probate medford oregon

Probate Attorney Medford, Oregon

Probate is a legal process whereby a court oversees the distribution of assets left by a deceased person's Will, or if there is no Will, according to intestate laws. Assets are anything a person owns with value, such as real and personal property and cash, for instance.

Probate is not always required. If a person dies leaving very few assets, such as personal belongings or household goods, these items can be distributed among the rightful beneficiaries without the supervision of the court. Or, if the deceased owned everything in co-ownership, for instance all bank accounts were joint with rights of survivorship (with a spouse or children), and then those assets pass automatically to the surviving co-owner.

Probate is generally necessary to: Clear title to land, stocks and bonds, or large bank or savings and loan accounts that were held in the name of the deceased person only; Collect debts owed to the deceased person; Settle more ---> Probate Attorney Medford

James Stout probate attorney medford oregon

Wills & Trusts Attorney Medford, Oregon

A will can be considered the cornerstone of all estate plans. A legal document that can have a significant impact on your family, a will lets you decide who will manage your money, and it effectively transfers your assets to your intended beneficiaries after your death. Making a will is especially important if you have disabled or minor children because it lets your wishes be known with regard to their future care.

A will can be amended at any time and it is a good idea to review it periodically, especially if your marital status changes.

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A trust is a document that can be used in estate planning in conjunction with a will or as a separate document. Individuals may control the distribution of their property during their lives or after their deaths through the use of a trust. There are many types of trusts and many purposes for their creation, but among the most common are: trusts for the support of a surviving spouse or disabled or minor children; trusts designed to avoid or minimize involvement with probate court; and trusts designed to minimize tax liability when a gift is made to a beneficiary.

Trusts are complex legal documents and may not be appropriate in all cases. Before creating a trust, you should speak with an attorney who is knowledgeable on estate planning issues.

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Estate Planning Attorney Medford, Oregon

Estate planning involves more that just having a Will. It is a planning process intended to alleviate the financial and legal impact of your death on those you leave behind. Having a well constructed estate plan may not only reduce the tax responsibility, but it will also aid in preparing loved ones for many of the issues that may arise.

The problems that can be associated with probate, creditors, lawsuits, and taxes can prolong the settlement of your estate. By taking the time to address these issues now, you will have the peace of mind knowing that a good estate plan will enhance and maintain the financial security of your family.

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Probate Attorney in Medford James J. Stout | 419 S. OAKDALE MEDFORD, OREGON. | Phone: 541-618-8888 © 2011 Law Office of James Stout

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