A will based estate plan includes the following documents:
Will
In a Will, you name a personal representative (called an “executor” in some states) to be in charge of wrapping up your financial affairs after you die and direct how you would like your property and assets to be distributed. Your personal representative can be a family member, a friend, or a professional fiduciary.
In a Will, you can also nominate a guardian to take care of your children, you can create a trust for your children to control how your assets will be distributed for them after your death, and you can name someone - a trustee - to manage the trust for your children.
ADVANCE DIRECTIVE for health care
In an Advance Directive for health care, you name a health care representative to be in charge of your health care in the event you are not able to make decisions for yourself. In your Advance Directive, you can give instructions and preferences about tube feeding and life support in end of life situations.
The State of Oregon has a form of Advance Directive that you can find here. (Please note that the Advance Directive form was updated on January 1, 2019. If you are completing your own Advance Directive, make sure you are using the most recent form.)
An Advance Directive is often confused with a POLST (Portable Orders for Life Sustaining Treatment), but these documents have different purposes. A POLST is a medical order that you fill out with your medical professional. Learn more about the differences between an Advance Directive and a POLST.
In a Durable Power of Attorney, you name an agent to be in charge of your finances in the event you become incapacitated and you are not able to manage them yourself. Your agent can be a family member, friend, or professional fiduciary. Your agent can step into your financial shoes and do all the things you can do.
DURABLE POWER OF ATTORNEY
In a Disposition of Remains Designation, you name an appointee to be in charge of your body after you pass away. You can give instructions about burial or cremation and indicate any other preferences.