Have you considered backup beneficiaries for your estate? While it may be unlikely, it is possible that your intended beneficiaries could predecease you. It is important to include backup beneficiaries and representatives in your estate planning documents in case something unexpected happens. Many people choose to follow their family tree down through the generations as backups, but even then it is possible that someone may not have children and a branch of the tree might end.
If no backup exists, an estate may revert to the laws of intestate succession, meaning for Oregon residents that Oregon law would dictate who receives your estate, even if you have documents in place. For many people, the defaults selected by Oregon law don’t line up with their actual intent, so it can be important to designate several layers of backup beneficiaries within your estate plan to ensure your wishes are fulfilled even in the event of unexpected circumstances. The options for backups are myriad—you can designate multiple layers of specific beneficiaries, follow family trees in different paths and proportions (things referred to as “strict per stirpes,” “modern per stirpes,” “per capita with representation,” “per capita at each generation,” and more), or even name a charity as an ultimate backup. And, what’s more, each option may raise additional issues that an experienced estate planning attorney can flag and help you address.
All of our comprehensive estate plans include thorough review and planning for backup beneficiaries and representatives. Please contact us if you’d like to ensure that your estate plan, including your backup beneficiaries, reflects your intent.