WILL; TRUSTS & POWER OF ATTORNEY
POWER OF ATTORNEY
There are two types of probates that address Wills in Oregon. There is an intestate probate (no Will) and a testate probate (has a Will). Wills are necessary for example:
(1) The deceased wants certain assets to go to a specific heir;
(2) The deceased wants certain assets to go to a specific entity (Safe Haven, OSU):
(3) Their are step children and children designated as heirs;
(4) The deceased wants a certain person to be his Personal Representative.
(5) The deceased leaves money for a minor, for college.
A Will requires two witnesses to be present at the signing of the Will. The Witnesses will sign the Will. Also, an Affidavit of Attestation is also signed with the Witnesses signature being Notarized. The Affidavit is necessary so witnesses of the Will are not needed to give testimony at probate.
A person needs to know what assets they have; where the assets are located and who they want to give the assets to. There is no right of heirship in Oregon, a person does not have to leave anything to a son or daughter. There is no truth to the fact that I have to leave my son, $5 in the Will. It may cost the estate thousand of dollars to find that son.
Revocable Living Trusts are a comples estate documents. Trusts are normallly done for the following:
(1) Tax reasons;
(2) To avoid probate;
(3) Privacy. no Court action is necessary.
If you are interested in Revocable Living Trust, you need to contact a Oregon Estate Atttorney for a consultation.
DURABLE POWER OF ATTORNEY
A Durable Power of attorney needs two people, a principal and an agent. The principal is the person granting the agent the power to act for them. An agent under a Durable Power of Attorney is allowed to act for the principal in any financial matter. Such as:
(1) Sell Real Property;
(2) Change bank accounts;
(3) Open and settle law suits
(4) Pay taxes
A Durable Power of Attorney is a very powerful document. The principal must have complete trust in the agent they appoint. A Durable Power of Attorney is only good during the life time of the principal. The Durable Power of Attorney dies with the principal and can no longer be used. The agent can only use the Durable Power of Attorney for the benefit of the principal.
A Durable Power of Attorney is a complex document that needs to used correctly and wisely. The Law Office of Joseph K. Phillips has over 22 years in explaining and drafting Durable Power of Attorney. Please contact my office for a consultation.
The information is not provided to serve as unsolicited legal advice, nor as a suggestion of a need for legal services. The information is not provided in the course of an attorney-client relationship nor does it create any relationships between Law Office of Joseph K. Phillips and anyone who views it. Further, individuals should not rely on the information contained in this site when making decisions regarding legal matters but should consult with a qualified attorney for legal advice. Prior results do not guarantee a similar outcome.