What Are the Benefits of Having a Will?
Many people postpone the completion of the last will and testament until an old age, but there are many benefits of composing a will early in life.
- Having a will takes the planning and responsibility of managing your inheritance and estate from another person who might be burdened or conflicted to do so. It’s best to have a designated plan agreed to by all who are involved, such as your family members and children, business partners, and property co-owners.
- Writing a will makes it clear what heirs, or beneficiaries, will receive your assets and in what proportions. Such clarity can be useful for long term partners who are not lawfully married but expect to receive the inheritance. By law, if you are not relatives or spouses, or in any way lawfully connected to the testator, it’s most likely that you will receive nothing at all.
- In the last will, you can also name a guardian for your children to be confident that the right person will oversee them if something wrong happens to you. It also lets you set aside funds to ensure the guardian can support your children economically.
- Additionally, a testamentary trust can be created to ensure that your property is held for specific individuals such as children or grandchildren.
Other benefits include but are not limited to your personal selection of an executor, which is the person who sees that the desires expressed in the will are carried out respectfully, and an opportunity to plan for personal matters, such as funeral arrangements and all other personal matters.
What Are the Disadvantages of Having a Will?
There is always a possibility that another person can challenge the validity of your last will in Oregon, questioning the procedures taken to be upheld as official legal documentation.
Once your will is filed, it will become public information as per Oregon law. It means that at any time, anyone can do a search for your last will and see its contents.
Despite the cons of creating a will, all these setbacks can easily be avoided with careful planning and delicate revision. Revise and edit your last will thoroughly and seek an attorney or lawyer if desired.
What Happens If I Choose Not to Have a Will?
As it is not mandatory to have a last will in Oregon, no intentional consequences will come upon the deceased. If a person has passed away and has not filed a will, their property will be distributed according to the Oregon legislature (Chapter 112 of Oregon Code, Intestate Succession and Wills). Oregon laws assign all the property to the spouse. If the deceased person was remarried but has children from a previous marriage, half of the property will go to their current spouse, and the other half to their biological children.
If the state of Oregon has exhausted the list of family heirs (spouse, children, grandchildren, siblings, cousins, etc.), the property registered in the deceased person’s name will be taken by the state. So, if you have no spouse and children but still have some close persons who you want to inherit your property, it’s better to complete the last will and document your preferences for them to be followed.
Complete Your Oregon Last Will Online
On our site, you can find a free Oregon last will and testament template and can also use a convenient step-by-step builder to create a highly customized last will and testament document.
For information about filing small estate affidavits (a simplified probate procedure to transfer assets of a deceased person) and guardianship (an appointment of another individual to assume responsibility of a child in the event when the parents cannot), check out the instructions for filing small estate affidavits.
Tips to Consider When Choosing Beneficiaries
A beneficiary is an individual you name in a will who receives all or a specified portion of your assets. This person can also be appointed as the executor; the difference between the two is that the beneficiary is the person who will inherit property, while an executor manages the estate of the deceased person.
When considering beneficiary candidates, think of the following:
- Purpose. What is the goal of the will? If you want to provide for your family, perhaps your spouse is the best choice. Think about who and what you want to benefit from your will.
- Options. Usually, people designate their kids or spouse as the beneficiary, but this title applies to anyone and any organization. You can even have multiple beneficiaries and divide the inheritance among them.
- Plan well. Plan for every possible scenario, including the event in which your primary beneficiary is unable to comply with the will. Be safe by choosing an alternative and clearly express who is the primary and secondary beneficiary.
- Update. Life goes on, and plans change. Make sure that anyone appointed to any position in your will is someone you currently have contact with and still feel the same about being a beneficiary. If you change your mind, but it’s not reflected in the will, the state of Oregon will continue to respect the desires expressed in the written will despite oral disapproval.
How to Make a Will in Oregon
Oregon last will requirements are defined as follows:
- The testator must be at least 18 years old, of a sound mind, capable of making such delicate decisions.
- A testator must sign the will in person.
- The Oregon will form requires signatures from at least two witnesses. They should sign the will after the testator on the same date. The state of Oregon does not accept holographic wills but does accept handwritten wills if witnessed according to the state law.
- For wills that fall under the category of the Uniform International Wills Act and more information about exceptions to will execution formalities, visit the website of the State of Oregon legislature.