Essential Estate Planning in Tulsa
A common misunderstanding is that people of great wealth or assets are the only ones to benefit from an estate plan. According to AARP, 2 out of 5 Americans over the age of 45 don’t have a will. Proper estate planning is essential for everyone, no matter the size of your wealth. Having a plan in place to manage your estate will establish your wishes and desires to be carried out should an illness or your passing occur. A professional Tulsa Estate Planning Attorney can assist you with this process. They will help create an estate plan that accounts for your desires and create the necessary paperwork to legally execute your plan.
There are a lot of complexities within the law when it comes to one’s estate. If there is no estate plan or will after death the estate is left up to the probate process without your control. And while having a will not avoid the probate process, an effective estate plan can account for it. Some things to consider when it comes to your estate planning are:
- Wills
- Guardianships
- Trusts
- Medical Directives
Making a Will
The thought of making a will may seem overwhelming to some as there is much to consider. How your estate will be divided according to your wishes can potentially save your loved ones from fighting over your estate well after you are gone. Stating how you will direct your debts and your property clearly after your death will bring you peace and clarity. Make sure that you have a person you trust as the executor. They are responsible for executing your will in the manner it was written.
Declaring Guardianships
If you have any minor children living with you, you must declare who will be the guardian of your children, both physically and legally. The potential guardian should be made aware of your decision, and if possible a part of your estate should be set aside for your children as well. Blended families should also consult a Tulsa Family Law Lawyer and map out what will happen with current custody orders.
Creating a Revocable Living Trust
A living trust is an agreement, written out, for you (creator), a trustee (to manage the trust) and beneficiaries(those who benefit) to invoke your stipulations. It is called Revocable and Living as it is created while you are alive, and can be modified and canceled at any time. It also becomes irrevocable (cannot be changed) when you die. Your assets can be passed out over time to your beneficiaries, or instantly as you see fit.
Iron Clad Medical Directives
Medical directives are often overlooked in the estate planning process. And while most of these decisions are discussed privately with our spouse, most of them are never written down. This is critically important when you are at a hospital and you are unable to communicate your wishes. Careful consideration should be taken when laying out your medical directives. Consultation with your doctor, lawyer, financial planner, and your family should take place so you have a clear understanding that your wants and needs are followed.
Find a Tulsa Estate Planning Lawyer
Don’t let your one-time creation of your will be a set it and forget it document. Life happens to all of us. Make sure you update your documents when needed to reflect those changes. Use the Tulsa Attorney Directory today to find the Best Tulsa Estate Planning Attorney for you.
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