There are certain things that are essential to your Estate plan in Oklahoma. An effective estate plan should include a minimum of the following 5 elements to ensure your assets and wishes are managed and distributed according to your desires. Depending on what assets you have and how you want them passed when you die there may be other requirements but this is a very good start. Here are five key components:

Will or Trust:

A will or trust is essential essential to your estate plan. A proper will or trust outlines how you want your assets distributed after your death. It specifies beneficiaries and can include instructions for specific items or amounts of money to be distributed to individuals, organizations, or charities. When you pass your will is probated in the county you lived. Trusts can offer additional benefits such as avoiding probate, providing for minors or individuals with special needs, and offering privacy. A Trust in Oklahoma is often used to avoid probate. Its also used as a vehicle to transfer deeds to family members without the need to file anything like a will in probate court.

Power of Attorney:

Designating a power of attorney is another item that is Essential To your estate plan. A power of allows you to appoint someone you trust to make financial or medical decisions on your behalf if you become incapacitated. There are different types of powers of attorney for finances and healthcare. This includes powers of attorney that are both durable or not. A power of attorney is revokable anytime by you. A power of attorney also expires when you pass away. It’s important to consider exactly what you want the power of attorney to cover and this means to take some time and understand the different one available.

Healthcare Directives:

Healthcare directives, including a living will and healthcare power of attorney, outline your wishes for medical treatment if you become unable to communicate them yourself. This can include preferences for end-of-life care, resuscitation, and organ donation. In many instances if you are admitted to a hospital the hospital itself requires you to sign one they provide. If you have one ready you will know what your signing and have a bit more control over your options.

Beneficiary Designations:

Certain assets, such as life insurance policies, retirement accounts, and payable-on-death bank accounts, allow you to designate beneficiaries directly. Keeping these designations up to date ensures that these assets pass directly to your chosen beneficiaries, bypassing the probate process. The reason they bypass probate is because they are a little like contracts. In the contract you designated what you wanted and who you wanted to get it when you passed. In a beneficiary designation you can usually change it or withdraw it at anytime before you pass.

Guardianship Designations:

If you have minor children, it’s crucial to designate a guardian in your estate plan. This ensures that someone you trust will care for your children if you and their other parent are unable to do so. Discussing this responsibility with potential guardians beforehand is essential to ensure they are willing and capable. Remember that this decision has a huge impact on everyone involved. First its your kids so its obvious the impact this has. As to the guardians, ask yourself if they will be able to take care of your kids for the long haul. What does their life look like and where will they be years from now if you pass and they are the designated guardians.

Creek County Estate Planning Attorneys You Can Count On

These elements provide a comprehensive framework for managing your estate during your lifetime. Consulting with an estate planning attorney in Oklahoma can help you create a plan tailored to your specific circumstances and goals. Our Creek County Estate Planning and Probate attorneys offer a free consultation. Just pick up the phone and call us at 918.209.3709 or you can ask an online legal question by clicking this link.