In Oklahoma having the right documents included in an estate plan is key to its success. An estate plan is a crucial tool for protecting your assets, providing for your loved ones, and ensuring that your wishes are carried out both during your lifetime and after your death. A well thought out estate plan typically consists of several key documents, which may include:
An Enforceable Last Will And Testament
A well drafted will must be Included in an Estate Plan. This document specifies how you want your assets distributed after your death and may also designate guardianship for minor children. The persons you want your things to go to are called the beneficiaries of your will. You can have as many or as few as you want. Just so you clearly identify who they are are and what it is you want them to receive. Oklahoma has very specific rules for creating a will. This also includes the different types of will available in Oklahoma and what makes them valid or invalid.
Create A Trust For You Home
There are several different types of trusts that are made to accomplish different things. For the purpose of this article we are talking about a simple irrevocable trust. An irrevocable Trust is a legal arrangement that allows you to transfer your home to beneficiaries while avoiding probate and providing certain tax benefits. Transferring your home to this kind of trust doesn’t mean you have lost ownership or that you cant change anything about it before you die. It simply makes transferring the title on your death easy. This is because the transfer is done outside of your will and because of this avoids probate.
Durable Power of Attorney:
This document appoints someone to make financial decisions on your behalf if you become incapacitated. Unlike many other powers of attorney, the durable power remains intact even after you become incapacitated. It can be as broad or as limited as you decide. You can also revoke the power at anytime while you have the capacity to do so.
Healthcare Power of Attorney In Oklahoma
In Oklahoma, a health care power of attorney (POA) is a legal document that allows you (the principal) to appoint someone else (the agent or attorney-in-fact) to make medical decisions on your behalf if you become unable to make them yourself. Here are some key points about health care powers of attorney in Oklahoma.
Living Will (Advance Directive):
This document appoints someone to make healthcare decisions on your behalf if you become incapacitated. Who you designate is completely up to you. Its important to appoint someone who you know will make the end of life decisions that you directed. This document specifies your wishes regarding medical treatment in the event that you are unable to communicate them yourself. It might include your preferences regarding resuscitation, life support, organ donation, and other medical treatments.
Tulsa Okla. Estate Planning Lawyers You Can Count On
It’s important to make sure that certain key documents are included in an estate Plan. Creating a will and trust for your estate plan always seems to get put off. This is common among many of us but not having it done is a mistake. Contact the Tulsa Estate Planning attorney at Kania Law and get a Free and confidential consultation. Call 918.743.2233 or follow this link to ask a free legal question.