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3 Vital Tips from an Oklahoma Estate Planning Attorney
An Oklahoma estate planning attorney has an important role in helping you protect your assets and your family and, in some cases, avoid probate. Putting together an estate plan can feel overwhelming and confusing. Yet, looking in a lawyer directory through various practice areas such as personal injury to locate experienced attorneys certainly doesn't help. The law office of Ball Morse Lowe offers experienced estate planning and probate assistance. Our experienced attorneys can answer your questions about asset protection and the estate planning process. It all starts with a free consultation. Call our office or use our contact form to schedule your free consultation now. We are conveniently located in Oklahoma City, Oklahoma.
In this post, you will learn three vital tips about the estate planning process. These tips are vital because whether you're a business owner or the parent of minor children, asset protection is important. You'll learn more about how asset protection can benefit you as a parent, why estate planning attorneys are important if you are a business owner, and if it is possible to avoid probate.
Estate Planning and Probate When You Have Minor Children in Oklahoma
Estate planning and probate take on profound significance when you have minor children, necessitating careful consideration of their welfare and future. As parents, your estate planning objectives extend beyond asset distribution to the paramount concern of ensuring your children's well-being in the event of unforeseen circumstances.
A pivotal question arises: Whom will you designate to care for your minor children if, for any reason, you are no longer able to do so? This decision carries immense weight, as failing to appoint a guardian during the planning process leaves it to the probate court's discretion. Unfortunately, the court's choice may not align with your heartfelt wishes, potentially placing your children's future in uncertain hands.
The estate planning process serves as your instrument of care and protection for your minor children in the event of your passing. Within this process lies the power to shape their future and provide them with the stability they deserve. One invaluable tool at your disposal is the revocable living trust, a document that can be strategically employed to safeguard your children's interests.
Collaborating with experienced estate planning attorneys in Oklahoma is paramount. They will engage with you to understand your specific objectives concerning your minor children and your overall estate planning needs. Together, you will craft a tailored plan, selecting the most appropriate documents to ensure that your children are nurtured and protected according to your wishes. In this endeavor, we stand as your empathetic and knowledgeable guides, dedicated to securing your family's future.
Business Owners: Why Meeting with Estate Planning Attorneys Is Important
Business owners often have very specific needs when it comes to estate planning and probate. The planning process can be quite complex since there are business considerations as well as asset protection concerns for the family as well. Meeting with estate planning attorneys can be important so that business owners can get the guidance they need about both business matters and asset protection matters.
Business owners must consider whether they wish to sell the business, bring in family members who will act as new owners, or if they want to close down the business. Regardless of what they choose to do, there may be an impact on their estate plan that also needs to be addressed. There may also be other asset protection matters that come up, considering any assets that enter into the estate must be dealt with in the estate planning process to ensure that the business owner is happy with how they are distributed. Without an estate plan in place, the probate court would determine how the assets would be distributed. It may not be how the business owner would like for those assets to be distributed.
A skilled estate planning attorney in Oklahoma can assist business owners in managing asset protection concerns that arise in both their business and personal lives. Additionally, estate planning lawyers can provide guidance on specific documents within an estate plan that can help business owners avoid probate in certain situations. By avoiding probate, business owners, particularly those with substantial net worth, can attain an additional layer of asset protection.
Can an Oklahoma Estate Attorney Help You Avoid Probate?
The role of an Oklahoma estate planning attorney is nothing short of crucial when it comes to safeguarding your assets with a sense of urgency and precision. Asset protection is a paramount concern in estate planning, and it hinges on the meticulous selection of appropriate documents that shield specific assets from the often protracted probate process.
Certain assets are inherently designed to bypass probate automatically, offering an immediate layer of protection. A prime example is the life insurance payout, swiftly delivered to the named beneficiary, sidestepping the complexities of probate. Similarly, assets like retirement accounts, checking accounts, and savings accounts equipped with payable-on-death beneficiaries grant you the peace of mind of probate avoidance.
Yet, one of the most versatile and powerful tools within the estate planning arsenal is the revocable living trust. This dynamic instrument not only shields assets from probate but also grants you unparalleled control and flexibility. Throughout your lifetime, you have the authority to transfer assets into the trust, as well as remove them at your discretion. Any assets comfortably nestled within the trust's embrace before your passing seamlessly evade the probate process, ensuring swift and efficient distribution to your chosen beneficiaries.
The revocable living trust boasts additional advantages that extend far beyond mere probate avoidance. As the trust's creator, you have the unique privilege of serving as both trustee and beneficiary during your lifetime, retaining full authority over its terms and provisions. This means you can effectuate changes as needed, including modifications to the designated beneficiaries upon your passing. Furthermore, you retain the prerogative to dictate the purpose and utilization of the trust's assets, ensuring they align precisely with your vision.
Time is of the essence when it comes to asset protection and estate planning, and an Oklahoma estate planning attorney stands ready to guide you through this critical process with unwavering commitment and expertise. Together, we will construct a meticulously tailored estate plan that not only shields your assets from probate but also empowers you to shape their future purpose and legacy with precision.
Free Consultation with Estate Planning Lawyers
Developing an estate plan is vital, but it is also a highly personalized process. You should talk with experienced attorneys from a law firm who understand asset protection whether you're a business owner, a parent or simply looking to preserve as much of your estate as possible. If you're looking for an attorney in the Oklahoma City area, Ball Morse Lowe provides free consultations. To schedule your consultation call 405.701.5355 or email clientintake@bml.law.