You Have a Will – What Then?
Following is an error in the thinking of many — with a Will their estate will not be subject to the court-controlled procedure called 'probate.' With or without a Will an estate is subject to probate unless you have a Revocable Living Trust. Still, better a Will then no Will and no plan at all. Let's look at what happens when you pass, and a Will is your main estate planning instrument.
With a well-done Will, you have left family and friends a solid plan of action. You have an executor to administer your estate; made clear who receives what and how; if you have minor children, you have appointed guardians for children and pets and have left money for their care. All this is subject to court review, and in the case of the children, court guardianship proceedings. The person you want to administer your estate must be approved and officially appointed by the court. An estate with a minimum value of $200 thousand in real estate and / or $75 thousand in financial assets initiates a year-long engagement, perhaps longer seldom shorter, of accounting to the court in detail until it is satisfied that all final debts, taxes etc. are paid, and the terms of the Will are accurately and fully satisfied.
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Serving Clackamas, Hood River, Wasco, Deschutes, Multnomah, and Washington Counties.
Confluence Law Center
24461 E. Welches Road, Suite 4
P.O. Box 964
Welches, OR 97067