Oklahoma City Estate Planning Attorney

Estate planning is the process of documenting how, and to whom, you want your assets to pass when you die, nominating someone to have authority over your finances and healthcare in the event of your incapacity, and documenting your wishes for important healthcare decisions.

 

The reality is that none of us knows if, or when, we may become incapacitated, or when we will die. When you are proactive and thoughtful about your estate plan, you are giving your loved ones an invaluable gift. Working with an estate planning attorney in OKC to document your wishes means your loved ones will have a legal road map to follow to carry out those wishes.   

 

What You Need to Know About Estate Planning in Oklahoma City

 

To be effective, your estate planning documents must contain certain key information, and must comply with all applicable laws. Your estate planning lawyer will work closely with you to ensure your documents reflect your goals.

 

As you prepare to work with an estate lawyer, consider the following:

 

• Asset Types. Document your assets and insurance policies, including where they are located, current value, and how they are owned (i.e., individually, jointly, owned by a business, etc.)

• Beneficiaries/Devisees. Consider how your assets should pass when you die. If you have named beneficiaries on an account or insurance policy, document this information for your estate planning law specialist.

• Taxes. Your family estate attorney can help you understand potential tax implications. If your estate may trigger federal and/or Oklahoma estate taxes, your estate planning lawyer will explain various planning strategies.

• Planning for Incapacity. While planning for what happens after your death is important, it is just as critical to plan for potential future incapacity. Work with a certified estate planning attorney now, while you are healthy and able to make thoughtful decisions about your care.

• Legal Estate Planning Services. Consulting with an estate planning attorney in OKC is the most effective way to begin, and ultimately complete, your estate plan.

 

What Is Included in Estate Plans

 

When you work with an estate planning law firm to complete your estate plan, you can expect a comprehensive approach to planning. This includes strategies designed to address all of your assets and your goals and wishes. Estate plans typically include the following legal documents:  

 

• Wills. Your will documents how your “probate” assets will pass. This includes assets in your name alone, without joint owners or beneficiaries. Your will also nominates someone to serve as your personal representative to administer your estate at your death. If you have minor children, your will is also where you can nominate someone to serve as guardian in the event both parents die while a child is still a minor.

• Trusts. A trust is a legal instrument that can allow assets to pass outside of probate court. Trusts can be used to manage and distribute assets over a term of years (or over a lifetime) to beneficiaries, giving you control over when and how assets can be used, and who has authority for making distributions.

• Powers of Attorney. Creating a power of attorney allows you to designate who would have control over your financial affairs, in the event you become incapacitated. Having a power of attorney in place can eliminate the need for your loved ones to go to court to establish guardianship in the event of your incapacity.

• Healthcare Directives. A healthcare directive allows you to designate who you want to make important healthcare decisions on your behalf if you cannot speak for yourself. Your healthcare directive also lets you specify your wishes for your care and for what happens to your body after your death. Having this information in writing can ease the burden for your loved ones.

 

 

Choose Experienced, Compassionate Family Estate Lawyers

 

Failing to complete your estate plan can essentially mean you let the state of Oklahoma write your will for you. Your assets would pass according to state statute, and your estate could inadvertently pay more in taxes than it would otherwise, making the state of OK and the federal government unintentional heirs. What’s more, the process of winding down your estate can be much more time consuming and costly without an estate plan in place.

 

As a knowledgeable, experienced estate planning attorney in OKC, Goodnight Law, PLLC can help you avoid this scenario. We will work closely with you to understand your current situation and your goals for your estate. We will then craft an estate plan tailored to help you achieve those goals. We take a hands-on approach to helping estate planning clients. We will even meet you at your home to inventory your assets, if necessary, to ensure your plan encompasses everything of value.

 

To learn more about estate planning and to get started, contact Goodnight Law today to schedule your free consultation!