If you don't have an estate, you might be wondering if you should have an estate plan at all. The truth is that everyone should have an estate plan no matter the size of their estate. There are numerous benefits to doing this:

Choose Who will Manage Your Estate and Whether to Require a Bond

If you pass without having an estate plan in place, the law and the courts will decide who manages your estate and will require that person to be bonded for the estimated value of the estate. Being bonded can be costly and will require a credit check, for which some family members may not qualify.

Avoiding Probate 

You want to avoid probate no matter what you do. This is one of the main reasons that people seek out attorneys for their estate. There are many horror stories of people not protecting against probate, which is reason enough to seek an attorney and get help with your plan.  The Probate Process can be long and expensive. An efficient estate plan will help you avoid the pains of going through that process.

Reducing Estate Taxes 

Estate taxes are one of those things that can bite you if you are not careful. Federal and state governments love to collect taxes from estate holders. However, if you do the right legal processes ahead of time, you can file in a way that protects many of your assets from being taxed.  It will also help eliminate the taxes your family may have to pay if something were to happen to you.

Aiding Your Beneficiaries 

Sometimes, it is also possible to defer taxes that you owe to a later date, depending on how you set up your estate. This greatly helps your beneficiaries in the long run, so it is important that you consider this option. After all, it is your estate and your beneficiaries should enjoy the rewards.

How an Attorney Can Help You 

An attorney can help save you time and energy in weeding through all of the documents that you need. They can also navigate the legal system to help you avoid issues. If you are in need of an estate planning attorney in Portland, this is a great place to start. Estate planning attorney Kali Yost is a skilled professional in helping families set up their financial plan through her firm Kali Yost Law. She is an experienced Portland estate planning attorney that will ensure your financial future is protected and your assets are performing for you at the right level.

When it comes to financial planning, having an estate plan is vital. Even if you don't have a large estate, or none at all, you should still have something in place. Don't leave yourself vulnerable to issues that could come up down the road. A qualified estate planning attorney can assist you with getting everything done correctly so you can have peace of mind that you and your family are in a good position now and going forward.