Why talk about an Estate Plan now?
Putting something in place now will save time and money for your family when you are gone.
What is an Estate Plan and why do I need one?
An estate plan is a set of instructions you create to direct what happens to your assets and
property after death. The components of an estate plan can include:
- A will or trust, which determines how your assets will be distributed upon death
- A power of attorney, which gives someone else the authority to act on behalf of another person who cannot make decisions for themselves
- An advance healthcare directive, which provides guidance regarding health issues when you cannot.
Why Do You Need an Estate Plan?
- Peace of mind. Knowing your affairs are in order can give you peace of mind, knowing your loved ones will be taken care of and that their future is secure.
- Avoid surprises. If you die without a valid will or other estate plan documents, the State of Oklahoma will determine who receives what based on their own criteria and this may not be what you would have wanted for your family members.
- Put a plan in place. A good estate plan is just that, a plan to help your heirs when you are gone.
What is a Will?
A will is a legal document that describes how you want your assets distributed after your death and who will have care, custody, and control of your minor children. It also names an executor, who will make sure that the terms of your will are carried out. If you have minor children, it’s best to consult with an attorney before creating an estate plan because there are special considerations involved when drafting such documents on behalf of minors.
What is a Trust?
A trust is a legal entity that holds property for the benefit of another person or group. Trusts can be created to hold assets for a child, spouse, or other beneficiary. Some people use the terms “estate planning” and “trusts” interchangeably because both involve setting up legal structures to manage their assets after they die. But there are important differences between these two concepts:
- An estate plan includes only those documents necessary to distribute your property when you die–for example, wills and living wills–while a trust may include other documents as well;
- Trusts often have more flexibility than wills when it comes time for distributions.
- Trusts also provide for children, both minors and adults. Putting a plan in place offer peace of mind.
It can be difficult to navigate the different options without the help of an experienced attorney. Contact us at Bedlam Law for the mindful legal guidance that your family deserves www.bedlamlaw.com/contact. (405) 232-2444
