Why Have a Will or Trust...continued
Remembering from our last article that one advantage in creating an estate plan is family harmony. Here we make the point that simply having a Trust or a Will is not an estate plan; the goal of family harmony is dependent on having all the documents that comprise an estate plan; this supports harmony now while you are alive, as well as after you pass.
Here is what an effective estate plan includes: 1) your Trust or Will; 2) documents that provide for legal control of your assets after you pass where your circumstances require; 3) your Durable Powers of Attorney for finances and healthcare assigning those you trust to take care of you and your affairs in the event that you are unable to do so for yourself; 4) your Advance Directive appointing and giving guidance to the person(s) you would rely on to make life and death decisions for you; 5) designating the necessary authority and means to access your digital assets such as online accounts of photos and family memories; letters to loved ones with thoughts, poems, and family history that will be part of your legacy to them; 6) a list of the documents and their location(s) necessary to administering your estate e.g. life insurance policies, bank accounts, deeds.
An estate plan covers the full spectrum of during-life and after-life coverage for your wellbeing as well as your estate's orderly transition.
Your Life. Your Legacy. Your Way. Confluence Law Center, serving Clackamas, Hood River, Deschutes and Multnomah Counties.
Confluence Law Center
24461 E. Welches Road, Suite 4
P.O. Box 964
Welches, OR 97067
Offices in Portland, Oregon City and Welches