Last Will and Testament

Last Will
and Testament

Leave a legacy

A Will, also referred to as a Last Will and Testament, is a legal document that describes what you want to be carried out after your death. What makes it a “legal” document is its contents and requirements are set out by law, such as signing it in front of two witnesses. What makes it effective, however, is not that it exists but that it is ultimately used in a probate proceeding, at court, after your death.

Basic elements of a Will

A Will contains a description of who you are, your family and your beneficiaries, as well as how you want your estate to be divided. It will also list the name of who is in charge of dividing your estate assets among your beneficiaries. The person you name is the proposed Personal Representative, and naming them is merely a proposal, so if they are unable or unwilling to take on that role you should list two alternates.

Elements

  • Introduction and description
  • Who are your beneficiaries
  • Who is in charge
  • Residuary estate
  • Signature blocks
The process of creating a Will

In general, lawyers draft Wills for their clients after meeting to discuss their goals. When we assist our clients, we gather information about their family and what they own. We meet with them to discuss the plans they have for their family and the assets they will leave for them. We then draft estate plan documents for their review, sit down with the client to review the documents, and later sign the documents in front of witnesses and a notary public. The entire process often takes place over three or four different meetings.

Initial Meeting

Avg. Meeting Time

Draft Documents

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Review Documents

Avg. Meeting Time

Sign and receive documents

Avg. Meeting Time

First meeting with the attorney 25%
Attorney drafts your documents 50%
Review estate plan documents with your attorney 75%
Sign and receive your estate plan documents 100%
Helpful Asset/Beneficiary Worksheet

The table shown to the right serves as a visual representation of how you can organize your thoughts. You can list your property/belongings in the Asset column, who will receive it in the Beneficiary column, and how they will receive it in the “How to Receive” column.

Asset
Beneficiary
How to Receive
   
   
   

Your beneficiaries can receive assets (money, property, etc..) from your estate either as outright gifts, or, in trust.

Begin creating your estate plan

A Will should be part of a healthy estate plan which is a set of legal documents that are designed to help you deal with moments of incapacity in addition to end-of-life concerns.

If you would like to meet with an attorney

(503) 371-9500

Oregon Laws Regarding Wills

Below are some of the laws that apply to Wills in Oregon.

ORS 112.235 describes the requirements that must be followed for a Will to be properly executed in Oregon

ORS 112.225 describes who can make a Will