When it comes to the types of documents you can create for your estate plan, there are multiple documents. These include wills, trusts, powers of attorney, advanced medical directives, and beneficiary designations.
Wills are legal documents used to list out and distribute assets to any selected beneficiaries after your passing. Wills require probate through the district courts, making the trial public and overall, more expensive.
Trusts are legal agreements between a “trustee”, the person in charge of the trust, and a “grantor”, the creator of the trust. The grantor places the protection and distribution of their assets in the trustee’s hands. The trustee is responsible for providing the grantor’s beneficiaries with their assets.
Powers of attorney are legal documents that grant someone you trust the power to handle another’s affairs, including personal, business, or any legal matters during your lifetime.
Healthcare powers of attorney are legal documents that list a person’s intentions regarding medical care if they become unable to make decisions on their own behalf.
Advanced Directives are legal documents providing guidance to your family and healthcare providers regarding how you want to be treated in certain circumstances.
Beneficiary designations are typically used with retirement accounts or insurance policies. They state that the balance of these accounts is directed towards a specific beneficiary at their original owner’s time of death, similar to a will.
Navigating the five types of estate planning documents can be daunting at first, but it’s important to consider all your options with an estate planning attorney to find the one that fits you and your family best.
Estate Planning Attorneys Oklahoma
To gain a better understanding of the main documents created in an estate plan, call Ball Morse Lowe today at 405.701.5355 or email clientintake@bml.law. We look forward to hearing from you.