Now it the right time to get your Estate Plan in place. Schedule an Estate Planning Strategy Session to learn more.
The following is a transcript of the video above:
Hello, welcome to estate planning live. When is the right time to have an estate plan?
I'm your host Don Rolfe. You probably have seen me around before. I'm the owner and founder of Northwest Legal Planning. And I'm here to give you a quick tidbit about when is the right time to put together an estate plan.
And there are generally two schools of thought here. The first one is never. A lot of people go through their whole life without ever having an estate plan, and when problems come up, they just deal with them as life throws them at them. And you know, there is an estate plan set for you by the government of the state in which you reside.
The state of Oregon has an estate plan set up for you for both your incapacity, and also after you've passed away as to where your assets are gonna go. And that's one way to go with it. If you get incapacitated, and someone needs to make health care decisions for you, if there isn't someone named by one of the statutes that can do that, and then it's verified, then someone will have to go to court, and file a lawsuit, or start case to get appointed as your guardian to make those decisions for you. And once you pass away, if you don't have a will or a trust, then you can just go by the intestacy statutes, and your stuff will get distributed based upon who is related to you not necessary where you want it to go. So that's one school of thought.
Another school thought is right now, yesterday. As soon as you become 18, there's a lot of things that change in your life. You get granted a whole bunch of rights and obligations that come along with that as well. And some of those rights include privacy rights that you get, healthcare privacy rights. And for someone that turns 18, it's important that they have something in place to determine who's gonna make health care decisions for them. Do they want it to be their parents, do they want it to be someone else.
Another milestone that you could say is a good time to get an estate plan ready is when you get married. The next one would be when you have children, but really now is the time to get it done. And a lot of people think that estate planning is for wealthy people and old people, but there's a lot more that goes into it just than managing how much in estate taxes you're gonna be paying, and who's gonna get what when you die.
I met with, just a few months ago, I met with someone who was 26 years old, and he just got out of school, and he wanted to make sure that he was putting himself on the right path. And we make sure to put together some health care documents for him, health care power of attorney to make sure that the right people are making the decisions for him, HIPPA authorizations to make sure that his family members and the people close to him were able to speak with his physicians, and have access to his medical information if something were to happen to him, make sure that someone is authorized to pay his bills, to write checks on his behalf if something were to happen to him. And these are, let's say he's conscious, and he's doing well, but he's in the hospital for a couple of weeks, to make sure that there's somebody that can pick up his game book and move forward, and make sure that his rent isn't late, that his power doesn't get turned off. It's all important stuff. And the next time he meets with me, It'll probably be when he's getting married or having children, and we're gonna make sure that we have the plan in place to make sure that if something were to happen to him and his wife, and the kids need somewhere temporary to go, make sure that that person is appointed, and they know who it is, that putting his financial house in order as well. To make sure that if something were to happen to him, his family is going to be able to stay in the house that they're in. Be able to continue life as normal in a tragic situation.
So when is the right time to have an estate plan? Really, my answer is yesterday. And you know it's important, and it is an important thing to do. It's just not an urgent thing for a lot of people. It's on their to do list.
And if you wanna know if you need estate planning or what the benefits could be to having estate planning, or what the detriment is for not having it, I'd be happy to chat with you, answer any questions that you have. You can just put a comment below or ask a question below. If it's personal, and you'd rather do it privately, you can go to myestateplanmeeting.com, and schedule a time to chat on the phone or in person. I'm happy to answer any questions that you might have about when you should have your estate plan in place.
But really the fundamentals, having the plan in place for if something were to happen to you even if it's just something temporary, to make sure that it's not going to throw your life a double curve. If you get injured, you're incapacitated in some fashion, that's one curve ball that life's thrown you. But if at the same time your other obligations aren't being met, rents not getting paid, all of those sorts of things to make sure that there are people and procedures in place to handle those situations.
Again, if you have any questions, do feel free to reach out to me. Like I said, you can comment below or schedule a time, myestateplanmeeting.com. No obligation, it's free. I love chatting with people. This is what I do, I love estate planning, and I think I'm pretty good at it, and I'm always excited to answer people's questions, and help them navigate the waters to make sure that they're protected when the time comes. Again, if you have any questions, myestateplanning.com. And until next time take care, bye.
I'm a reformed litigator that now helps individuals, families and businesses prevent problems and stop worry. Contact me to learn more about my solutions that may be right for you.
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