Estate Planning Weekly

Estate Plans are made up from many documents...each of those documents has a different requirement for being updated.

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1. To one person and expecting them to split it up.
2. One piece of real property to more than one person.
3. To beneficiaries that it will harm.

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Don is the owner and founder of Northwest Legal Planning, LLC, an Estate Planning, Probate, and Trust Administration law firm located in West Linn, Oregon.

Meet Don and get answers to your Estate Planning Questions by scheduling a complimentary Estate Planning Strategy Session - https://www.nwlplanning.com/schedule-consulatation

Website - https://www.nwlplaning.com
Estate Planning Blog - https://www.nwlplanning.com/blog
Facebook - https://www.facebook.com/nwlplanning
Twitter - https://twitter.com/nwlplanning

We all know that Estate Planning is important...but is it urgent to get it done? Well, Estate Planning isn't urgent until it is.

Once it is urgent it may be too late.

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1. Take an inventory of you assets and family.

2. Have a discussion and know what your goals are for your estate plan.

3. Write things down - your inventory, your questions, your goals, etc.

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Great question from a YouTube comment. 

There really aren't any disadvantages to putting assets into a Revocable Trust. Throughout your life you are free to move assets in and out of a Revocable Trust. Plus, whenever you want, you can revoke your trust and put everything back the way it was before.

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Really there are two Number 1 Estate Planning Mistakes

1 - For people without an Estate Plan - Not having an Estate Plan, which can lead to many unintended consequences.

2 - For people with an Estate Plan - Getting your Estate Plan in place and never looking at it again. Your life will change after your Estate Plan is in place and your Estate Plan should change with it.

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Failure to properly fund your trust is the biggest mistake you can make with a trust. Without proper funding your trust will not work the way that it should during your incapacity and after your death.

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We don't know exactly how much we will have in assets when we pass away. That fact leads some people to wonder how they can state in their estate plans how much each of their beneficiaries will get.

We solve this problem by using percentages or fractions for the assets in the estate to each of the beneficiaries. 

So while we won't know exactly how much every beneficiary will get, we will know that all the assets will be distributed down to the last penny.

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We never know what tomorrow is going to bring. Being prepared for the unexpected is a must, and a comprehensive estate plan is part of that preparation.

I've been off-air for due to an unexpected illness. Please don't wait for things to go wrong before you put a plan in place.

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How you will pass on your business is a very important part of Estate Planning. You have worked hard to build your business, and you deserve to make sure that value is passed on to your loved ones.

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