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 Shimada Law, 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 Alexis Shimada, we take the time to explain all aspects of estate planning terms to our clients. We use the types of estate planning tools mentioned below 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 (RLTs), 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 (an attorney-in-fact) the power to act on their behalf concerning financial affairs if the principal becomes unable to make financial decisions on their 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 they become comatose. You can also appoint a trusted individual the power to make medical decisions for you.
Get The Estate Planning Guidance You Need Today
Our goal as a firm is to make sure you fully understand the legal decisions before you. We take the time to explain terminology and the impact of your decisions in-depth, so that you are empowered to make the right choices for you. Get the clarification you need at 503-863-2732 or contact us online to learn more about estate planning. We offer a free initial consultation.