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 those Oregon residents who have a mind towards and plan for the future, retirement savings and estate planning are two essential components. An IRA is a popular choice to save and grow retirement funds. The funds designated for the IRA are pre-tax dollars, which saves on present tax, allows the invested money to grow, and defers the tax until the money is withdrawn in retirement, typically at a lower tax rate. A trust provides a way to control one's assets during life, distribute to beneficiaries after death, and potentially do so without the need for probate.
Oregon residents who are developing their estate plans should know that the inclusion of a trust could be beneficial to their plans. A trust is a legal agreement between a settlor and a trustee; the agreement is for the trustee to receive, protect and manage the assets that the settlor delivers. The trustee also agrees to administer the assets in adherence to the trust's provisions and to distribute the principal and income of the trust as directed by the trust's instructions and only in benefit of the parties indicated in the trust.
Some people in Oregon may want to use a durable financial power of attorney as part of their estate plan. This document appoints someone to manage a person's finances if that person becomes incapacitated.
Oregon is one of several states that has adopted the Uniform Fiduciary Access to Digital Assets Act, but this does not mean that a person still does not need to take steps to deal with digital assets as part of an estate plan. Digital assets may include email, photographs, subscriptions, memberships, web sites, social media accounts and more.
Hesitancy, misconceptions and sometimes even a bit of fear.