It is VERY important to remember that wills do not avoid probate. Having no estate planning will mean that all probate property is divided according to state law and you do not get to choose. See “What Happens if I Die Without a Will in Oregon.” Having a will means you get to make some choices, including who is executor/personal representative and who will receive an inheritance from you but it still is overseen by the probate court and is still a public record. Probate can be expensive, time consuming, and exhausting for those involved. I have seen arguments in probate end good relationships with relatives and prevent heirs from solving problems quickly, causing more fees to be incurred.
However one benefit of probate is to cut off future creditors. If you could have creditors you don’t know about (this is often true for lawyers and doctors where lawsuits could start years down the road) then even a small probate could be beneficial.
Probate can be avoided by proper designation of beneficiaries from life insurance, retirement accounts, and other accounts that have beneficiary designation forms. Never put “my estate” as beneficiary as doing so forces the asset into probate unnecessarily.
A revocable living trust a good alternative for many people but not everyone. A will also does not deal with incapacity or health care choices. Proper planning takes time and knowledge of a professional to ensure it is done right and will not cause undue heartache and expense for your loved ones and heirs. Call MGM Law Firm LLC at 541-233-7441 for a consultation with an experienced and knowledgeable attorney.