A will is a cornerstone of an estate plan. It is a legal instrument that outlines how assets will be distributed upon your death. Not only does it help to ensure that your wishes are adhered to, it minimizes the possibility of disputes between your heirs. It saves them time and stress during their time of loss. At Leahy Cox, LLP, we take great care to draft clear and precise wills that can stand up to any challenge.
Is A Will Enough?
Our wills lawyers in Springfield, Oregon, want to make certain that your property is protected and your wishes are followed. We will thoroughly evaluate your situation and make a recommendation. Depending on the value of your estate and your goals, a will may be sufficient for dictating how property will be divided upon your death. In many cases, a will may not provide protection from estate taxes and other threats, or it may not be nimble enough to achieve unique goals. In these cases, we may recommend the creation of trusts.
People frequently confuse wills and living wills. These are actually different legal instruments. While a will outlines how assets will be dealt with upon your death, a living will addresses how your medical care will be handled in the event of incapacity. A living will is also known as an advance health care directive or, more simply, an advance directive. Our attorneys often encourage people to create both a will and a living will as part of an estate plan.
Benefits To Creating A Will
A will is one of the most important steps to protecting your legacy and providing peace of mind for your loved ones. One of the key benefits of a will is to manage how your assets are distributed after you pass away. A will allows you to specify which family members, friends or other parties would benefit from your estate.
You can also use a will to decide who will take care of your minor children. You can name a guardian in your will who would become responsible for your child’s care if anything happens to you.
What Happens If I Die Without A Will?
Intestate is the term used when someone dies without a will. As a result, the testator’s last wishes are not met and assets are distributed by Oregon intestate succession laws. This means that instead of beneficiaries benefiting from an estate, assets may be distributed to surviving descendants, such as a spouse, children, parents or siblings. To facilitate the distribution of assets, the court will appoint an administrator. The administrator helps ensure assets are distributed to heirs.
Intestate can severely impact the future of your loved ones. You may need to talk to one of our attorneys to learn how you can avoid intestate.
Can I Change My Will Later?
Your will is not set in stone. Changing your will is not only a viable option but often necessary. People frequently change their wills every three to five years to add new assets. You may also wish to revise your will because of major changes in your life, including the following:
- Divorce or marriage
- Birth or adoption of a child
- New tax laws
- Loss of a beneficiary
- Health changes
You have two options to alter your will: create a codicil or draft a new will. A codicil is a minor amendment to an existing will. For larger changes, you may need to draft a new will. The new will can clearly state that any old copies of the will are voided. Older copies of the will can be properly disposed of to help ensure there is no confusion about your last wishes. Our attorneys can help you amend your will correctly and clearly.
Contact Our Eugene Living Will Lawyers
Call us at 541-746-9621 or providing the information below to discuss scheduling an initial consultation.