Estate planning achieves many important goals, but its primary purpose is to protect family members after a loved one has passed. Without clear instructions as to how a decedent’s estate should be administered, it will be left up to the court to decide. This can create significant financial problems and stress for a family at an already difficult time. For this reason, you need a solid estate plan in place.

Estate Planning Strategies to Protect Your Family’s Future

Draft a Will 

Having a will gives you the opportunity to remain in control of how your assets are distributed. This will not only ensure your property ends up in the right hands, but it also prevents a long, drawn-out probate process that could cost your beneficiaries a great deal of money. Additionally, a will allows you to appoint a guardian for minor children, so you can have peace of mind knowing who will raise them in the event of premature death. 

Purchase Life Insurance 

If you have dependents, you will need to add an adequate amount of life insurance to your estate plan to make sure they are still financially protected after your passing. A life insurance payout can be used to take care of everyday household expenses, any outstanding debts you left behind, and funeral and burial fees. It can also help your children pay for future expenses like a college education, wedding, or business venture. 

Designate a Power of Attorney 

Including a power of attorney in your estate plan will authorize someone to make financial and medical decisions on your behalf if you become incapacitated. Without this essential document, it’s likely your family would face an extensive and overwhelming legal process to gain authority over your affairs. The court could also designate someone you wouldn’t have chosen to make these decisions.

Regularly Review Your Estate Plan 

Once your estate plan has been completed, review it regularly to determine if it still accurately fits your needs. As major life events occur, such as the birth of a baby, marriage, divorce, death of a spouse, or purchase of a home, your plan should be updated to reflect these changes.

Whether you’re estate planning for the first time or need to review your current plan, Stayton Law can help. For nearly 20 years, Attorney Jennifer L. Tiger has provided the residents of Willamette Valley and Santiam Canyon, OR, with trusted guidance when it comes to the preparation of estate planning documents. She will go over all your options with you to ensure you develop a plan that will protect your loved ones’ future. Call (503) 769-7741 to schedule a consultation, and visit the law office online for more information on Attorney Tiger’s legal background.