An Overview
Estate planning essentially outlines how your assets—your estate—are managed and distributed after your death or if you become incapacitated. It ensures that your wishes are honored and allows your heirs to receive what you intend for them, without the need for lengthy and costly probate processes. By crafting an estate plan, you can specify the distribution of your assets and potentially avoid disputes or delays.
Many wrongly believe that you need a lot of money and high-value assets to justify having an estate plan in place, but nothing could be further from the truth. Estate planning is for everyone, regardless of their financial background. Many also wrongly think estate planning is only necessary when there’s a dispute among your family. This, too, is wrong. In fact, estate planning helps avoid disputes from arising in the first place.
A well-rounded estate planning portfolio should include several key documents:
- Will: Wills (and especially pour-over wills) direct how your assets will be transferred upon your death.
- Trust: Helps you avoid probate and can be managed by you while you are capable or by a successor trustee if you become incapacitated.
- Power of Attorney for Medical and Financial Purposes: This document appoints someone to make decisions on your behalf if you’re unable to do so.
- Advanced Directives: Formalizes your medical wishes in specific scenarios.
- Guardianship Designation: Allows you to designate a guardian for minor children.
Each of these components works together to ensure continuity and clarity, reducing the likelihood of confusion and potential disputes. Estate planning can also include specific details, such as funeral arrangements, where you can specify everything from the type of service to your preferences for burial or cremation.
For more information on Estate Planning, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 449-5777 today.
Attorney Dan Loeliger of Legal Advantage Group in Oklahoma is a seasoned estate planning expert. With years of experience guiding clients through the complexities of estate law, Dan has helped numerous families secure their legacies and avoid disputes. His deep knowledge in drafting wills, trusts, and other essential documents ensures your assets are protected and your wishes are honored.
Whether you have a modest estate or a substantial one, Dan is here to assist you in crafting a comprehensive estate plan. Ready to plan your future? Contact Legal Advantage Group today for a consultation.
