Summer Break and Estate Planning Basics
The summer season is well underway and with it comes many “to-do” lists as we begin transitioning to a new season. Whether you are someone who sees this as a time for the yearly deep-clean or you are someone who just hopes to dig out of the chaotic spring clutter, there is a fair share of elbow grease needed to get ready for what we all hope will be a long, enjoyable summer.
The lists can be daunting: swim lessons to schedule, dentist appointments to make, dogs to be groomed, and kids camps to be registered for. While the Estate Planning Attorneys at Gevurtz Menashe can't help with inevitable summer chores list around your home, we can certainly do the heavy lifting when it comes to taking your vision of an Estate Plan and making it a reality.
Where Do I Begin?
Perhaps you already have a mental list of the key elements needed to create your Estate Plan. Our job is to ask you the right questions to elicit the names of those whom you trust to act in your stead, the nature and extent of your assets, and your desired distributions of those assets upon your death.
We will walk you through your options and create a plan that achieves your goals, in a tax-efficient way and under the laws of that state to which you reside in.
How Does The Process Work?
Generally, we meet with our clients to initially gather the important information. We then draft three main documents:
- A General Durable Power of Attorney (which executes your financial affairs)
- An Advance Directive (which executes your medial wishes)
- A Will or Revocable Trust, depending on our client's specific circumstances
After a client reviews the documents, he or she returns to our office to sign and execute them. By the end of the process, a client has plans in place for unexpected incapacity in the form of the General Durable Power of Attorney and Advance Directive. A client also has plans in place for distribution of assets upon his or her death and guardians for any minor children.
How Long Does It Take?
Aside from the time necessary to gather information on assets, a client needs to spend just a few hours total to meet with us, review the documents we send, and then return to the office to sign and execute those documents. Which, for better or for worse, will leave plenty of time for summer vacation fun.
Travel Plans This Summer?
Before heading out of town, summer vacationers should review their estate plans to make sure they have properly planned for risks. Wills and revocable trusts should be reviewed and updated so that proper fiduciaries are appointed and distribution plans reflect current wishes.
Travelers should also consider who they’ve named under their durable powers of attorney and health care directives. Depending on the trip, it might make sense to name a different (or alternate) person to serve under these documents.
If traveling without minor children (or if minor children are traveling alone), parents should ensure that non-parent caretakers are properly authorized to consent to medical treatment on behalf of the children.
We Can Help
Whether your envisioned Estate Plan is complex or relatively straight-forward, the Estate Planning Attorneys at Gevurtz Menashe are ready to help you implement a plan that achieves your goals.
If you’re interested in speaking with an attorney in Portland or Vancouver, please call our office today or contact us online.