Estate Planning

Each person is different, but every individual will benefit from having a legal and financial plan for the future. Most adults need a plan in place that allows them to have the final say over matters that include what happens to their personal property after death, their medical care in the event of incapacitation and more. If you have a complete estate plan, you have the assurance that you and your loved ones will have peace of mind for the future.

One of the main reasons to consider creating an overall strategy for your future legal and financial needs is for the purpose of having the final say over what happens to your property. While you cannot predict the future, you can have a measure of control over certain matters by creating a complete and thorough estate plan. As you do this, it may be helpful to be aware of common mistakes sometimes made by Oklahoma adults creating their plans that can lead to difficulties in the future.

The estate planning process is customizable so that each Oklahoma estate owner can execute a plan according to his or her specific needs and goals. For example, if you want to leave your house an inheritance but don’t want the government to tax your beneficiary on it, you can create a trust rather than listing the house as an asset in your will. Another legal document that many people incorporate into their estate plans is an advance directive.

When planning for the future, it is important to understand the difference between a will and a trust.Both documents play important roles in estate planning, but they serve different purposes and offer distinct benefits.

A healthcare directive, also called an advance directive, allows you to state your medical preferences for times when you can’t communicate them. It ensures that your wishes are known and respected, especially in cases where you’re incapacitated or too ill to speak for yourself.