For most middle class individuals an inheritance from parents is the largest tax free lump sum of money they will ever see. Despite the claims of financial services sellers, the process for accomplishing this transfer of wealth is neither complex nor expensive. However, any time large sums of money change hands there people willing to fight for a piece of the pie. Estate planning is the process by which a person ensures that his or her wealth gets transferred loved and used in a way that will benefit their lives.

For most Oregonians an estate plan consists of a will, a power of attorney and an advanced directive. The will names the person who will be in charge of overseeing the transfer of your wealth and gives specific directions about who will get what. The power of attorney names a person to take charge of your finances if you are so disabled that you cannot make financial decisions for yourself. The advanced directive names a person to make medical decisions if you are unable to make them on your own.

Some people prefer to pass on their wealth with a revocable living trust. This document can be a valuable tool to help older and wealthier clients make detailed provisions for disability and often avoid court intervention at death.

The most important thing for a person doing an estate plan is to develop a clear idea of what should be done at the time of disability or death. There is no right answer to this. Every person and every family has different needs. Mr. Onken produces individualized estate plans for every client -- plans that are tailored to ensure that the family wealth ends up helping the family from which it came.