If you’d like to provide for your immediate family in Oregon when you die, setting up a solid estate plan is essential. It can help ensure property goes to the proper beneficiaries, minimize expenses and taxes, and make it easier for your family to make decisions when grieving.
Estate planning has several benefits
Setting up an estate plan to meet your needs can be beneficial. If you have children and they’re left without any parents when you die, your estate plan can list suitable guardians to care for them. A solid estate plan will also outline where your assets go, avoiding family discord or a court decision that makes your heirs unhappy. You can also prepare for physical or mental incapacity as you never know what life will bring.
Avoiding mistakes when creating an estate plan is critical
While there can be many benefits when you set up an estate plan, mistakes can also occur without the proper guidance in setting up this legal document. Failing to take advantage of estate planning may be an even bigger mistake. This action allows the courts to divide your assets and make critical decisions regarding your children. At a minimum, it’s crucial to have a will created to meet your wishes.
Using outdated forms
Taking time to review your estate plan periodically is necessary to help ensure litigation isn’t needed. Using up-to-date forms can be critical when going through the steps of estate planning. Reviewing these documents is also advantageous if it’s been a while since they were created. You may want to make changes with your beneficiaries or set up a trust.
You can make other mistakes when estate planning if you aren’t familiar with the process. Failure to title a trust or triggering the estate tax with life insurance are two standard errors. Taking time to get this legal form done correctly can be vital if you want it to be effective.