Your life savings and other assets are a reflection of your hard work and careful planning. You should invest the same amount of planning into deciding how to preserve that property for your loved ones. While no one likes to dwell on end-of-life issues, most people find tremendous comfort in knowing that their loved ones will be provided for long after they’re gone.
At the Edmond law firm of Teague & Wetsel, PLLC, our lawyers can help you prepare a will, trust or other estate planning documents to accomplish your goals for the future. We will do much more than simply drawing up a cookie-cutter document for you to sign. On the contrary, we will take the time to learn about your life circumstances and understand your objectives, priorities and values. Once we have a good sense of your situation, we will explain the various estate planning options and work with you to create a plan tailored to fit your needs.
Our approach: We won’t just draw up a document and have you sign on the dotted line. Our lawyers will take the time to fully address your concerns. We’ll make sure you understand — and are on board with — a customized and comprehensive estate plan.
With more than three decades of experience — and a master’s degree in tax and estate planning — attorney Glenn Teague will provide the knowledgeable guidance you need to feel confident about your future.
Understanding Wills And Trusts
The primary function of a will is to leave instructions on how to distribute your property after your death. A will also is used to appoint the executor (or personal representative) who will carry out your wishes and a guardian to care for your minor children. A properly structured will can save your heirs significant amounts of money in legal fees. It can also help avoid damaging and emotional disputes.
Trusts are separate legal entities that hold assets for you or for the benefit of others. Assets inside a trust are managed by a trustee who has legal responsibility for managing and overseeing the trust’s proceeds in accordance with your wishes. The trust stipulates how your assets should be managed and distributed.
Why Consider A Trust?
Many people mistakenly believe that only the wealthy can benefit from a trust. In reality, because they can be designed to address specific needs and circumstances, trusts are useful for individuals from all walks of life and from the full range of socioeconomic backgrounds.
Trusts are highly flexible. They can be tailored to provide for almost any needs, circumstances and objectives. For example, they are useful for:
- Reducing or avoiding estate taxes
- Providing for heirs with special needs
- Establishing eligibility for Medicaid
- Protecting assets from adult children who have difficulty managing money (or who are coping with drug addiction or psychological problems)
Learn More About How A Will Or Trust Can Fit Into Your Estate Plan
Every situation is unique. To discuss your needs with an experienced attorney, call 405-285-9200 or reach out to us online.