Estate planning allows you to prepare a secure future for yourself and your loved ones. It not only allows you determine what will happen with your assets when you pass on, but it also gives you the power to designate important issues—like who should make your health care decisions if you no longer can. It’s never too early to draw up this legal documentation. Here’s how to get started.

5-Step Estate Planning Starter Checklist 

1. Review Your Assets

Draw up a list of everything you own, from 401K plans to your car. Once this is done, you can designate who gets what when you pass on. Don’t forget sentimental items, like family jewelry.

2. Designate Power of Attorney

A financial power of attorney will make decisions regarding your finances, like investments, if you are mentally unable to—for instance, because of an accident or illness like dementia. You can also choose someone to make medical decisions on your behalf, like if you want to remain on life support.

3. Think of Final Arrangements

Specifying how you want your funeral arrangements can save your loved ones the stress of figuring this out. Do you want a burial or cremation? Would you like a religious ceremony or something more secular? You can also set aside a fund to pay for burial and funeral costs. 

4. Consider the Kids

If you have children, you want to designate a guardian to care for them if you are unable to. You may also want to set up a trust fund for their care and educational needs.

5. Consult Your Attorney

Meet with a lawyer to draw up your estate planning documents to ensure they are legally binding in accordance with your state’s laws. They can advise on which option—for example, a will or a living trust—best suits your needs. Finally, they can help determine how to reduce taxes and fees, which can diminish your estate. 

Stayton Law provides residents of Willamette Valley, Santiam Canyon, and Marion County, OR, with comprehensive estate planning services. Locally born and raised, Attorney Jennifer L. Tiger has more than 20 years of experience backed by extensive knowledge of local state legislation. Find out more about her background and credentials online. To request an appointment for legal advice, call the law office at (503) 769-7741.