Estate Planning
Wills
Trusts
Special Needs Trusts
Late in Life Health Care Planning
Financial Planning for Incapacity
Our Typical Will Package Includes:
Simple Will or Will with Testamentary Trust
Nomination of Guardian
Durable Financial Power of Attorney
Health Care Power of Attorney
Declaration re Bank Accounts
Advance Directive
Disposition of Remains
Our Typical Trust Package Includes:
Revocable Living Trust
Pour-over Will
Nomination of Guardian
Durable Financial Power of Attorney
Health Care Power of Attorney
Declaration re Bank Accounts
Advance Directive
Disposition of Remains
Deed Transferring Primary Residence to Trust
Why Have an Estate Plan?
Avoiding Conflict
Predictability and alleviating burden of "guessing" for your loved ones
Deviation from Oregon default divisions giving equal shares to those in the same class- Child with special needs, rewarding caregiver etc.
Caring for a minor child
Subsequent marriages
Unmarried couples
Control of your legacy after you are gone
Probate avoidance
Tax Savings Provisions
ESTATE PLANNING
WILLS are the oldest and most traditional way to prepare for disposition of your property upon your death is to create a will. To effectuate the provisions in a will, the will must be properly execute during your lifetime and submitted to probate upon your death. See the next page for a more thorough discussion of probate.
TRUSTS
There are many types of trusts, however, the most common is a Revocable Living Trust.
A Revocable Living Trust is a legal document that controls the transfer of any property you have placed in the trust. When you pass away the beneficiaries you've named receive the trust property. A revocable living trust allows you to do the same basic job as a will but with several significant advantages:
AVOIDS PROBATE!
Extremely flexible.
Not made public on your death.
You retain full control of your property during your lifetime.
You can continue to have your wishes carried out for long after you have passed.
LESS FORMAL WAYS TO IMPLEMENT AN ESTATE PLAN
Right of Survivorship
Pay on Death Designations for Financial Accounts
Transfer on Death Deeds
Life Insurance
Retirement Accounts with a Designated Beneficiary
Gifts you Make While You're Alive
There are a multitude of creative ways to create a specially tailored estate plan for a reasonable fee. Please contact Peterson Estate Law so we can craft the best solution to meet your needs.