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Every adult—regardless of income—needs an estate plan.

Many of us spend nearly all of our lives working, saving and accumulating—yet we may spend hardly any time planning what should happen to those hard-earned assets after we die. In fact, we probably spend more time deciding what color to paint the house than who should inherit it once we’re gone.

Estate planning is important, however. And it’s not just for the rich. It’s for everybody.

Careful planning today can help you balance your personal and philanthropic goals for the remainder of the year and beyond.

What is estate planning?

The purpose of estate planning is to determine what will happen to your important and valuable assets—bank accounts, retirement funds, proceeds from insurance policies, homes and belongings—after your death and, in some cases, even during your life.

Good estate planning can help you:

•  Make your wishes known.
•  Appoint trusted people to oversee your affairs after your death.
• Name people to speak for you—if you can’t do so yourself—while you’re alive.
• Minimize taxes.
• Support favorite charities, projects or people.
• Leave your estate organized and your wishes clear.
• Provide comfort and support for family and friends.

There are many ways to make a meaningful gift to your favorite charity by carefully assessing your estate plan.

What you’ll need

According to AARP, every adult—regardless of income—needs an estate plan that includes at least these four documents:

• A will to let you name who will care for any minor children, manage your estate and get your belongings after you die.
• A durable power of attorney to name trusted people to make financial or legal decisions for you while you’re alive if you can’t make them yourself.
• Advance directives to indicate the types of care you do and don’t want if you become sick or terminally ill. You can also appoint someone you trust to make medical decisions for you if you are unable to do so.
• A letter of instructions, which can include any important information loved ones will need after your death, such as burial wishes or the location of bank accounts.

Depending on your family and financial circumstances, you may need other documents too, such as those creating a trust.

Getting started

You can prepare estate documents yourself, but the help and advice of an attorney experienced in estate planning is invaluable. In many cases, it’s a relatively small fee to have the documents prepared by an attorney. And, as AARP notes, once estate planning is done, it’s done, except for periodic updates if circumstances change.

Estate planning is about you and your goals, concerns and passions. It’s about your loved ones too. All deserve your time and attention.

The Grande Ronde Hospital Foundation can provide more information as you complete your estate plan. Call 541-963-1431 or email foundation@grh.org.