Many people assume estate planning is exclusively for the wealthy. However, it’s beneficial for everyone to have some sort of estate plan in place regardless of the size of their estate. Doing so ensures your personal property and assets are distributed the way you want.
The Advantages of Estate Planning
If you don’t take steps to protect your estate from Oklahoma’s succession laws, your loved ones may end up paying the price. Oklahoma laws are strict and don’t take family dynamics into consideration when dividing the assets of a deceased person.
If an estate plan exists, the executor has control of the following:
- Maintain control: If an estate plan is in place, you have control over your property and health. Aside from a will, an estate plan can include medical powers of attorney, living wills, health care proxies, and powers of attorney. These documents allow you to control how you would like every aspect of your property and health (if you become incapacitated) to be dealt with.
- Child protection: If both you and your spouse pass away, you will want to ensure your children are taken care of emotionally, financially, and physically. Estate planning allows you to choose how much money your children will inherit after your death. If your children are minors, you can name who will become their legal guardians.
- Estate cost reduction: You can avoid unnecessary court costs, professional fees, estate taxes, and legal fees if you plan properly. An attorney with experience in estate planning can help you construct a solid estate plan. This can lower and even avoid some estate taxes for your benefactors.
- Decide specific bequeaths of property: You can divide property among your benefactors according to your specific wishes. You can also decide which items on your property you would like to give to each benefactor in your will.
- Asset protection: You might need to protect your assets from creditors or lawsuits. Various trusts can protect your assets from those situations and sometimes eliminate estate tax altogether.
Bundren Law Firm P.C. Is Here to Help You
Our attorneys have established an affiliation with estate and financial planners. We are a passionate law firm that can help in every step of your estate planning to ensure your wishes are carried out. If you are at a mature stage in your life and you are looking to get your assets in order, reach out to one of our elder law attorneys.
Call us today at (918) 992-3300 or contact us online to schedule your appointment.