Did you know that over two-thirds of Americans lack an estate plan, potentially leaving their families to face confusion and conflict during times of grief? This National Estate Planning Awareness Week (October 21–27), it’s time to take control of your legacy.
Estate Planning Isn’t Just for the Wealthy
Many Americans believe that estate planning is only necessary for those with significant wealth. However, estate planning is about more than just protecting assets—it’s about protecting your family and ensuring your wishes are respected. For instance, a simple estate plan can ensure that a modest family home stays within the family, or that a single parent’s children are looked after by a trusted guardian in the event of unexpected tragedy.
Whether you own a family home, have retirement savings, or want to provide for loved ones, an estate plan can give you peace of mind and financial security.
Key Elements of a Comprehensive Estate Plan
An estate plan typically includes several important components:
- Wills: The foundation of an estate plan, a will lets you control the distribution of your assets and care for minor children.
- Trusts: These legal tools can help protect assets and transfer them outside of probate, saving your heirs time and money.
- Health Care Directives: Advance directives allow you to outline your medical care preferences if you’re unable to make decisions.
- Power of Attorney: Grant a trusted individual the authority to manage your finances if you’re incapacitated.
Estate planning can also address other critical areas like business succession, digital asset management, support for dependents, provisions for pets, charitable gifting, or earmarking educational funds for grandchildren.
No matter your income or assets, it’s never too early to secure your future. Start by listing out your key assets and what you’d like to happen with them.
Building Your Estate Planning Team
Estate planning should be a collaborative effort involving professionals such as attorneys, financial planners, accountants, and trust officers. While Oregon Pacific Bank doesn’t create estate plans, our trust department plays a vital role in managing and executing them.
How We Help Secure Your Legacy:
Without professional guidance, families can face lengthy court processes, disputes among heirs, and costly mistakes. Our trust department ensures a smooth, impartial administration of your estate to avoid these challenges.
- Acting as an impartial executor or trustee.
- Preserving and managing estate assets.
- Collecting and appraising the estate for accurate valuation.
- Settling outstanding debts and taxes.
- Distributing assets to beneficiaries according to your wishes.
- Assisting with probate and ensuring legal requirements are met.
- Managing ongoing trusts, including functional needs, educational, and charitable trusts.
Having a trusted team in place ensures your family is cared for and your estate is administered efficiently.
Why Act Now?
Life is unpredictable and waiting to create an estate plan could leave those you care about in a difficult position. National Estate Planning Awareness Week is an ideal time to review or start your plan. Protect your legacy, secure your family’s future, and gain peace of mind knowing that your affairs are in order.
Take the First Step
Start today by gathering your financial information and discussing your options with your trusted advisors. If you’re unsure where to begin, reach out to our Trust Department. We’re here to answer questions, provide guidance, and collaborate with your estate planning team.
Learn more and contact Oregon Pacific Bank’s local trust officers. Let’s get started together!
