The attorneys with Nay & Friedenberg explain why estate planning documents may need updating when moving to another state.
If she has existing estate planning documents, a review by an estate planning lawyer in Oregon is beneficial. While wills, trusts, powers of attorney, and health care directives remain valid in Oregon even if they were signed in a different state, they may result in unintended consequences if applied in Oregon. In Oregon, third parties such as banks are not required to accept Powers of Attorney. As a result, out-of-state Powers of Attorney can be problematic because the third parties may be less assured of their authenticity, and, therefore, are more likely to reject them. Also, the form of health care directive signed in a different state may be unfamiliar to her new doctor; therefore, executing the standard Oregon Advance Directive for Health Care form can best ensure that her wishes will be honored.
Unlike some states, Oregon imposes an estate tax on estates valued at $1 million or more. This threshold for taxation is much lower than many states; in other words, there may be a greater exposure in Oregon to estate taxes. Estate planning documents created in a different state were likely designed with that state’s tax laws in mind and may not be adequate to protect an estate from Oregon estate tax. For an individual with assets near or above $1 million, consultation with an Oregon estate planning lawyer is crucial to best plan for minimizing estate taxes.
An experienced estate planning lawyer can help you assess which documents best fit your family’s planning needs. Contact the Estate Planning lawyers with the Law Offices of Nay & Friedenberg in Portland, Oregon at (503) 245-0894 to set an appointment.