Creating a will (or a trust with a “pour over will”) is a fundamental aspect of estate planning, ensuring that your assets are distributed according to your wishes after your passing. In Oregon, if you pass away without a valid will—a situation known as dying “intestate”—state laws will determine how your estate is divided. This process may not align with your personal preferences and can lead to unintended consequences for your loved ones.
Intestate Succession in Oregon
Under Oregon’s intestate succession laws, the distribution of your estate depends on your surviving relatives:
- Surviving Spouse Only: If you have a surviving spouse but no descendants (children or grandchildren), your spouse inherits the entire estate.
- Surviving Spouse and Descendants: If you have a surviving spouse and descendants from your current marriage, your spouse inherits the entire estate. However, if you have descendants from a previous relationship, your spouse receives half of your estate, and your descendants share the remaining half.
- Children Only: If you have no surviving spouse, your children inherit the entire estate, divided equally among them.
- No Spouse or Children: If you have no spouse or children, the estate passes to your parents. If your parents are deceased, it goes to your siblings. In the absence of siblings, more distant relatives may inherit.
These default rules may not reflect your personal relationships or intentions, underscoring the importance of having a will or revocable living trust.
Potential Challenges of Dying Without a Will or Trust
- Unintended Beneficiaries: Without a will, individuals you might have wanted to inherit your assets—such as close friends, stepchildren, or charities—will not receive anything under intestate succession laws.
- Family Disputes: The lack of clear instructions can lead to conflict among surviving family members, potentially causing lasting rifts.
- Guardianship of Minor Children: If you have minor children and pass away without a will, the court will appoint a guardian for them, which may not align with your preferences.
- Extended Probate Process: Dying intestate can result in a prolonged and complex probate process, delaying the distribution of assets and increasing legal expenses. This is why we at BLG typically recommend making a revocable living trust, to avoid probate altogether. It’s a gift to yourself and your heirs.
Avoiding Intestacy: The Importance of a Will
By drafting a valid trust or will, you can:
- Specify Beneficiaries: Clearly designate who should inherit your assets, ensuring your estate is distributed according to your wishes.
- Appoint Guardians and Trustees: Nominate trusted individuals to care for your minor children, providing peace of mind that they will be raised by those you choose.
- Minimize Legal Complications: A well-crafted will can streamline the probate process. A solid revocable living trust can avoid probate altogether, saving your family money and stress during a difficult time. Avoiding probate reduces or avoids potential conflicts and legal costs.
- Support Charitable Causes: Include provisions for charitable donations to support organizations that are meaningful to you.
How Bridgeport Law Group Can Assist
At Bridgeport Law Group (BLG), we specialize in estate planning tailored to your unique needs. Our experienced attorneys can help you create a comprehensive will that reflects your wishes, protects your loved ones, and ensures a smooth transition of your assets.
Don’t leave your estate’s future to chance. Contact BLG today to schedule a consultation and take the first step toward securing your legacy.
Note: This article is for informational purposes only and does not constitute legal advice. For personalized guidance, please consult with a qualified estate planning attorney.