.
Another way to avoid Probate is to put beneficiaries on all your accounts. IRAs, Life Insurance policies, annuities, and retirement accounts will avoid probate as long as beneficiaries who are named are alive and are not minors. Owning property jointly with the right of survivorship will also avoid Probate. However, if you put a beneficiary on your account that has predeceased you or if you die at the same time as your named beneficiary, a probate proceeding will be required to access these funds.
If you are married or single, the best comprehensive plan is a revocable living trust with a pour-over Will. If you pass away, the successor trustee you appoint will administer the trust without court involvement.
A revocable living trust will also plan for incapacity. If you become incapacitated, the successor trustee that you named will be able to manage your assets in the trust and pay for your medical expenses and other expenses.
If you just have a Will you will need a financial Durable Power of Attorney to plan for your incapacity. If you and your spouse own your home property jointly as husband and wife and one of you become incapacitated, the other spouse will not be able to mortgage or sell the property without a Durable Power of Attorney. If you don’t have a Durable Power of Attorney and your spouse is incapacitated, you will need to petition the court to name you as a conservator for your spouse if you want to sell or mortgage your home property.
A Hurley Re estate planning attorney is qualified to assist you in establishing an estate plan that suits your needs. Call us at 541-317-5505 for a 15-minute free consultation.