Planning one’s estate is a wise endeavor for all, regardless of marital status or family situation. Everyone should take the necessary steps to provide for loved ones and dispose of property in the event of death. An experienced estate planning attorney can assist you to protect your interests and to ensure that your desires are implemented in the management of your estate.
Estate planning allows you to plan for the administration of your affairs in the event that you become unable to manage them yourself. Additionally, having an estate plan helps you to avoid probate and and minimize estate taxes. Consult a skilled estate planning attorney to help you with your estate plan.
While planning your estate may seem overwhelming, here are six simple estate planning tips that you can employ whether you are young or old, married or single, with or without children.
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Create a will. A valid will allows your property to be disposed of in the manner you desire.
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Create a revocable living trust. A revocable living trust differs from a will in that it covers how your estate is to be dealt with in all of the following three scenarios:
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when you’re alive and healthy
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when you are incapacitated
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when you die
A revocable living trust will contain provisions to allow you to manage your own estate while you are alive and well, but it will also name a disability trustee to manage your estate in the event you become mentally incapacitated. Furthermore, it outlines how this trustee should dispose of your estate after your death, and it will name those who should receive the balance of your estate after all bills have been settled.
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Draw up a power of attorney. A power of attorney authorizes someone to handle your affairs when you can’t. You can draw up multiple power of attorneys for different purposes. For example, one power of attorney may designate who will manage your finances while another one states who will make medical decisions for you.
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Create a living will. A living will, also known as a health care declaration, allows you to express your wishes, in advance, when a decision needs to made regarding life-prolonging medical treatment.
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Update your beneficiary designations. Whomever you name as a beneficiary in documents such as your life insurance policy or banking and investment accounts will inherit these assets when you die regardless of what your will or trust says. Thus, it is wise to review and update your beneficiary designations on occasion; especially after major life events such as the the birth of a child, marriage or divorce.
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Consult with an experienced estate planning attorney. Each individual situation is different and an individual’s best approach towards estate planning will depend on his or her particular needs and desires. You should consult with an experienced estate planning attorney to help you determine which estate planning options will suit your particular circumstances the best.
Conclusion
Unless you make arrangements ahead of time, the administration of your affairs will be an uncertain and confusing situation for your loved ones after you are dead or incapacitated. Thus, it is important to consult with an estate planning attorney to help you take the necessary steps to have your estate managed by someone who is aware of your needs and desires and who has your loved one’s best interest in mind.
Low-cost Consultation: Okmulgee Estate Planning Attorney
If you’d like to speak with an estate planning lawyer Call (918) 756-9600 or toll-free (888) Wirth-Law now for a confidential consultation with our team at the Wirth Law Office – Okmulgee. Or, enter your legal question or concern in the firm at the top right of this page, and one of our estate planning attorneys will contact you promptly.
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