Why Everyone Needs an Estate Plan, Not Just the Wealthy

Estate planning isn’t just for retirees or people with significant wealth—it’s for anyone who wants to make life easier for the people they care about. A well-crafted plan ensures your assets go where you want them to, protects loved ones, and helps avoid unnecessary legal complications.

In this post, we outline the key elements of a basic estate plan and explain why thoughtful planning matters at every stage of life.

What Is an Estate Plan?

An estate plan is a collection of legal documents that define:

• What happens to your assets after death
• Who makes decisions for you if you’re incapacitated
• How your loved ones are provided for

In Oregon and Washington, common estate planning tools include wills, trusts, advance directives, and powers of attorney.

Key Components

1. Will
   A will specifies how your property should be distributed after death. It also names a personal representative (executor) and can appoint guardians for minor children.
2. Trusts
   A trust allows you to manage assets during your lifetime and direct their distribution after death—often avoiding probate. Trusts are useful for privacy, tax planning, and blended family situations.
3. Advance Directive
   This document names a healthcare representative and expresses your medical wishes if you can’t speak for yourself.
4. Power of Attorney
   Allows someone you trust to make financial or legal decisions on your behalf if you’re incapacitated.

Why It Matters

Without a valid estate plan, state law determines what happens to your assets—and it may not align with your intentions. Estate planning can:

• Prevent disputes among family members
• Protect unmarried partners
• Avoid costly court processes
• Minimize estate taxes
• Ensure your children are cared for by someone you choose

Learn More

To explore how we help clients build plans that reflect their values and protect their families, visit our Estate Planning practice area page.