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Estate planning is often associated with middle age or even the retirement years. Millennials, who range in age from 18 to 36, are often too busy managing student loan debt, building careers, and buying homes to give much thought to their mortality. Like other young adults, they may still feel invincible. On the contrary, these years are the best time to start estate planning. As less traditional family arrangements take over and options expand, you must be prepared in case the worst occurs. If you are younger than 40, here is what you need to do at a minimum forContinue Reading
No one is immune to dying without a will. Some people believe it is unnecessary and others never find the time to sit down with an estate planning attorney and make plans. The chances of you discovering that one of your loved ones fell into the same trap is fairly high, considering only 40 percent of Americans have a will or living trust. The result of this discovery is extra work to top off your period of grief. Here is what to know when your loved one dies intestate in Oregon.There are Big DifferencesEstates are classified as testate or intestate.Continue Reading
In 2005, Oregon passed a statute that allows the creation of pet trusts. This estate planning tool provides for the care of any animals living with you at the time of your death. Homeless animals are vulnerable to adverse circumstances. It is not a good idea to assume that a family member will take in your pets should something happen to you. The best course of action is to designate a caretaker for your animals and provide resources to ease the financial burden of good care. That is how pet trusts are effective. Here are answers to common questions aboutContinue Reading
If you completed your estate plan in 2017, congratulations! You are ahead of the 55 percent of Americans who do not have a will or other estate plan. But estate plans are not a love-it-and-leave-it proposition. They require periodic review and maintenance as your circumstances change. You should have a scheduled time near the beginning or end of the year to complete this review. Even if you only take 15 minutes to confirm beneficiaries and account for current real estate, that is time well-spent to assure your plans still reflect your wishes.A simple checklist is a good place to start.Continue Reading
Granted, there are cheerier topics for the holiday dinner table than mortality and property distribution, but it is important that you discuss your estate plan with loved ones. This is the best time of year to bring up this topic since everyone is already together. You can avoid repeating discussions and assure everyone is on the same page. Here are five tips on how to approach this discussion in a productive manner.Prepare Documents FirstIt is much easier to be clear about your intentions and avoid dispute if you already drafted a will, trust or other estate planning documents. Start byContinue Reading