What is Estate Planning?
Estate Planning allows individuals and families to feel secure in their financial future and to prevent the government from taking what you have worked so hard to earn. Let our attorneys help you provide for your family's security. At Vidrio Park & Jarvis, LLC, we can help you create the estate planning documents you need to protect your intent and insure security for people you love. Our attorneys spend time with you personally so they can understand your estate planning goals and craft documents in line with your wishes.
Most people think of wills when they think about estate planning. A will is a simple concept that allows an individual to put their wishes to paper. More specifically, a will is a document that an individual executes where they determine who they want to handle their property when they pass away and how they want that property to be distributed. In Oregon, wills should have two disinterested individuals, or "witnesses," witness the execution of the document. This process ensures that the individual executing the will is of sound mind and not under any influence from anyone else. Vidrio Park & Jarvis, LLC is equipped to handle any requirement necessary so that the will execution process is as easy and stress-free as possible.
Trusts are another estate planning tool used to ensure that an individual's property is distributed the way they would like. A common misconception about Trusts is that you have to be “rich” or extremely wealthy to have one; that is not true at all. Trusts are an excellent tool that anyone can implement to dispose of their property in a manner that is more cost effective and less burdensome on surviving family members. Like a Will, Trusts are created by executing a document that outlines all of an individual's wishes and desires regarding the distribution of their property. However, unlike Wills, a standard Trust does not wait until the individual dies before it goes into effect; it goes into effect immediately once it is properly funded.
A huge positive for most people is that Trusts avoid probate. Going through probate can be a very costly and time-consuming process. When an individual executes a Trust, the property held in the Trust avoids probate. Therefore, it can then be passed to the designated beneficiaries without much hassle.
Contact the attorneys at Vidrio Park & Jarvis, LLC to find out which is better for your situation.