Estate Planning Basics for Oklahoma Residents: Protecting Your Legacy
Estate planning is an incredibly important and challenging task everyone should take care of, even though it may not be at the top of anyone’s list of favorite activities. However, since there are no guarantees in life and you can’t know for sure how many years you may live. That is why having a plan early can make a big difference if an emergency or unexpected situation comes about. Putting an estate plan together when you are healthy and of sound mind can ensure things are done right and not rushed, and your family knows your wishes.
Without an estate plan, loved ones can be left with the costly legal and emotional job of figuring everything out in your absence. Anything can happen in this case, and there is a good likelihood that what transpires will not be what you would have actually wanted. A sound and comprehensive estate plan protects both your legacy and your family.
If you would like assistance with estate planning in Oklahoma, you can contact a knowledgeable Oklahoma family law attorney at the Putnam Law Office. They will guide you through this complex legal process, so you can be sure your legacy will linger on in the hands of your loved ones.
How to Start Estate Planning
Estate planning is not only reserved for the wealthy or the elderly. It is for every adult. Having, at the very least, a will in place is critical. And if you have a family, it becomes essential to delve into the process even further, as there are much greater considerations for more people are involved.
The first thing to do is think about your wishes and what you want to happen when you are no longer around or can speak for yourself. So you’ll want to think about who would be the right advocate to speak for you if you are incapacitated, who will take care of your children if they are under the age of 18, and what type of medical treatments or life-sustaining measures you would want or not want.
Once you have the basics of your wishes for your loved ones at the end of your life, it is time to start putting the legally binding documents together. The complexity of the estate planning process will depend on your personal and specific financial situation. For example, you may have few assets or no spouse and children. Then, in this situation, a simple will could suffice. On the other hand, when you have minor children and investments, the process will be more involved.
A will instructs others about who will get what assets after your death. It can also be a place to name someone to care for your children. Without a will, the state will take over your estate and decide how your assets will be divided. The time and cost it takes the court to do this can be long and expensive. As a result, probate will be time-consuming for your loved ones, it will dwindle their inheritance, and the court will decide who is tasked with caring for your children.
Trusts can be used to minimize taxes and avoid the probate process. There are several trusts that you can choose. For example, you may establish a special needs trust to care for a disabled family member who depends on you.
You should also appoint someone who will manage your finances if you are unable to through a financial power of attorney. Likewise, you should appoint someone to make your healthcare decisions when the time comes, through a healthcare power of attorney.
Speak to an Attorney at the Putnam Law Office Today
Estate planning can be tangled, and there is much to think about. But having the process started and the right documents in place safeguards your legacy and protects your loved ones.
Get started today. Call the prepared Oklahoma family lawyers at Putnam Law Office to schedule a free consultation at (405) 849-9149 or complete our online contact form.
