(Photo: Special to the Statesman Journal) This summer, Oregon saw more forest fires and smoke than any other year in recent memory. Families and towns were evacuated, and some did not have homes to go back to. Like a forest fire, an estate plan with a will or living trust that is poorly developed often goes up in smoke along with your family relationships. Putting time and thought into your will or living trust is time well spent. In general, a will transfers an estate after death to beneficiaries through court probate. A will also names guardians for children. A living trust is often the heart and soul of an estate plan. A trust contains instructions for your care during disability and enables named trustees to handle your finances. A trust transfers assets after your death, avoiding court probate. By developing these legal documents beyond filling in the blanks on forms, your estate plan can incorporate your goals, wishes and values into a plan for the benefit of you and your family. The following planning considerations will help preserve family values and alleviate any sparks that could ignite family relationships after you are gone: For children, consider a plan that does not pay outright but provides them with guidance on how to spend inheritance (for example, for college or retirement). Without guidance, most inheritance is spent within 18 months. For nonprofits, consider setting up a charitable fund with as little as $25,000 that continues for generations. Oftentimes, parents are […]
(Photo: Special to the Statesman Journal) This summer, Oregon saw more forest fires and smoke than any other year in recent memory. Families and towns were evacuated, and some did not have homes to go back to. Like a forest fire, an estate plan with a will or living trust that is poorly developed often goes up in smoke along with your family relationships. Putting time and thought into your will or living trust is time well spent. In general, a will transfers an estate after death to beneficiaries through court probate. A will also names guardians for children. A living trust is often the heart and soul of an estate plan. A trust contains instructions for your care during disability and enables named trustees to handle your finances. A trust transfers assets after your death, avoiding court probate. By developing these legal documents beyond filling in the blanks on forms, your estate plan can incorporate your goals, wishes and values into a plan for the benefit of you and your family. The following planning considerations will help preserve family values and alleviate any sparks that could ignite family relationships after you are gone: For children, consider a plan that does not pay outright but provides them with guidance on how to spend inheritance (for example, for college or retirement). Without guidance, most inheritance is spent within 18 months. For nonprofits, consider setting up a charitable fund with as little as $25,000 that continues for generations. Oftentimes, parents are […]
