Everything You Need to Know About the Last Will and Testament in OregonAs long as you are 18 years or older, the state of Oregon will let you execute a will, and the state will validate the will as long as it meets the requirements of code section 112.225, et seq. While the creation of a will is not a mandatory legal requirement, we recommend creating a last will: the document that will highlight your wishes regarding your estate upon your demise. Basically, a last will is a declaration of your wishes. It could be simple or complex and you can change the contents of the will or even revoke it later as per the set requirements and conditions. Wondering what happens if you don’t have a last will and testament by the time you die? The state will invoke the strict intestacy laws. Unfortunately, your spoken wishes will not matter, and the legal system will act in the best way they know how, not according to your values. To be exact, here are the possible outcomes when the intestacy laws are in effect. The surviving spouse inherits your entire estate even when you have shared kids. But the surviving spouse will only inherit half of the estate if you, the testator had kids from a different relationship. And in the absence of a surviving spouse, children, or parents, the state awards siblings and grandparents the estate.
Roles of a last will and testament
- If you are wondering how much you may have to pay an estate planning lawyer to create a will, pause: we have even better news. You can create a will without paying anything by downloading a free Oregon last will and testament form. The form guides you through the requirements of a will. As long as you enter all the relevant details in the will, then it will easily get validation from the probate court.
- Protection of your loved ones
- While the primary role of creating a free last will and testament in Oregon appears to be to distribute wealth, protection of your loved one is the driving force behind creating wills. That said; you could use the will to create a testamentary trust for your children or even pet (pet trust). Pet trusts expire upon the death of the named animal.
- You could also use the will to name the guardian for your minor children should you pass away before your kids are legally recognized as adults. The adult could also manage the inheritance you leave your children.
- By distributing your property to your loved ones, including friends, you lessen their anguish because they will least likely get into feuds over your estate. You could take things up a notch by indicating your plans for keeping the business in the family for as long as possible.
- Asset distribution
- Another important role of your last will – the division of assets and granting of bequeaths. After naming your beneficiaries, it is important to indicate what every beneficiary get from the estate. You could indicate the inheritance in dollar value, percentages, or you could specify what they are getting.
- After the executor pays off any due debts, bills, and taxes, they will distribute the estate as per your direction. It is, therefore, important to things real.
- Creation of trusts