Medford Wills & Trusts Attorney
Customized Estate Planning in Klamath Falls, Medford & Jackson County, OR
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.
Ensure your estate is protected through a valid will and/or trusts. Contact
Oakes Law Office, PC online
or at (541) 204-2037
for a free, initial consultation.
Estate Planning through Wills & Trusts
Wills
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
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.
