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21 - Who Needs an Estate Plan? Everyone

from Part III - Caring For Yourself and Your Family

Published online by Cambridge University Press:  08 June 2023

Marcy Cottrell Houle  and
Elizabeth Eckstrom
By
Wendy K. Goidel Esq.
Elizabeth Eckstrom
Affiliation:
Oregon Health and Science University
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Summary

We have a choice of when and how to plan. We can choose to plan proactively or reactively. Optimal time to start is when you are young and healthy. Studies show a direct correlation between the quality of life of those who are suffering from illness or incapacity and their level of planning. Creating a clear and comprehensive plan is a gift to your loved ones. Estate planning is too important to be considered a “do-it-yourself” project. Principal estate planning documents explained: 1. Last Will and Testament. 2. Trust. 3. Power of Attorney. 4. Health Care Proxy. 5. Living Will. Chapter give strategies on the best estate planning through the decades.

Keywords

Estate PlanningAssetsRetirement accountsLife insurance policiesIncapacityLegacyFinancial advisorAccountantFamily dynamicsLast Will and TestamentTrustPower of AttorneyHealth Care ProxyHealth Care Power of AttorneyAdvanced Care DirectivesLiving WillProtecting assetsSurviving spouseInheritancesExecutorProbateLiving TrustsRevocable and Irrevocable TrustsMedicaidThe Gift of Caring (book.)
Type
Chapter
Information
The Gift of Aging
Growing Older with Purpose, Planning and Positivity
 , pp. 135 - 152
Publisher: Cambridge University Press
Print publication year: 2023

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