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5 Oklahoma Estate Planning Forms You Should Know
Oklahoma estate planning forms are used for several reasons. One of the most common reasons is to determine what will happen to your personal property when you die. Oklahoma estate planning documents are also used with life care as you get older. Certain estate planning documents can also be used to help your family members avoid the probate process when you die.
In this article, you will learn more about five Oklahoma estate planning forms that are commonly used:
- A last will and testament
- A durable financial power of attorney
- A revocable living trust
- A durable medical power of attorney
- A living will
While everyone who is over the age of 18 needs a last will and testament, determining which other Oklahoma estate planning forms you should choose depend on your desires and exactly what you need. After reading this article, schedule your free consultation with Ball Morse Lowe to learn more about Oklahoma estate planning documents and begin the estate planning process!
Last Will and Testament for Your Personal Property
A last will and testament is a document that you complete to explain how you want your personal property distributed among your family members, friends, charities, or in other ways when you die. If you die without a last will and testament, this is referred to as dying intestate. Your personal property will then be distributed according to Oklahoma law. Unfortunately, some of your assets could be given to family members that perhaps you did not want to inherit from your estate. An estate planning attorney can assist you in drafting a last will and testament that explains how you want your personal property distributed when you die.
This is not the only purpose of a last will and testament. If you are a parent or a legal guardian of minor children, this Oklahoma estate planning form is integral for you. You use this form to name a guardian to care for your children if you die while they are minors. And, of course, you would also list how your personal property should be distributed.
Durable Financial Power of Attorney
A durable financial power of attorney is a Oklahoma estate planning document used to name an individual, often a trusted family member to help you by making financial decisions on your behalf when you are unable to do so. This person will be able to access all of your bank accounts, savings accounts, retirement accounts, and any account that has to do with your finances. They can also access your credit cards, take out or close lines of credit in your name, and pay your bills. It is crucial that the person you name as your agent is someone that you trust.
Generally, a durable financial power of attorney is used when you believe it is time to have help handling your finances. It is often seen as a life care estate planning tool. Because it is durable, the power granted to the person making decisions on your behalf continues even if you are determined to be incapacitated by a medical professional. However, as long as you are not incapacitated, you have the legal right to revoke the document.
Revocable Living Trust to Avoid the Probate Process
A revocable living trust is a common Oklahoma estate planning document that is used to help personal property placed within it avoid the probate process. It is an extremely flexible type of trust. The assets placed within the revocable living trust can be used by you during your life. You can also make changes to the trust by continuing to add or remove assets or change the beneficiaries. You determine if there are any specific stipulations that beneficiaries must meet to use the assets within the trust. You name a successor trustee who will administer the trust after you die.
Revocable living trusts do not replace a last will and testament. Remember a last will and testament is used to do more than just determine how your personal property will be distributed. It is also used to do things such as name a guardian for your minor children or provide charitable donations. This estate planning form is an addition to a well-planned estate.
Oklahoma Estate Planning Forms for Long Term Life Care
Oklahoma estate planning forms can also be used for long-term life care. A durable medical power of attorney is used to name a health care agent to make medical decisions on your behalf. This should be someone that you trust as your medical care is very important. Since this is a durable power of attorney, it continues even if you are declared by a doctor to be incapacitated. However, a durable medical power of attorney does have its limits. It cannot be used to make end-of-life decisions on your behalf. For those decisions, you must complete the fifth Oklahoma estate planning form: a Oklahoma living will.
A Oklahoma living will allows you to explain your desires related to your medical care. You can explain the medical procedures you do and do not wish to have within the document. You also list the name of a health care agent who can make decisions on your behalf. A Oklahoma living will is also used for you to explain your end-of-life decisions.
Learn Which Oklahoma Estate Planning Forms Are Right for You
Oklahoma estate planning forms should be used to explain how you want your personal property distributed when you die as well as who should take care of your minor children. Yet, they do so much more such as expressing your wishes related to medical care when you can no longer do it on your own. There are many Oklahoma estate planning documents to choose from. It's important that you choose the ones that will best serve you. To learn more about which estate planning forms will best serve you, schedule your free consultation with Ball Morse Lowe now! Call 405.701.5355 or email clientintake@bml.law.