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Estate Planning and Management
Estate Planning
Estate Planning Attorney | Larry Gray | (503) 538-1350 | Wills | Trusts | Avoid Probate
Estate Planning in Oregon
More Than 40 Years of Estate Planning for clients in Yamhill County, Washington County, Clackamas County, Marion County, and Polk County, State of Oregon.
Larry K Gray & Associates, PC will strive to achieve the best outcome for every client through reasoned, logical, informed, effective advocacy.
At Larry K Gray & Associates, PC, the emphasis and focus are to provide sound advice, top quality document preparation, and/or reasoned advocacy for our client. We strive to provide professional, timely, and cost-effective results to meet the client’s legal concerns. Our proficiency, effectiveness, and integrity have earned us a reputation as one of Yamhill County’s premier lawyers.
At times, you may find yourself in situations or with problems that you cannot resolve on your own. Our legal counseling is designed to assist you and your family with courtesy and respect in such difficult periods. Knowledgeable advice acquired from decades of legal experience can help you formulate a course of action to free yourself from a complex legal maze. We do not represent banks, insurance companies, governmental agencies, or large corporations; our clients are individuals and families seeking help with legal problems they encounter in this increasingly complex world.
Larry K Gray & Associates, PC
"An Estate Planning Lawyer"
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(503) 538-1350
404 East First Street, Newberg, OR 97132
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Larry K Gray & Associates, PC can answer your questions about the pros and cons of using a Last Will and Testament, Trust, and/or other methods in your Estate Plan. We can help you choose the Estate Plan best suited to your situation, a cost-effective simple Will or a Revocable Living Trust.
What are the benefits of Estate Planning?
Let’s start with what happens if there is no Estate Planning.
If there is no valid Last Will and Testament, or other appropriate Estate Plan, at the time of your death, the State of Oregon has provided a statutory asset distribution scheme for your Estate. The statutory method of distribution is called Intestate Succession. The Intestate Successions laws may match your intent; however, in most cases, the Intestate Succession laws will not match your intentions. With the high number of later-in-life relationships and blended families, the Oregon Intestate Succession laws will probably not work for you and your family. The Oregon Intestate Succession laws distribution provisions are set forth in Oregon Revised Statutes Sections 112.015 thru 112.115.
You can avoid the application of the Oregon Interstate Succession laws by preparing a valid simple Last Will and Testament. For many people, the preparation of a simple Last Will and Testament by an attorney can be a very cost-effective Estate Plan.
Do-it-yourself Last Will and Testament forms are available from numerous sources. Even with a simple Last Will and Testament, you should consult an attorney to prepare the Will. Filling-in the blanks of a do-it-yourself Will may not be as straightforward as it appears. The wording may appear simple, but the concepts behind the words, and their impact, can be complex. The wrong combination of words can produce an unintended result.
More elaborate Estate Plans may include co-ownership of assets with rights of survivorship, designation of beneficiaries, transfer on death designations, Last Will and Testaments, Testamentary Trusts, Revocable Living Trusts, Special Needs Trusts, Irrevocable Trusts, gifts, or a combination thereof.
The appropriate selection of options for an Estate Plan depends upon the facts of each case and your intended goals for the Estate Plan. Some of the considerations in formulating your goals are:
What is the structure of your family?
Who do you want to receive your assets after your death?
Do you want conditions for when and how a beneficiary or heir will receive the assets?
Who do you want to manage your Estate after your death and for how long?
Do you need to plan for Federal and State estate or income taxes on your Estate?
Do you have a property that has high fair market value appreciation since your purchase?
Do you have a minor child who will need a guardianship arrangement?
Do you have a minor or incapacitated child or grandchild that needs special provisions in the future?
Does a gifting plan fit into your long term financial goals and needs?
An important consideration when developing an Estate Plan is the understanding that the Estate Plan will need to change as life changes. A divorce, marriage, death of spouse, death of or change in heir(s), conflict within the family, change in the size of Estate, or changes in the law, may have an impact on the Estate Plan. Life is not static, and your Estate Plan needs the flexibility to adapt.
If you or a family member lack physical mobility, an appointment with our lawyer at your home, assisted living, or care facility can probably be arranged for elder law and/or estate planning consultation. The geographical locations for the out-of-office appointment can be within most of Yamhill County, most of Washington County, the western portion of Clackamas County, and the northwestern portion of Marion County. If you call, we will be glad to discuss the options for an initial consultation appointment at your location.
For a knowledgeable, experienced, and cost-effective Estate Planning, Will Preparation, Trust Preparation, and Trust Administration Attorney, contact Larry K Gray & Associates, PC
Larry K. Gray has been helping clients for more than 40 years.
The information on this website is not intended to be legal advice regarding your particular legal problem, and the presentation of this information does not create an attorney-client relationship. An attorney-client relationship will only exist after a mutual agreement to establish an attorney-client relationship.