When the topic of estate planning comes up, many people assume that is something that only the rich or wealthy need to do. However, the truth is that almost everyone can benefit from proper estate planning. Having an experienced estate planning attorney on your side can help you ensure that your family and assets are protected. Keep reading below to learn more about how an Oklahoma City estate planning attorney can help you.
Creating a Will or Trust
Wills and trusts are two of the most common estate planning documents. A will allows you to specify how your assets will be distributed after your death. Additionally, a will can be used to name guardians for your minor children. Without a will, your property would be distributed according to Oklahoma’s intestate success laws, and that may not align with your wishes.
Trusts are a little more complex than a simple will. A trust can be used to:
- Help your family avoid probate
- Keep the details of your estate private
- Give you more control over how your assets are distributed
- Plan for incapacitation
A lawyer for wills and trusts in Oklahoma City can help you create a personalized will, trust, or both to help you protect your family and achieve your goals.
Avoid Probate When Possible
Probate is the legal process of administering someone’s estate after their death. Probate can sometimes be expensive and time-consuming, and many individuals look for ways to avoid this often complex process. While avoiding probate is not always totally possible, an experienced attorney can help you find ways to keep most of your assets out of probate. This may include using tools such as:
- Trusts
- Beneficiary designations
- Joint ownership
Avoiding probate can help remove some of the stress of an already difficult situation for your family.
Protect Minor Children
Through proper estate planning, you can name a guardian for your minor children. This lets you decide who will raise your children should you pass away before they turn 18. Without this in place, the court would decide who gets to raise your children. Additionally, proper estate planning allows you to manage your children’s inheritance. Most parents choose to set up a trust and appoint a responsible adult to manage the inheritance until the child is ready to do so on their own.
Plan for Incapacity
Not only does estate planning cover what happens after your death, but it also allows you to plan for potential incapacity as well. A lawyer can help you draft documents such as a durable power of attorney or advance health directive. These documents allow someone that you appoint to make financial or healthcare decisions on your behalf should you become unable to do so.
Keep Your Plan Current
A proper estate plan needs to stay up-to-date with your current goals as your life changes. Family situations change as well as financial situations. Your lawyer can help you perform periodic reviews of your estate plan to ensure that it remains up-to-date and in line with your goals and wishes. Typically, you should revisit your estate plan every 3 to 5 years or after any major life change, such as:
- Marriage or divorce
- Birth of a child
- Death of a family member
- Acquisition of large assets, such as a home or business
If you need help putting an estate plan in place or updating your current plan, contact Helton Law Firm to schedule an initial consultation and let us help you.