Estate Planning

Helpful Layman Definitions for Estate Planning in Oregon(This is not legal advice)

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AUTONOMY: “I can do it myself.”   

COMPETENCE: “I fully understand what is happening.”

INCAPACITY: “I need some help.”

INCOMPETENCE: “I am confused and don’t understand what is happening.”

POWER OF ATTORNEY: “I need someone to act on my behalf.”

DURABLE POWER OF ATTORNEY: “I need someone to act on my behalf after I lose capacity.”

GUARDIANSHIP: “I need help with healthcare, food, shelter, or other necessaries.”

CONSERVATORSHIP: “I need help managing my finances.”

ADVANCED DIRECTIVE: “This is what I want to happen if I am hospitalized.”

LAST WILL AND TESTAMENT: “Here is where I want my property to go and what I want to be done with my remains.”

INTESTACY: “I didn’t leave a will, so use the law instead.”

PROBATE: “A judge will use the Will or the Law to determine where my property goes.”

TRUST: “A private contract will determine where my property goes.”

BENEFICIARY DESIGNATION: “This asset is payable on death to a specific person.”

TRANSFER ON DEATH DEED: “This is my real estate property, and I can still sell it, but if I still own it when I die, I want it to go to this person.”

MEDICAID ESTATE RECOVERY: “The State of Oregon will get their pound of flesh.”