Understanding Estate Planning in Oregon

Secure Your Legacy with Confidence

At Pebworth Ellingson, estate planning is about providing peace of mind for you and your loved ones. Our experienced attorneys are here to guide you through the intricacies of Oregon estate law, helping you make informed decisions that reflect your wishes and protect your family’s future.

Why Estate Planning Matters

Estate planning allows you to:

• Distribute Assets According to Your Wishes: Ensure your property and possessions go to the people and causes you care about.
• Appoint Guardians for Minor Children: Designate trusted individuals to care for your children if you’re unable to do so.
• Minimize Taxes and Legal Complications: Strategically plan to reduce estate taxes and avoid potential legal disputes.
• Prepare for Incapacity: Establish directives for healthcare and financial decisions if you’re unable to make them yourself.

Key Components of an Oregon Estate Plan

Last Will and Testament

A will outlines how your assets should be distributed upon your death. In Oregon, a valid will must be:

• In Writing: Typed or handwritten.
• Signed by the Testator: The person creating the will.
• Witnessed by Two Competent Individuals: They must observe the signing or the testator’s acknowledgment of the signature .

Without a will, your estate will be distributed according to Oregon’s intestate succession laws, which may not align with your personal wishes.

Trusts

Trusts offer flexibility and privacy in managing your assets. Common types include:

• Revocable Living Trusts: Allow you to manage your assets during your lifetime and specify beneficiaries after death, often avoiding probate .
• Irrevocable Trusts: Once established, cannot be altered, offering potential tax benefits and asset protection.
• Special Needs Trusts: Provide for loved ones with disabilities without jeopardizing their eligibility for government assistance.

Durable Power of Attorney

This legal document designates someone to handle your financial affairs if you become incapacitated. In Oregon, it’s advisable to have this document notarized, although it’s not a legal requirement .

Advance Directive

An Advance Directive combines a living will and a healthcare power of attorney, allowing you to:

• Specify Medical Treatment Preferences: Outline your wishes regarding life-sustaining treatments.
• Appoint a Healthcare Representative: Choose someone to make medical decisions on your behalf .

Understanding Oregon Estate Taxes

Oregon levies an estate tax on estates valued over $1 million, with tax rates ranging from 10% to 16%. Proper planning can help minimize this tax burden, preserving more of your estate for your beneficiaries.

Probate in Oregon

Probate is the legal process of administering a deceased person’s estate. In Oregon, probate can be time-consuming and public. Establishing a trust can help your estate avoid probate, ensuring a more private and efficient transfer of assets .

Start Planning Today

Taking the first step in estate planning can feel overwhelming, but you don’t have to do it alone. The attorneys at Pebworth Ellingson are here to provide personalized guidance tailored to your unique situation. Contact us today to schedule a consultation and secure your family’s future.

Note: This information is intended for general guidance and does not constitute legal advice. For personalized assistance, please consult with one of our qualified attorneys.