Why is an estate plan important? People often think actively about estate planning at two major lifetime milestones: when many people have children, they want to ensure those children are cared for if they were to die or become incapacitated; and when many people retire, they begin to examine finances closely and are often concerned with maximizing assets passed to the next generation. However, having an estate plan is important for everyone and covers lifetime situations as well as death. Your estate plan can be built to respond to a variety of motivations and cover different needs depending on your family situation and personal desires. These might include:
- Choosing the trusted relative or friend you would like to care for your minor children in the event you are incapacitated;
- Ensuring that your assets are distributed to the beneficiaries of your choice upon your death;
- Eliminating the need for your desired beneficiaries to go through probate to receive your assets;
- Protecting beneficiaries who may not yet be capable of managing inherited assets;
- Ensuring your spouse or another trusted person can act on your behalf if you become incapacitated;
- Minimizing estate taxes and maximizing the assets passed to your beneficiaries upon your death (in Oregon, the threshold for estate taxes is one of the lowest in the country at $1,000,000 in total assets);
- Ensuring your medical wishes are followed when you are severely incapacitated and near death; or
- Updating an existing estate plan after a move to account for differing state laws and regulations.
A comprehensive estate plan combines the appropriate legal tools for your unique circumstances, desires, and needs. These tools may include revocable living trusts, wills, powers of attorney, advance directives for healthcare, nominations of guardian and conservator, or other documents written to be custom-tailored to your personal situation.
Please contact us if you would like to set up an appointment to explore your options.