Most people in Oregon don’t like to think about their mortality, which is why they may procrastinate when it comes to making an estate plan. In other cases, individuals might put off creating such a plan because they don’t think that they are going to die or get sick anytime soon. However, it is generally in a person’s best interest to do so as soon as possible as it could help protect them and their heirs.
For instance, say that a son or daughter gets married to someone who already has children. An estate plan can determine how much of a person’s estate those children could be entitled to. A trust may spell out how property is to be divided between any biological children a person has. For instance, a parent could decide that one child will get a larger share of the estate than another child will.
Communicating why each child got what they did could help to quell any anger and resentment that they could have for each other. For example, a parent could explain that he or she feels as if one child did more to earn that larger share or needed more money to get by. Keeping the lines of communication open can also be important if a child is a trustee or successor trustee.
For legal adults, it is never too early or too late to start the estate planning process. Documents can be updated as necessary and should be reviewed on a regular basis. Ideally, they will be reviewed after a significant life event such as a birth or death in the family. An attorney may help individuals create wills, trusts or other estate plan document in a way that best meets their needs.