Estate Planning Is Important And Protection For You And Your Loved Ones
An alarming percentage of people do not have even a simple will. This could be disastrous if something happened to you, your spouse or children tomorrow.
Everyone should have a will and a few basic documents. You don’t have to be wealthy or elderly to benefit from estate planning. I am Tulsa attorney Keaton Taylor. My clients are regular working-class folks of all ages and all walks of life. I can help you put plans in place to protect your interests in the event of incapacity and to guide your loved ones in the event of your death.
The Basics Of An Estate Plan
Everyone wants to live a long and healthy life, but unexpected accidents and illnesses can cut your life short or leave you unable to make decisions or communicate. An estate plan puts your wishes in writing so that your family and medical providers are not left guessing or helpless to act should that fateful day come.
- A last will and testament – A simple will declares who would (and would not) inherit your assets and what specific assets or portion of your estate each would get. A will can also address funeral arrangements, nomination of guardians for dependent children, and custody of your pets.
- Powers of attorney – A power of attorney gives authority to a trusted person of your choosing to act on your behalf if you become incapacitated by injury, illness or mental decline. That person can pay bills, manage accounts, sign legal documents, etc. A medical power of attorney appoints someone to make critical health care decisions if you cannot.
- Living will – Also known as an advance directive, a living will spells out your wishes regarding life support and end-of-life care. This document can spare your loved ones from agonizing decisions.
- Trusts – A trust holds assets apart from your estate on behalf of someone else. Upon death, those assets pass directly to the beneficiary of the trust without having to go through the probate process. I can help you establish a marital trust and other basic trusts to accomplish specific estate planning purposes.
There is no one-size-fits-all will, trust or other estate planning document. Your wishes or goals will never be the same as another person. I will take the time to sit down with you and understand your life and what’s important to you. From there, we will craft a customized plan that give you peace of mind.
Is It Time To Update Your Will?
Individuals who already have a will often need to revisit the document, as life changes. Incidents, such as a divorce, remarriage, a new child or the death of one of your beneficiaries are top reasons to modify an existing plan. I can help.
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Without a will in place, your unwritten intentions have no legal bearing. Your estate would be divided according to Oklahoma intestacy laws, which are not likely to coincide with your wishes.
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