If you do not be proactive and create an estate plan, then the State of Oregon will give you the one they made. Everything you own may go to your sister with a gambling problem, or it might have to go to your parents just before they die, requiring probate a second time.
Probate without a will is called intestate succession. Here is what happens under current law if you die without a will in Oregon:
If you are survived by a spouse and no children:
- 100% to your spouse.
If you are survived by a spouse and descendants who are only from yourself and your spouse:
- 100% to your spouse.
- 0% to your children/descendants.
If you are survived by a spouse and descendants, at least 1 of whom is not also your spouse’s descendant:
- 50% to your spouse, 50% to your descendants.
If you are not survived by a spouse:
- 100% to your children if you have any.
- If none, 100% to your parents.
- If none, to your brothers and sisters and the descendants of any deceased brother or sister.
- If none, to grandparents and any descendants of deceased grandparents.
- If none then to the State.
Yes, you read that right. If it turns out you outlive your family, no one you ever knew or cared for will receive your assets and instead they will become property of the State of Oregon! Plan accordingly!