Estate Planning: Who Should Get One and Why Is It So Important?
- Landerholm Family Law’s Associate Attorney, Triston Dallas, explains what an estate plan and why it’s important for people of all ages to consider.
- An estate is everything you own-everybody has an estate, regardless of their wealth. You don’t need to have millions of dollars to have an estate plan- it isn't based on the value of your estate, but rather it’s based on your specific values and how you want that to pass on to your next of kin, your heirs, the next generation
- An estate is your home, your cars, your personal assets, your bank accounts, etc. An estate plan creates a road-map as to how you want your estate to be managed while you're still alive and how you want it to be passed to your heirs and beneficiaries after you’ve passed away.
- An estate plan allows you to not only assign how you want assets to be distributed, but it lets you plan according your values, such as what religion you would want your kids to be raised in if you were to pass, or how you want your remains to be handled.
- An estate plan allows you to assign who is to handle which roles in your estate if you were to die or become incapacitated or have a terminal illness. You can decide who you want to stand in as power of attorney, personal representative, executor or manager of estate, guardian, custodian, or conservator.
- While there are will kits available, these cover only the basics of estate planning. There are many details that can be missed without the help of an attorney, such as estate tax planning, and other necessary analysis.
- If you don’t have an estate plan in place, the court will look to your spouse, children, siblings, or any next of kin. If you don’t have any living kin, the state will acquire all of your assets. Additionally, without a will, your assets may get distributed by the state in a way that you don’t find agreeable.
- Estate plans should be reviewed every five years, or when a big life event happens, such as having children, remarrying, divorcing, or a rise or decline in income.
- If you have questions about how to get started on your estate plan today, you can call our office at (503) 227-0200.
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