1: Avoiding Probate.
Probate is the legal process that oversees the distribution of a deceased person’s assets or “estate.” While probate is not always necessary, most estates without an estate plan with over $275,000 in assets usually require some court involvement. Probate requires appointing a personal representative or executor to identify and notify beneficiaries and creditors, compiling an inventory of assets, paying taxes and creditors, and finally distributing the estate to beneficiaries. Probate is a legal process overseen by a judge. While an attorney is not legally required, most probates of any complexity need the skill and guidance of an attorney as a practical matter. Oregon law requires a minimum probate period of 4 months [1], but it typically takes 6 to 9 months to complete for a straightforward estate and 12 to 18 months for a more complex estate. All of this amounts to a lot of legal fees. Money spent on probate is money that otherwise would go to your family and loved ones. In addition, probate demands time and energy while your family is grieving a loved one. Moreover, probate is a public process, and anyone can review the court file to see how much you left to whom. Hiring an estate planning attorney and investing in a comprehensive estate plan will help you and your family avoid the need for such an onerous and expensive process during an already stressful time.
[1] https://www.osbar.org/public/legalinfo/1117_probate.htm |