Estate Planning
Estate planning is the process of developing a plan to transfer and move your assets (money, accounts, personal belongings, property, etc.) that you may own or partially own at the time of your death. Estate planning also allows you to make decisions on your funeral, medical wishes, and what happens to you and your possessions if you become too sick or incapacitated to manage your own affairs. Ultimately, an estate plan reflects your values and how you wish to provide for family, friends, charities, and your legacy carrying forward through time after your death.
My office recommends a full estate plan that includes a will, trust, or both to decide how to distribute your assets and additional documents that address the issues of incapacity, guardianship for minor children, end of life medical care, and communication of healthcare information.
For married and unmarried people, an estate plan offers the peace of mind that your wishes will be followed in the event of your death or incapacity, and helps prevent your possessions or decision making power falling to someone to whom you do not wish to have authority if you are unable to make decisions for yourself.
How much does an estate plan cost?
Initial Consultation, Free
Initial consultations are short meetings between my office and you, to provide advice and determine whether client needs estate planning documents. These types of meetings are done online by Zoom, but may be able to be in person if you are located in the Portland, Oregon metropolitan area.
Basic Will Plan, $500 (individual) or $750 (couple)
A "Basic Will" with no trusts is best for individuals with few assets and no children. Basic Wills leave your entire estate to one or more persons, and do not include specific bequests (except for general bequests of tangible personal property), provisions for minor children, or any trust provisions.
This type of plan includes a a Durable or Springing Financial Power of Attorney, which will give someone else power over your finances in the event you cannot take care of your own affairs. It also includes a Medical Power of Attorney with living will provisions, which will give medical professionals an overview of your wishes if you are in the hospital and cannot make decisions for yourself.
Family Will Plan, $700 (individual) or $1,000 (couple)
A Will with one trust Provision for children and/or grandchildren. The Family Will Plan is for families with minor children as well as for individuals who wish to leave assets in trust to descendants or other individuals until certain ages or other milestones. If you have a minor child, this type of will and trust can be set up to direct how you want your assets and money to support your children or grandchildren after death. For example, you may leave a sum of money can only be used for college expenses, the cost of supporting your child, or as a downpayment for a house.
This type of plan includes a a Durable or Springing Financial Power of Attorney, which will give someone else power over your finances in the event you cannot take care of your own affairs. It also includes a Medical Power of Attorney with living will provisions, which will give medical professionals an overview of your wishes if you are in the hospital and cannot make decisions for yourself.
Family Will Plan with Tax Planning, $2,000 (individual) or $2,250 (couple)
This Plan includes the same documents as the Family Will Plan, and is for people with assets over either the state (Oregon, $1 million) or federal estate tax ($10 million) exemption limits. It allows the minimization of estate taxes due after the death of both spouses. For families with sizeable assets, this plan can save hundreds of thousands of dollars for your heirs.
Additional Add-Ons to Will Plans
Personal Property Memorandum, $150/hour
A Personal Property Memorandum is useful if you have a large collection of art, games, jewelry, or other possessions that you want to give to specific people after death.
Stand Alone Financial/Medical Powers of Attorney (No Will), $300
A Durable or Springing Financial Power of Attorney gives someone else power over your finances in the event you cannot take care of your own affairs. A Medical Power of Attorney with living will provisions gives medical professionals an overview of your wishes if you are in the hospital and cannot make decisions for yourself.
Testamentary Special Needs Trust (additional to any plan), $300
A Special Needs Trust is useful for minor or adult children, grandchildren, or other individuals who have special needs that require a more detailed spending plan to ensure your assets are used to support that person after death.
Codicils & Trust Amendments, $150/hour
Your life circumstances may change and require modifications to your will or trusts. Divorce, birth or death of other family members, and changes in your financial circumstances may require changes to your will or trust to better align with your wishes.
Irrevocable Life Insurance Trust, $1,250
A typical life insurance policy gives the beneficiary a lump sum of money upon your death. If you have life insurance, a life insurance trust can insure that your life insurance proceeds are spent in the way that you desire. For example, a trust can require that your life insurance proceeds pay off your spouses debt, your mortgage, or supports your children.
Transfer of Assets to a Trust, $150/hour
What to expect in the process:
1. Call (971) 333-4260 to leave a voicemail or schedule a free consultation online.
2. First, my office will have an initial interview with you to talk about your goals for this process, record information about you/your spouse, understand your assets, and begin to talk about how you would like to dispose of your assets (transfer at death, a gift during life, etc.), your wishes for medical care, and your wishes for a power of attorney. This initial interview will take about two hours and can be done by Zoom.
3. Next, my office will complete an initial draft of the estate planning documents, which you will review and make sure that your names and information is correct, all of the important assets are addressed, and so that you understand the plan we have created together.
4. After you review the initial estate plan, my office will make any changes that you request.
5. After you approve the documents, you (and your partner if included) will need to choose two witnesses to attend an appointment with a notary public in order to notarize the estate planning documents that require witnesses and notarizing.
6. Last, my office will provide a estate planning folder, which will contain your signed original documents, any explanatory letters required, your Memorandum of Last Wishes should you choose to write one, and a closing letter summarizing the work performed on your estate plan.
7. Every five years, my office will contact you to see whether you need to update your estate plan to make sure that your plan still aligns with your wishes and goals.