Estate Planning 

Wills 

Trusts

Special Needs Trusts

Late in Life Health Care Planning 

Financial Planning 

Why Have an Estate Plan? 

1. Avoiding Conflict
2. Predictability and alleviating burden of "guessing" for your loved ones 
3. Deviation from Oregon default divisions giving equal shares to those in the same class- Child with special needs, rewarding caregiver etc.
4. Caring for a minor child 
5. Subsequent marriages
6. Unmarried couples
7. Control of your legacy after you are gone
8. Probate avoidance
9. 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 
  1. There are many types of trusts, however, the most common is a Revocable Living Trust. 
  2. 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
  1. Right of Survivorship 
  2. Pay on Death or Transfer on Death Designations- Bank and Financial Accounts and Securities 
  3. Life Insurance 
  4. Retirement Accounts with a Designated Beneficiary 
  5. Gifts you Make While You're Alive 

There are a multitude of ways to create an estate plan. Please contact Peterson Law Group so we can craft the solution to best meet your needs.