The goal of estate planning is to make sure that your plan is in place and can be carried out when the time comes. Once you are gone any problems associated with your estate are borne by your children or other heirs. Your family will be going through enough already, which is why making a plan that can be effectuated as seamless as possible is so important.
Last Will and Testament
The purpose of the Will is to provide instructions for disposition of personal and real property upon death.
Durable Power of Attorney
A Durable Power of attorney allows you to appoint another person to act on your behalf for financial purposes. If you are alive but incapacitated, this person can handle banking, pay bills, deal with contracts, buy and sell a property, and more.
Advance Directive
An Advance Directive is a statutory document under Oregon law, that combines the traditional living will, and the healthcare power of attorney. The living will portion of an estate plan allows you to give directions with regard to medical care in the event of incapacity, while the healthcare power of attorney names an agent who can make healthcare decisions on your behalf. A properly executed Advance Directive reduces the possibility of having the Court have to appoint a guardian for you. Again, this is another burden off the shoulders of your loved ones.
Revocable Living Trust
With a revocable living trust, the need for probate is eliminated due to ownership of the assets within the trust being associated with the trust rather than a single person.
The successor trustee that you designate has the ability to manage the assets and distribute them, outside of any court proceeding.
Estate Planning Costs
I typically charge a flat fee for most estate planning. The most basic estate plan for individuals includes a will, power of attorney, and advance directive. This basic estate plan starts at $750 for an individual, and $1,200 for a couple. Based on your situation I might recommend that your estate plan include a trust, which would involve additional charges to you in an amount determined on a case by case basis.
Please call me to discuss the estimated cost of planning your estate.
