All adults living in Oregon should undergo the estate planning process. This is is a necessity for not only determining who gets your assets but also to help ensure that your wishes are followed through on things like your medical treatment in the event you’re incapacitated. There are a few key documents that you’ll want to construct as part of your estate plan.
Last will and testament
At the backbone of an estate plan, the last will and testament helps to outline who gets the deceased person’s estate upon their passing. This will list the selected heirs and the specific assets that they’re supposed to receive.
Powers of attorney
A power of attorney appoints an agent who is entrusted with making important decisions regarding various aspects of your life, such as your medical treatment and how to handle your finances. It’s vital to have your power of attorney documents drawn up so that treating physicians understand who will be making decisions about your medical care. Also, it’s a good idea to have your financial power of attorney figured out so that they can take care of all of your financial needs if you become incapacitated.
If you have minor children, you will want to designate a guardian who will take care of your them if you pass away. It’s important that you speak with this person prior to doing so in order to ensure that they are interested in raising your children and are financially capable to do so.
Estate planning is a necessary process for every adult. The above are a few of the most important documents that need to be included within your estate plans. As always, it’s advisable to have the assistance of an experienced attorney.