Oklahoma residents understand the value of estate planning. An estate plan is a wonderful tool to ensure a person's assets are transferred to the next generation in the person's desired manner. It can also be used to communicate a person's health care wishes. Although many may think estate planning is only for the wealthy, there are five documents almost everyone needs.
You have a multitude of decisions to make when you create an estate plan, and it's important to have as much relevant information as possible. Without the right guidance, you may not end up with the plan you intended.
Most Oklahoma residents know how important estate planning is to protect a person's assets and honor their wishes. Estate planning is important for almost every resident in the state. It can be important to keep in mind common estate planning mistakes in case they apply to a person's situation.
Oklahoma residents who are thinking about estate planning know that there are many estate planning terms that are thrown around. Estate planning encompasses many different subjects, depending on a family's need. Wills and trusts are often the most popular estate planning tools.
Considering how to best take care of your family may occupy a great deal of your time. You work to ensure they have everything they need to live comfortably and thrive. What about after you pass away? You may have considered taking care of your family in the event of your death, and you may have begun researching the best way to do that.
There are certain estate planning documents that everyone should have. One of these is a durable power of attorney. Having a durable power of attorney in place is crucial when important health care decisions need to be made.
There's obviously a lot of challenge involved in building and maintaining a family business in Oklahoma (or anywhere, for that matter). Most family-run business owners agree, though, that it's a very rewarding experience to work alongside those you love most and provide a service and/or product to the public, knowing that the business was created by your own ideas and led to success by the work of your own hands.
Some people in Oklahoma and elsewhere mistakenly think estate plans only function after a person dies. This couldn't be further from the truth. Although a final will and testament is a document administered after an estate owner's death, there are many other documents you can include in a thorough plan that have everything to do with situations that may occur while you're still living. Choosing what documents to include in a particular plan is an intensely personal decision.
A previous post on this blog discussed how young adult Millennials should consider creating an estate plan even if they do not feel like they need one because they have not built up a lot of wealth at this point in their lives. As that post explained though, there are still a lot of estate planning tools and services that could be of great benefit to them.
While young adults have long been associated with frivolous spending and a tendency to ignore the state of their general finances, today's generation of 20- and 30-year-olds -- otherwise known as millennials -- are breaking the mold.