Continuing our series on why having a Will or Trust is important for you to consider.
Simply put … the State of Oregon wants you to have – at minimum – a will.
Dying without a will or a trust to direct the proper disposition of your assets is called "dying intestate". In such cases, it is left to the State to undertake the search to find the people in your family relations, that could legally inherit your assets. If in the course of the ten-year maximum search period dictated by law, the State finds no rightful heirs, your estate "escheats", i.e. falls to the State. Though the State designates this to a worthy case, the Common School Fund, you might prefer your life's efforts go to people and causes of your own choosing. And in fact, the State would prefer that you directed the disposition of your assets instead of defaulting to intestacy and escheatment.
Unfortunately, this not a rare occurrence. Recent reports show the State holding approximately $600 million in unclaimed assets, with the number of state handled estates having risen by a factor of seven since 2009.
This past Monday Fox 12 News aired an interview with an Estate Representative for the department that handles unclaimed property, to advise Oregonians to at least create a will and to convey that the State would prefer not to be called upon to find the legal beneficiaries for people's unappointed assets.
Your Life. Your Legacy. Your Way. Confluence Law Center, serving Clackamas, Hood River, Deschutes and Multnomah Counties.
Confluence Law Center
24461 E. Welches road, Suite 4
Welches, OR 97067