When Should You Create an Estate Plan?
July 10, 2019
When you think about an estate in Oregon, you probably think of the assets of someone with a lot of money. You may think of someone older as well. The reality is that estate planning is not just for the really wealthy or older adults. It is something that provides benefits for people of all income levels and ages. There are a few things you should think about when deciding if you need an estate plan or if you can get by with just a few estate documents.
Fidelity explains that the size of your estate does play some role in whether you need an estate plan or not. If you only have a very few assets that will transfer upon your death automatically, then you probably do not need an extensive plan. However, if you have various assets of a sizeable value, an estate plan can make sure things go smoothly with distributing those assets to your heirs.
If you have multiple heirs, then a plan is handy. It allows you to detail your wishes and make specific plans for certain assets. If you only have one heir, then you may not need a plan. It is also helpful to have a plan if you have been married before, especially if you have children with different mothers.
Finally, if you want to give money or leave assets to charity, then an estate plan can be helpful to ensure that charitable giving goes the way you want. This information is for education and is not legal advice.