Wills, Trusts & Estate Planning Basics - University Of Oregon
Wills, Trusts & Estate Planning Basics ReaLifePlanning.com
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Why make a plan? u Plan for incapacity u Bequests to charity and non-relatives u Choose the right decision makers ReaLifePlanning.com
What is a “basic” estate plan? 1. Power of Attorney: names a financial agent 2. Health Care Directive: names a medical agent 3. Will, Trust, or other property transfer mechanism: directs the distribution of assets ReaLifePlanning.com
“ReaLife Planning” (not just Estate Planning) u Reframe this confusing process u Provide an opportunity to consider values, priorities and relationships. u It means more than just transfer of generational wealth u Emphasize the significance of conscious decision-making u Focus on empowerment, education, and achieving desired outcomes u Create opportunities for social reinforcement and support u Through group workshops and document production u Through group rates for accessible, affordable plans ReaLifePlanning.com
Competent adults have power of appointment u Power of Attorney: u u Health Care Agent: u u Authority to act only during life Personal Representative (named in Will): u u Authority to act only during life Authority to act only after death Trustee (named in Trust): u Authority to act during life and after death ReaLifePlanning.com
Ways to transfer assets u Wills u Trusts u Transfer u Life on Death Deed Estate u Accounts u Lifetime with Payable on Death Designation gifts ReaLifePlanning.com
Wills u versus Many kinds u Testamentary after death u Can be simple and inexpensive, or u Complex with imbedded Trusts for minors or special needs u Trusts Many kinds u Revocable Living Trust “Intervivos” (during life) u Used during temporary or permanent incapacity u Complex & expensive u Covers all unknown assets u Assets must be transferred into trust u Names Guardians for minors if both parents die u Avoids Guardianship/Conservator for beneficiary settlor u Probate Required u Probate not required ReaLifePlanning.com
Wills versus u Probate Required Trusts u Probate not required ReaLifePlanning.com
What is Probate? It’s a Verb! It’s a Noun! u Estate administration is called probate u Determined by how property is titled u No probate for payable on death accounts: u retirement accounts, bank accounts, life insurance, joint accounts, joint tenancy with right of survivorship ReaLifePlanning.com
How does Probate work? u Public court proceeding after a death u Costs : fees determined by value & size of estate, time minimum of four months, attorney fees 2,000- 5,000 u Small estate affidavit for less than 75,000 200,000 property 275,000 total u Estate is filed à Will is “proved” or “intestate” estate filed* u Personal representative or “administrator” appointed u All beneficiaries or “heirs at law” are notified; notice of estate is published to alert debtors; assets located & identified to court u Taxes & debts paid, court supervises inventory & all costs u Assets and monies distributed & estate “closed” ReaLifePlanning.com
Probate is sometimes the solution *when no valid documents exist u Who has authority to make decisions and act during incapacity? Guardianship or Conservatorship proceeding u Best interests used to designate u Family u Friends (If they petition) u Licensed professional u Person assigned by the court. u decision makers: Who Inherits when there’s no will? u “Heirs” determined by statute u Legal family only-à Spouse children kin ReaLifePlanning.com
How are Wills made? u Competent adult u u Over 18, of sound mind, no duress Observe the formalities u u Witnessed Affidavit u Name Personal Representative u Make directions about how to pay taxes, debts & fees u Name beneficiaries and direct how to distribute assets u ONLY Spouses are entitled to inherit! ReaLifePlanning.com
How do Wills work? ReaLifePlanning.com
How are Trusts made? u “Settlor/Grantor” u Legal adult u Names “Trustee” (e.g. self) then “successor Trustee” u Directions for distribution u Purposeu Timing- u must have one not Immortal Only includes properly titled assets: u Can be funded by “pour-over” will u Can be created by “simple” will ReaLifePlanning.com
How do Trusts work? u u u Contain many pages of direction Authorization & language regarding asset distribution Assets are managed by Trustee u u u Can be personal or professional Trustee Good for incapacity planning à no need for guardianship or conservatorship of the “settlor” Avoiding probate is not always best: u Private transactions with no supervision Who is the Trustee à Family conflict u Significant debtors permanently discharged through probate u u NOTE: Revocable Living Trustà does not limit estate taxes ReaLifePlanning.com
Many kinds of trusts u u u u u u u u Revocable and Irrevocable Trusts Revocable Living Trustà Lifetime transfer Special Needs Trusts Irrevocable Life Insurance Trusts à avoids estate tax Trusts for minors and pets Spendthrift Trusts Qtip (Qualified Terminable Interest Trust) Disclaimer Trusts ReaLifePlanning.com
Correcting common misunderstandings u ONLY Spouses cannot be disinherited u No other family member has a right to inherit under a will u Spouses can waive inheritance rights u Probate does not increase your tax burden u Probate might decrease your tax burden u Revocable Living Trusts do not eliminate Federal or Oregon Estate taxes u Other types of trusts can limit Federal or Oregon Estate taxes ReaLifePlanning.com
Questions? Judith@ReaLifePlan.com ReaLifePlanning.com
Other Resources u Oregonfuneral.org u OSBar.org u Oregon.gov u Theconversationproject.org à ReaLifePlanning.com
Costs : fees determined by value & size of estate, time minimum of four months, attorney fees 2,000- 5,000 ! Small estate affidavit for less than 75,000 200,000 property 275,000 total ! Estate is filed " Will is "proved" or "intestate" estate filed* ! Personal representative or "administrator" appointed !
2.4.5 Trusts and agency 32 2.5 Classification of trusts 32 2.5.1 Private/public trusts 32 2.5.2 Fixed/discretionary trusts 33 2.5.3 Resulting trusts 33 2.5.4 Constructive trusts 34 2.5.5 Statutory trusts 34 2.6 Reasons for the creation of express trusts 34 Sample essay question 37 Further reading 37 3 THE ‘THREE CERTAINTIES’ TEST 39
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ESTATE PLANNING 101 4 What Is Estate Planning? First thing first - your estate consists of everything you own or owe at your time of death. When the time comes to pass on, you need to have an estate plan in place that properly outlines your wishes. This includes how you want your assets distributed, wishes regarding healthcare decisions,
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1 MORALS FROM THE COURTHOUSE: A STUDY OF RECENT TEXAS CASES IMPACTING THE WILLS, PROBATE, AND TRUSTS PRACTICE I. INTRODUCTION This article discusses judicial developments relating to the Texas law of intestacy, wills, estate administration, trusts, and other estate
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