Preparation of a will allows you to direct the distribution of your assets upon your death, to name the person responsible for handling your financial affairs upon your death, and can also name a guardian for your minor children. It can include provisions for creating a trust upon your death to handle assets for minors or young adults until they are mature enough to manage the funds left to them.
A living trust may help you avoid the time and expense of probate by transferring the title to your property to a new legal entity during your lifetime, and then passing it to your alternate beneficiaries after your death.
Power of Attorney
A power of attorney grants someone the legal right and authority to act on your behalf in your financial affairs during your lifetime.
Health Care Directive
A health care directive allows you to appoint an individual to make medical decisions for you in the case that you cannot, and will also allow you to state your preferences regarding end-of-life decisions and life support.
This is the process in which, after your death, your assets are inventoried, your debts paid, and, with court approval, the remaining estate is transferred to the persons you have designated in your will. If a person dies without a will, probate is used to transfer your assets to your heirs, normally close relatives, in a manner provided by Oregon law.
A small estate proceeding may be used when a person dies without a substantial estate, which may include a relatively modest home. This process is simpler and less expensive than a formal probate.