Is a Will Worthwhile?
Friday, August 14, 2020
Some people wonder whether a Will is worthwhile, and worry about the cost.
Others wonder why they need a Will at all.
Some people wonder whether a Will is worthwhile, and worry about the cost.
Others wonder why they need a Will at all.
Many people chose to have trust based estate plans, instead of relying only on Wills.
There are many good reasons to do a trust.
One reason is that a trust will often allow you to avoid probate after your death.
Sometimes people put off applying for Medicaid far longer than they should.
This can result in far more money being spent paying for long term care privately than was necessary, if Medicaid could have stepped in earlier.
Something that some people don’t think of relates to money passing to their children.
If you do not have a Will and are not married at the time you die, your children WILL get your assets (if you have children).
Some people believe that if they only have a small amount of assets they do not need a Will. While it is true that some assets can (with proper planning) pass outside of probate, and that other assets can pass with a small estate proceeding or affidavits of heirship, it is often difficult to
While it can be very unfortunate to wait too long to apply for Medicaid, possibly losing benefits that might have been available, and possibly losing money that did not need to be spent on care costs that could have been paid by Medicaid if an application had been made at the correct time, it
Under Oregon law, a divorced spouse will be treated as pre-deceased for purposes of inheritance from their former spouse under a Will that existed before the divorce, in most cases.
Some people (and even some lawyers) question whether a person can make a Will or an Estate and Incapacity Plan providing for their children before they have any children.
It is perfectly possible, and perfectly simple to do this.
The current health crisis is causing some people to think seriously about creating a Will or a Trust. It is causing others who have been thinking of this to stop putting it off, and to start actually working toward finding a lawyer to work with them on estate and incapacity planning.
Many people are worried by the Coronavirus/COVID 19 pandemic, and are limiting their social contacts, and abiding by guidelines for social distancing.