Easy Questions  
Free Legal Documents

What is a Last Will and Testament in Albany, OR

What is a Last Will and Testament in Albany, OR

An important legal document, the last will and testament, is the first building block of a good estate plan. Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. The estate is the assets or property. You may need to choose between either a will-based estate plan or a trust-based estate plan. Your last will and testament will largely depend on your overall estate planning strategy.

Option 1: Will-Based Estate Plan

All essential details of your last will and testament will be outlined in the will-based estate plan. It will provide information including the person to be put in charge of settling your final affairs (the executor), the persons who will inherit your property (beneficiaries), and the provisions on how they will inherit it. Your last will and testament with a will-based estate plan will cover the following:

1. Who will serve as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will inherit your property

4. How and when your property will ultimately be transferred to your beneficiaries

5. Who will serve as guardian of your minor children until they become adults


Option 2: Trust-Based Estate Plan

In the trust-based estate plan a document called a revocable living trust will cover all the important points listed above in the will-based estate plan with one exception: the person in charge of settling your final affairs after you die is called an administrative or successor trustee instead of an executor. If you have a revocable living trust you will still need a last will and testament so. Ideally, you will fund or move your assets into your trust before you die. If you fail to fund even one asset into your trust, then the last will and testament will be the necessary document that will "catch" the unfunded property and transfer it to your trust after you die. The last will and testament in this case will function as a pour over will that will cause the unfunded assets to "pour over" into your trust through a probate process.


A pour over will needs to cover:

1. Who will be in charge of your assets that were not funded into your trust as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will serve as guardian of your minor children until they become adults

4. What will happen in the absence of a Last Will and Testament?


In order for your property to go to the beneficiary of your choice after you are gone, a last will and testament is recommended.


The absence of a will could result in the state providing a last will and testament on your behalf under the state's intestacy law. The laws of the state that your property is located in will prevail. This can get complicated if you own property in multiple states.

 
Personalize & Print a Free OR Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free OR Living Trust Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Albany, OR
Beckham, David B
319 6th Ave SW
Albany, OR 97321
(866) 654-9965
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
Mc Ginty & Belcher PC
130 1st Ave W
Albany, OR 97321
(503) 371-9636
Attorneys, General Practice Attorneys, Legal Service Plans
Brown Melinda M
138 7th Ave SW
Albany, OR 97321
(541) 223-9502
Litigation & Tort Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  General Practice At
Nelson & MacNeil PC
213 Water Ave NW Suite 100
Albany, OR 97321
(541) 223-9493
Civil Litigation & Trial Law Attorneys,  Attorneys,  Malpractice Law Attorneys,  Accident & Property
Smith Anita A
127 Broadalbin St SW # 6
Albany, OR 97321
(541) 704-9308
Attorneys
Olsen Eric W
734 Lyon St S
Albany, OR 97321
(541) 928-9242
General Practice Attorneys, Attorneys, Legal Service Plans
Legal Aid Svc
433 4th Ave SW
Albany, OR 97321
(541) 926-8678
Attorneys, Legal Clinics
Devilleneuve, David Shlesinger & De Villeneuve
1135 Dale St SE # B
Albany, OR 97322
(541) 928-8446
Social Security & Disability Law Attorneys,  Attorneys,  Personal Injury Law Attorneys,  General Pra
James A Marshall PC
240 1st Ave W # A
Albany, OR 97321
(541) 926-7976
Attorneys, Legal Service Plans
Shlesinger & deVilleneuve Attorneys PC
1135 Dale St SE Suite B
Albany, OR 97322
(541) 223-7846
Bankruptcy Law Attorneys, Employee Benefits & Worker Compensation Attorneys, Business Bankruptcy Law
Long Delapoer Healy McCann & Noonan PC
201 1st Ave W
Albany, OR 97321
(541) 497-7825
Social Security & Disability Law Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys,
Kent Hickam
250 Broadalbin St SW Suite 210
Albany, OR 97321
(541) 704-7574
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Accident & Property D
Cascade Bankruptcy
433 4th Ave SW
Albany, OR 97321
(541) 704-7568
Business Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  General Practice Attorney
D Mack Walls Attorney
430 Washington St SW
Albany, OR 97321
(541) 791-6924
Attorneys, Litigation & Tort Attorneys
Norman Gary E
433 4th Ave SW
Albany, OR 97321
(541) 928-6193
Attorneys, General Practice Attorneys, Legal Service Plans
Delsman David E
430 Washington St SW
Albany, OR 97321
(541) 926-6191
General Practice Attorneys, Attorneys
Carlson, Robert D - Kryger Alexander Egan Elmer
507 Washington St SW
Albany, OR 97321
(541) 928-6171
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Corp
Daniels Edward L
220 6th Ave SW # 201
Albany, OR 97321
(541) 928-5875
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce Attorn
Sager-Kottre Kristen
220 Sixth Avenue Sw, Suite 201
Albany, OR 97321
(541) 928-5875
Attorneys, General Practice Attorneys, Family Law Attorneys
Reid Roger H
135 5th Ave SW
Albany, OR 97321
(541) 926-5804
General Practice Attorneys, Attorneys
Mc Cann Jr Robert C
201 1st Ave W
Albany, OR 97321
(541) 926-5504
Attorneys, General Practice Attorneys, Legal Service Plans
Delapoer James V B
201 1st Ave W
Albany, OR 97321
(541) 926-5504
Attorneys
Jarvis Matthew L Attys
201 1st Ave W
Albany, OR 97321
(541) 926-5504
Attorneys, General Practice Attorneys
Healy F James
201 1st Ave W
Albany, OR 97321
(541) 926-5504
Attorneys, General Practice Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US