Conscientious Estate Planning For Oregonians

What’s an estate plan?

On Behalf of | Mar 1, 2024 | Estate Planning

Every adult should have an estate plan to make sure that their assets are protected and their final wishes are safeguarded. 

That means much more than just having a will. While a will is a critical part of an estate plan, it’s not a complete strategy for your end-of-life needs. Aside from a will, here are some essential tools you need to consider incorporating into your own estate plan:

1. Beneficiary designations

Everything that becomes part of your estate when you die has to go through probate – so a big part of estate planning is finding ways to get assets to your inheritors directly. Beneficiary designations and transfer-on-death deeds for real property can make that possible. If you have a house, a car, bank accounts and life insurance policies that you want to pass on, beneficiary designations may help you accomplish that goal.

2. Powers of attorney

What happens if you are temporarily or permanently unable to direct your own financial or medical affairs before your death? Powers of attorney designations can permit a trusted loved one to act on your behalf. That can make it much easier for your family to take care of essentials – and take care of you.

3. Advance directives

This is a document that can allow you to “speak” and express your preferences regarding your end-of-life medical care, even if you cannot speak for yourself. You can address things like life support, feeding tubes, pain medication and organ donation so that your loved ones are not left guessing about your wishes.

Even these tools are not the extent of what’s available. You can, if you desire, explore strategies to mitigate your estate taxes and trusts to preserve the wealth you’ve acquired for generations to come.