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Oklahoma Estate Planning Questions & Answers
Estate planning documents are important, but they can be confusing - so confusing that many people go out of their way to avoid estate planning. Many Oklahoma estate questions lead to confusion and fear related to estate planning tools as well as how to create an estate plan. At Ball Morse Lowe, our estate planning attorneys want to help educate readers on the estate planning process. This includes providing a free consultation, because while both estate planning and the probate process are controlled by Oklahoma law, ultimately creating an estate plan must be individualized to meet the needs of the client. Schedule your free consultation now.
In this blog post, we will answer four common Oklahoma estate planning questions.
What Is the Best Way to Address Medical Decisions with Estate Planning?
Take control of your healthcare decisions and secure your future through a meticulously devised estate plan, guided by the expertise of an experienced estate planning attorney in Oklahoma. Central to this comprehensive strategy is the healthcare power of attorney, an invaluable instrument granting authority to a designated personal representative, often referred to as an attorney-in-fact. This legal authority empowers them to make critical medical decisions on your behalf, ensuring your preferences are upheld when you may be unable to express them.
It's vital to understand that healthcare power of attorney forms are not one-size-fits-all; they come in two primary types: non-durable and durable. The critical distinction between the two lies in their response to incapacitation. The non-durable version loses its effectiveness if you are deemed incapacitated, potentially leaving your medical decisions in limbo. In contrast, the durable healthcare power of attorney ensures that your designated attorney-in-fact retains unwavering authority, even if you find yourself in a state of incapacitation.
However, the healthcare power of attorney represents just one facet of a comprehensive estate plan tailored to your specific needs and objectives. Collaborating with an estate planning attorney in Oklahoma allows you to explore a wide range of strategic tools, including living trusts, life insurance, and various estate planning strategies. These collectively safeguard your future, ensuring your medical desires are not only respected but also seamlessly executed with the utmost confidence.
Is It Time to Review Your Estate Planning Documents?
Some specific major life issues mean you should either recognize that it is time to begin the process of creating an estate plan or, if you have one, that it is time for reviewing the documents you already have. This is because you may need to make new beneficiary designations, create different estate planning documents, or use different estate planning tools if you've had major changes in your income that could trigger the federal estate tax.
The major life issues include:
- Getting married;
- Getting divorced;
- The birth or adoption of a child (it is always important to keep in mind that determination of heirship in Oklahoma is incredibly important);
- The death of someone who would benefit from your current estate plan;
- Something significant occurs that you believe necessitates a change to your estate plan; or
- You wish to change your personal representative for any reason.
Should You Create a Revocable Living Trust to Protect Your Assets for Your Children?
An Oklahoma estate planning attorney can assist you in harnessing the benefits of a revocable living trust, a versatile legal tool designed to manage and safeguard your assets. The remarkable feature of a revocable living trust is its flexibility, which empowers you to make critical decisions during your lifetime. This includes the ability to modify or even revoke the trust as circumstances change, as well as the freedom to update beneficiary designations to reflect your current intentions.
When you opt for a living trust, you gain significant control over the distribution of your assets, particularly when it comes to providing for your children or other chosen beneficiaries. You can stipulate specific uses for the trust's funds, such as education expenses or pursuing personal goals, ensuring your assets are allocated according to your wishes.
Furthermore, a living trust allows you to retain your role as a beneficiary and trustee throughout your lifetime, maintaining control over your assets. To facilitate the smooth transition of trust management upon your passing, you'll designate a successor trustee in your trust document. This successor trustee can be your spouse, a trusted attorney, or a professional trustee, depending on your preferences and needs.
Utilizing a revocable living trust as part of your estate planning strategy is particularly advantageous in Oklahoma, as it provides both flexibility and the ability to bypass the often complex and time-consuming probate process. This ensures a seamless transfer of your assets to your chosen beneficiaries, preserving your legacy according to your wishes, with the guidance of an experienced estate planning attorney in Oklahoma.
Is an Oklahoma Estate Planning Attorney Necessary?
Crafting an estate plan requires effort, and although there is no legal requirement to hire an estate planning attorney, their guidance proves invaluable in selecting the appropriate estate planning tools, documents, and navigating Oklahoma law. For instance, Oklahoma has a law concerning the determination of heirship, where estates not fully settled within a year after someone's passing may necessitate a determination of heirship proceeding. Would your personal representative be well-versed in handling such a situation and identifying all your assets? An estate planning attorney can collaborate with you to create and maintain an up-to-date estate plan, minimizing the likelihood of a determination of heirship hearing in an Oklahoma probate court. Moreover, it establishes a knowledgeable relationship so that your personal representative knows where to seek assistance in the future if required.
Avoiding Probate With an Estate Plan
Schedule Your Free Estate Planning Consultation with Ball Morse Lowe
An Oklahoma estate planning attorney can provide invaluable assistance by crafting a personalized and legally sound estate plan tailored to your unique financial situation, family dynamics, and future goals. They possess expertise in estate planning laws, ensuring that your plan is comprehensive and effectively achieves your objectives, which may include the creation of a living trust, will, powers of attorney, and advance healthcare directives. Through ongoing support, an estate planning attorney helps you stay up to date with any necessary adjustments to your plan and provides guidance on proper asset funding, minimizing potential costly mistakes and ensuring your wishes are carried out as intended, providing you and your loved ones with peace of mind for the future. Go into it with the help of an experienced estate planning attorney. Schedule your free consultation now with Ball Morse Lowe at 405.701.5355!