Planning for the future can be a complex and often emotionally-challenging process as it requires individuals to consider what they want to happen after they pass or in the event of incapacitation. Estate planning is a prudent step for all Oregon adults, regardless of age, income level or the size of the estate. Certain tips can make this process simpler and easier, reducing the chance of complications.
Making the estate planning process easier
There are multiple critical factors to consider when estate planning. While it is prudent to make plans that make sense for the short-term, it is most important to create a plan that provides security well into the future. To accomplish this goal, it may help to consider the following tips:
- Take tax laws and potential penalties for heirs and beneficiaries into consideration when making estate planning decisions.
- Expect family conflict, and make plans clear in order to reduce confusion and disputes between heirs.
- Set guardianship plans for minors and dependents to ensure their care and provision.
- Use professionals when making decisions regarding long-term legal and financial strategies.
Finally, it is critical to document plans and intentions through properly drafted documents. These documents should be organized and kept in a place where loved one can locate them if necessary.
Create peace of mind for the future
With a strong estate plan in place, one can have peace of mind for the future. It is helpful to work with an experienced estate planning attorney in order to create a plan that will provide protection and control long-term. An assessment of one’s Oregon estate can provide insight regarding the specific estate planning tools that may be necessary.