The process involves considering current and future needs, defining a way to meet those needs through management of assets during life, and providing for the distribution of those assets upon death. Some people have tax savings as their primary goal. Others are driven by non-tax issues such as providing income for a friend or family member. Regardless of the motivation for estate planning, it is important to have the assistance of legal counsel. Attorneys and financial advisors are able to assess individual estate planning objectives and identify potentially adverse tax consequences.
Legal counsel is necessary to draft trust agreements, wills and other estate planning documents.
Any estate plan should be reviewed periodically to incorporate changes in tax laws and to consider an individual's changing needs, goals and intentions. Remembering the University of Oregon in your will is one of the simplest ways to create a legacy of support for future generations of students and faculty. Gifts made by will may be for a specific dollar amount, a percentage of the total estate or the residue remaining after all debts, taxes, expenses, and other bequests have been paid. A specific bequest of property such as art objects, rare books, equipment, or real estate may also be made. If the gift is restricted to a particular purpose, add a description of the restricted purpose.