Basic Estate Planning Terms And Tools
Estate planning is an essential step in protecting what you have worked so hard for throughout your lifetime. Contrary to popular belief, estate planning and the use of trusts are not just for the wealthy. At Famulary. Masterful Attorneys, we are dedicated to providing clients with a comprehensive estate plan that is tailored to their specific needs and goals.
Under the guidance of experienced lawyer Adam Famulary, we take the time to explain all aspects of estate planning terms to our clients. We use the below types of estate planning tools when working with clients in Beaverton, Salem and throughout the Portland area:
- Wills: A will is beneficial for those who want to nominate a guardian for their minor children or to make sure their assets are directed to particular beneficiaries.
- Revocable living trusts: Revocable living trusts (RLT), along with an accompanying “pour-over will,” do everything a will can do but in addition enables the trust property to avoid probate (which can be costly and time consuming). Also, for those with sizable estates, tax planning can be done with RLTs that can minimize or eliminate death taxes.
- Other ways to avoid probate besides a living trust: Oregon laws have developed in recent years that allow many Oregon residents to avoid probate, without using a living trust. Through careful planning, an Oregon resident can avoid probate through the use of transfer on death deeds, payable on death accounts and various affidavits.
- Durable power of attorney: A durable power of attorney (DPOA) is a legal document that a person can sign in order to give a trusted individual (attorney in fact) the power to act on his behalf concerning financial affairs if the principal becomes unable to make financial decisions on his own. A DPOA can be drafted to give the attorney in fact as much or as little power as the principal desires.
- Living will/advance directive: The Oregon Legislature has combined a living will and advance directive into one document. This document allows a person to choose in advance what, if any, operations or treatment should be done if he becomes comatose. You can also appoint a trusted individual the power to make medical decisions for you.