Wills, Trusts, & Probate
PM LAW provides comprehensive estate planning services to our clients. The primary objective of estate planning is to create a plan for one’s finances in the event of a person’s severe disability or death.
Estate planning may include the creation or amendment of Wills, Trust Agreements (one of the most common being a Revocable Living Trust), establishing a Power of Attorney, and establishing an advanced health care directive (often referred to as a living will).
A Will, in simple terms, is a legal document in which a person indicates how they desire their assets distributed upon their death. If a person lacks a legally valid Will at the time of their death, the state determines the distribution of their assets according to statute (often referred to as intestate succession).
A Trust is a means for holding property and assets for the benefit of another (to include one’s self), with distribution of assets occurring at specified times. Trusts are often used for the purpose of avoiding probate and managing assets.
Power of Attorney
A Power of Attorney (or POA) is a document appointing one or more persons with the authority to make legal decisions and sign documents on behalf of another.
Advance Heath Care Directive (Living Will)
An advanced health care directive is a document that instructs medical personnel of one’s wishes for their healthcare in the event the person is unable to speak for themselves and may also establish a medical power of attorney by appointing another person with the authority to make medical decisions.
Probate in Oregon is a court supervised process in which a Personal Representative (often mistakenly referred to as an Executor) is appointed by the Court and property owned by a person who is now deceased is distributed according to the decedent’s Will. In the event a person died without a Will, then the person’s property is distributed according to the laws of the state. During Probate, the Attorneys at PM LAW will assist the Personal Representative in managing the estate, distributing estate property, settling debts, filing an inventory and accountings, and if necessary, attending proceedings in court. PM LAW also handles probate proceedings in Washington State.