Medford Estate Planning Lawyer
Creating Effective Plans for Clients Since 2001
Serving Klamath Falls, Medford & Surrounding Cities
Few people want to consider what will happen to their loved ones in the event of their death or disability. Many people think that a last will and testament will cover the situation and that estate planning is only for the very wealthy.
After all, the word “estate” conjures up:
- Large stock portfolios
- Expensive cars
- Multiple real estate holdings
- And more
However, if you own anything, have checking and savings accounts, retirement accounts, or other investments, you have an estate. Furthermore, estate planning covers much more than how you will pass on your property, providing legal methods for your family to deal with many other affairs both before and after you pass away.
At Oakes Law Office, PC, our firm has been providing experienced and knowledgeable legal help to clients in creating customized estate plans for decades. Our Medford estate planning attorney can walk you through the various legal instruments that can be used on behalf of you and your family that ensures your wishes are followed on various matters.
Such estate plans can save your family:
- And delay should you become disabled or pass away
What Can Be Done Through Estate Planning?
The following are the various issues that can be handled through proper estate planning.
Creating a Valid Will
Your will becomes effective upon your death; it outlines your property and how you wish it to be distributed after your death.
Distribution may be made directly or distributed based on certain conditions or timeframes, such as:
- When an heir reaches a certain age
- Graduates from college
- Or meets some other criteria
- You can also provide instructions as to funeral/burial/cremation wishes
Designating a Guardian
Designating a guardian for your minor children. You can also name someone or the designated guardian to manage the estate you leave behind for those children until they come of age.
Planning for Incapacity
Should you be unable to manage your affairs, you will need to designate someone you trust to handle life and financial matters.
This person will be authorized to take such actions as managing your accounts and paying your bills. You can also appoint someone to make medical decisions on your behalf when you are unable to. These authorizations can be made through appropriate Powers of Attorney.
Protecting Your Assets
Protecting your assets through the creation of trusts, such as:
- Living revocable trusts
- Or trusts designed for other purposes
A trust is a separate legal entity into which you place certain assets to be managed by you while you are alive (called a living trust) or by someone else as your trustee.
Upon your passing, your successor trustee will transfer those assets to your beneficiaries according to the trust’s instructions. Trusts can be created to handle:
- Business succession
- The care of special needs children and relatives
- For charitable purposes
- And more
A trust can also include instructions as to the type of medical treatments you prefer to have should you be unable to express your wishes.
Leaving your estate through a will subjects your estate to the probate process. This is a time-consuming, expensive, and often stressful process that can be disputed by beneficiaries and interested parties. Probate can be avoided through the use of proper estate planning vehicles, such as trusts.
Planning for Estate Taxes
Having a will only may not protect your estate from certain tax laws. Special provisions can be made to help minimize estate and death taxes.
Need help with creating an effective estate plan in Jackson or Klamath County? Schedule a free, initial consultation with our Medford or Klamath Falls estate planning attorney online or at our number (541) 204-2037.
Estate planning offers many benefits and can involve many different types of legal methods. To understand more about how these various methods can protect you and your family, we advise that you consult with our Medford attorney.
We can explain your options, help you design an appropriate plan, and help you maintain or amend it according to your needs after reviewing your family dynamics, financial situation, and your unique objectives.
I give Karen Oakes 5 stars because she is a wonderful advocate, prepared, on top of the law, and a fierce fighter for the rights of her clients.” - Theresa H.