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Estate planning is the process of creating legal documents that protect you, your loved ones, and your assets during your lifetime and after your death. A comprehensive estate plan can include documents such as a Revocable Living Trust, Will, Durable Power of Attorney, Advance Directive, and other tools tailored to your needs. Estate planning allows you to decide who will manage your financial and healthcare decisions if you become incapacitated, who will inherit your assets, and how those assets will be distributed. It can also help your loved ones avoid unnecessary delays, expenses, and probate while ensuring your wishes are carried out. Regardless of your age or the size of your estate, having an estate plan provides peace of mind knowing that you and your family are prepared for the future.

A Will and a Revocable Living Trust are both important estate planning tools, but they serve different purposes. A Will only takes effect after your death and directs how your assets should be distributed through the probate process. In contrast, a Revocable Living Trust takes effect during your lifetime, allowing your assets to be managed while you are alive and transferred to your beneficiaries without probate after your death. A Trust can also provide greater privacy and more flexibility by allowing you to specify how and when beneficiaries receive their inheritance, rather than requiring assets to be distributed in one lump sum. Many comprehensive estate plans include both a Trust and a Pour-Over Will to ensure all assets are properly addressed.

Creating a Revocable Living Trust is only the first step. Funding your Trust means transferring ownership of your assets into the name of your Trust or updating beneficiary designations when appropriate so your estate plan works as intended. Depending on the type of asset, this may involve signing a new deed for real estate, changing ownership of bank or investment accounts, assigning certain personal property to the Trust, or updating beneficiary designations on eligible accounts. Each type of asset has its own requirements, so it is important to follow your attorney's funding instructions carefully. Assets that are not properly funded into your Trust may still be subject to probate after your death.

Probate is the court-supervised legal process of administering a person's estate after they pass away. If the deceased person had a valid Will, the court generally validates the Will, appoints the named personal representative, and oversees the payment of debts and taxes before the remaining assets are distributed according to the Will's instructions. If the deceased person did not have a Will, the estate must still go through probate, but Oregon law determines who inherits the assets and the court appoints a personal representative to administer the estate. Depending on the size and complexity of the estate, probate can take several months or longer and may involve court filings, legal fees, and other administrative costs. Assets that are properly held in a Revocable Living Trust or have designated beneficiaries generally do not have to go through probate.

The right estate plan depends on your individual circumstances, goals, and the types of assets you own. A Will may be appropriate for individuals with relatively simple estates who do not mind their estate going through probate. A Revocable Living Trust is often a better option for those who want to avoid probate, maintain privacy, simplify the administration of their estate, or have more control over how and when their assets are distributed to beneficiaries. Many comprehensive estate plans include both a Revocable Living Trust and a Pour-Over Will, allowing you to receive the benefits of a Trust while ensuring any assets left outside the Trust are still addressed. At FSL, we can help determine which option best fits your needs and goals.

You should choose someone you trust to carry out your wishes responsibly, honestly, and in the best interests of your beneficiaries. This person should be organized, dependable, and willing to serve when the time comes. Many people choose a spouse, adult child, trusted family member, or close friend, while others prefer to appoint a professional fiduciary or trust company if their estate is more complex or they want a neutral third party. It is also important to name one or more successor Trustees or Personal Representatives in case your first choice is unable or unwilling to serve. At FSL, our attorneys can help you determine who is best suited for these important roles based on your unique circumstances.

The process for updating your estate planning documents depends on the type of documents you have and the changes you wish to make. Minor changes may be accomplished through an amendment, while more significant changes may require a restatement of your Trust or the preparation of new documents. If you have a Revocable Living Trust, you can generally modify or revoke it at any time during your lifetime, provided you are legally competent. Estate planning documents should not be altered by crossing out or handwriting changes on the originals, as doing so may create confusion or affect their validity. If your wishes change, contact your estate planning attorney to discuss the best way to update your plan and ensure your documents continue to reflect your intentions.

It is generally recommended that you review your estate plan every three to five years or whenever you experience a significant life event, such as a marriage, divorce, birth or adoption of a child, death of a beneficiary or fiduciary, a substantial change in assets, or a move to another state. Changes in the law may also make it appropriate to update your estate planning documents.

You should not cross out information or make handwritten changes to your existing estate planning documents. Doing so may create confusion, lead to unintended consequences, or even affect the validity of the documents. If your wishes have changed, the safest approach is to have your estate planning attorney prepare the appropriate amendment, restatement, or new documents to ensure your estate plan remains legally valid and accurately reflects your intentions.

Before your consultation, we ask that you complete our estate planning intake forms so our attorneys can review your information in advance. Your initial consultation is approximately one hour and may be conducted either in person or via Zoom. During the consultation, you will discuss your goals, family circumstances, and the estate plan that best meets your needs.

If you decide to move forward, we will request any additional information needed regarding your finances, assets, or personal circumstances before we begin drafting your documents. Once we have received all of the necessary information, we will prepare your customized estate planning documents. The sooner we receive your completed information, the sooner we can schedule your signing appointment. Our goal is to have your documents ready within four to six weeks, and this is the timeline for most clients.

Your signing appointment is a thorough meeting that typically lasts between one and one and a half hours. During this appointment, we carefully review each of your estate planning documents with you, answer any remaining questions, ensure everything is properly signed and executed, and provide detailed instructions on how to properly fund your Trust, if applicable. After your signing appointment, we schedule a binder pickup approximately one month later to give you time to complete your trust funding. At your binder pickup, you will receive your completed estate planning binder containing your original signed documents.

For Will plans, Incapacity Plans, Trust Restatements, and Amendments, your original signed documents are typically available for you to take home at the conclusion of your signing appointment.

The cost of estate planning depends on your individual circumstances and the type of planning you need. For new clients who do not have an existing trust or estate plan, the initial consultation fee is $250. If you already have a trust or estate plan that you would like us to review, the consultation fee is $750. This allows the attorney to review your existing documents in advance and provide recommendations tailored to your specific situation during your consultation.

Following your consultation, the attorney will recommend the estate plan that best meets your needs and provide you with a flat-fee quote before any work begins. As a general guideline, our standard Incapacity Planning package starts at $1,250, our Will-Based Estate Plans start at $2,500, and our Trust-Based Estate Plans start at $4,500. These are typical starting prices, and the total cost may vary depending on the complexity of your estate planning needs and any additional planning or documents that may be appropriate for your situation.