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What should you include in your estate planning?

On Behalf of | Oct 20, 2021 | Estate Planning |

Estate planning is an important part of planning for the future and protecting your loved ones. As a resident of Oregon, you will want to include certain things while planning your estate. Use this estate planning checklist to help.

Include a will

A will is one of the most important parts of estate planning. It can make it known what property and assets you wish to go to which heirs and beneficiaries. A will is the one document you cannot exclude when planning your estate. It can prevent the need for the court to decide how your assets get divided.

Include a trust

A trust can hold the property you wish to protect and leave to a beneficiary after you pass away. It can help you avoid the messy part of the probate process if your estate goes through probate. You can also take control of how your assets are ultimately distributed when you have a trust.

Include a power of attorney

One of the most important aspects of estate planning is power of attorney. When you designate someone you trust as your power of attorney, that person makes sure that your wishes are carried out when you are incapacitated and unable to carry them out yourself. You can choose a financial power of attorney to handle your financial affairs and a medical power of attorney who can make health-related decisions on your behalf.

Include guardianship designations

Taking care of your minor children is one of your biggest concerns when planning your estate. Because life is uncertain, you should include guardianship designations to ensure that your children will be taken care of should you pass away or become unable to care for them in the future. A guardian should be someone you fully trust and who your children trust. It should be a person who can take on the responsibility of raising your kids.

Making sure your affairs are in order and that the right people will inherit what you want them to is important. These legal documents can give you peace of mind while planning your estate.