Testamentary Trust to be Incorporated Into a Will
Friday, February 5, 2021
Often a person wants to leave property in his or her Will to a child.
Often a person wants to leave property in his or her Will to a child.
In some circumstances, a Medicaid recipient, or even a person who is planning to make a Medicaid application, may be able to transfer their home to children who lived in the home with them for a certain period, and who provided a certain level of care during that period.
Some people wonder if they need a Will or other estate plan if they are ordinary middle class folks, or even people of moderate wealth, but who fall below the estate tax threshold.
Some people decide not to have a Will because they expect to spend everything before they die.
While one can plan for this, sometimes death comes unexpectedly.
There might be a pandemic. Or, more prosaically, one might have a car accident.
In some circumstances, contacting Medicaid can start time clocks running.
In other cases, contacting Medicaid can stop a time clock.
If you and/or your spouse have non-joint children, that is to say, children who are not children of both of you, you need to know that if you die without a Will, the laws of intestacy in Oregon will result in half of your probate assets being divided equally among ALL of your children (includ
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.
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