A Will is a legal document that allows a person to provide instructions for administration of their estate. A Will eases the burden on loved ones during the probate process by making clear who will be the personal representative responsible for administering the estate. The Will states the beneficiaries of a person’s assets and property. A Will may also provide special instructions, such as naming a guardian of minor children or providing instructions for the care of pets.
Wills are traditional legal documents that have been recognized for centuries. However, for a Will to be valid, it must follow strict formalities, including that the Will must be signed in the presence of two witnesses. If a Will is not validly executed, there could be a delay in the probate process and the person’s wishes may not be honored. The estate of a person that dies without a valid Will is subject to requirements and distributions as stated in Oregon law. An experienced estate planning attorney can make sure that Will formalities are followed and that your estate plan fulfills your wishes.
Estate plans often change as time goes on and circumstances change. Wills are legal documents and cannot be changed without taking the appropriate steps. Sometimes a person may try to change their Will by scratching out names or bequests on their properly executed Will to replace them with new designations. An improper change jeopardizes the Will’s validity and may invalidate the whole Will. We can make sure that your plan is updated appropriately by creating an amendment called a codicil or by drafting a new Will.
Parents of young children, even parents without significant assets, should strongly consider having a Will. The Will names the parents’ desired guardian for the child and provides instructions for managing the child’s inheritance. In many cases, the person in charge of managing a child’s inheritance is different from the person that should serve as guardian. For parents with life insurance, the Will is very important to establish a trust to protect the funds for their child. Often, a minor child inheriting life insurance will be subject to an ongoing court proceeding until they turn 18, and then inherit everything upon reaching age 18. We help our clients create a plan that will help protect and benefit a child.