Estate planning is one of the most important things that you can do for yourself and your loved ones in Oregon. It can be difficult to think about, but it is crucial to have a plan in place in case something happens to you. You may have questions about the most important things to include in your estate plan.
Last will and testament
A will allows you to designate who will inherit your property and assets after your death. It can also be used to appoint a guardian for your children. There are several types of wills, such as a holographic will, which you write yourself in your own handwriting, and a handwritten will, which you sign and date but don’t necessarily write yourself.
Power of attorney
A power of attorney allows you to designate someone to make decisions on your behalf if you are unable to do so. This can include things like making financial decisions or health care decisions. You can also choose different types of POAs, such as a health care power of attorney, durable power of attorney or springing power of attorney.
In estate planning, a trust allows you to designate someone to manage your property and assets after your death. This can be a great option if you want to ensure that your children or other loved ones will inherit your property even if they are not able to handle it themselves. There are several types of trusts, such as a revocable living trust, irrevocable trust and testamentary trust.
Of course, there are other things that you can include, such as life insurance policies, but these three items should be at the top of your list. If you don’t have an estate plan in place, now is the time to start working on one to ensure that your loved ones are taken care of in case something happens to you.