There is an old expression, that nothing can be said to be certain, except death and taxes. It is uncomfortable to contemplate of one’s own death, but it is even more difficult on your heirs if you have not done any estate planning.
Each person’s will is a testimony of the values held by that individual. It speaks of love and thoughtfulness as well as of careful planning. If there is no will, the state must fill the void with a formula that may not provide for your loved ones as you wish, and may also convey far less than the loving legacy that you want to leave behind. Also, without a will, Oregon presumes you wanted 25% of your estate to go to the State. A will allows you to decide who will manage your money and other property after you die, and how it will be distributed. It lets your wishes be heard regarding the care of minor and disabled children. It often prevents disputes among your relatives. In a large estate, a will can also reduce the amount of taxes that may be due at your death.
One of the questions we are frequently asked is the difference in legal fees for a will versus a trust. While wills are relatively inexpensive to prepare, the can be costly to probate. Our fee for a simple will is $600.00. However, fees of $7,500 to $10,000 are not unusual to probate a will.
A trust costs more to set up, but there is no probate involved. Trusts formation generally runs between $1,500 and $2,500 exclusive of fees such as deeds. But there is no probate cost.