Over the last year or so many Americans have finally gotten around to addressing their estate planning needs. According to a recent report, since last year the number of people in the 18 to 34 age group who have estate planning documents in place increased by a whopping 63%. While that is certainly good news, the reality is that many Americans still do not have an estate plan in place. So, are you ready to start thinking about what should be included in your estate plan?
Questions to ask yourself
If you are ready, there are some questions that you need to ask yourself and, while they may seem like simple questions, the answers may be harder to come by. For example, when it comes to your assets, who would you want to inherit your funds, real estate, personal property and other valuable assets? It may be one person or multiple people, or even a charitable organization.
But, a comprehensive estate plan isn’t just about what happens to your estate after you die. You’ll need to consider other questions so that you can properly draft power of attorney documents. Questions such as: Who should make decisions about my healthcare options if I am unable to do so? Who should make decisions about my finances in such a situation? And then, for a living will, you’ll need to consider what life-saving healthcare options you are in favor of. When you make those decisions, you can draft the right document to make sure those preferences are known, if the situation ever arises.
As the recent report noted, thinking about these estate planning questions might be stressful in some ways, but it is important to help your family address these concerns when and if they arise. For more information about how our law firm attempts to help Oregon residents with their estate planning needs, please visit our website.