Portland Estate Planning Law Blog

The M.J. Murdock Charitable Trust recently awarded more than $9.3 million in donations to 72 Northwest area organizations. Many Portland, Oregon, based organizations were beneficiaries of the trust's latest round of donations, including Reed College, Elevate Oregon, Trillium Family Services, Inc. and the Scandinavian Heritage Foundation.

Founded in 1975, Mr. Murdock's trust has been pumping fresh capital into well meaning organizations for almost four decades. Oregon's various non-profit organizations alone received more than $4 million in this latest round of giving. The wealthy trust creator's estate planning has allowed his legacy of charitable giving to survive long after his death.

It all starts with a plan. Many Portland residents understand the value of a comprehensive estate plan. After your ducks are in a row, though, keeping them there becomes the next challenge. Estate plans can deteriorate without a subsequent review of financial documents, assets, family situation, and tax code revisions. Even diligent planners that account for such fluidity, however, can have their plans implode during estate administration.

At its core, estate planning is meant to control one's property distribution after death according to the intent of the person who accumulated the wealth. While Oregon has its own system known as probate, anyone who wants a say in the distribution of their estate will want to have a comprehensive estate plan.

With the renewal of spring in Portland upon us, now is a great time to note how proper estate planning is an important step for preparing for the future. It is just as important to have an estate plan as it to create a college fund or retirement plan, yet many people do not make time for it. By making arrangements for late-life decision making and the distribution of assets after death, Portland residents can ensure their wishes regarding their estates are properly noted and executed when the time comes.

An estate plan includes more than just writing a will--it can include powers of attorney and health directives. In regards to future medical care, a document that allows a person to choose someone to take over their financial affairs and make decisions in case of a medical emergency is a power of attorney. A power of attorney can be of two types--a durable one that goes into effect immediately with no circumstances to restrict its effectiveness or a springing one that only comes into effect when an instance specified by the individual occurs and can be proven.

Many residents of Portland may well understand the need for proper estate planning to avoid probate. However, for some the day has not yet come to get affairs in order and begin the process of developing a comprehensive estate plan.

In today's technological world, many services--including certain estate planning items--can be accessed with a simple click of a button. Legal document websites advertising do-it-yourself forms are gaining popularity, even when it comes to estate planning. However, as one local columnist discovered, there can be some issues with these limited services that can leave the user feeling a bit unfulfilled.