ESTATE PLANNING FOR EVERYDAY OKLAHOMANS
When most people think of estate planning, they think that it’s only for rich. However, estate planning is important for all people of all means. Our law firm can help you plan how your property is to be distributed to your friends and loved ones after your death. Our law firm prides itself by helping those of more limited means with creating wills, trusts, advanced directives, pay on death accounts, transfer on death deeds, and powers of attorney. These tools can help your family avoid the probate process all together or to make sure your wishes are carried out if a probate is necessary.
We understand that estate planning, even at its most basic levels, is important for all Oklahoma families and individuals. Therefore, we offer very competitive flat fee rates for our services. Not every individual and family needs the same services, we will help tailor your estate planning to meet your goals. Contact us today for a consultation.
WILL & LAST TESTAMENT
It is important for everyone to have a Will; whether you are 18 years old or 80. A Will allows you to decide now how your property is distributed after your death. Without a Will the distribution of your property will be decided by law under Oklahoma’s default estate plan. A Will is always recommended for anyone with minor children, because a parent can decide who the child’s caretaker or guardian should be. If a Will has to go to probate (the legal process where the estate creditors are paid, and the remainder is divided according to the will) then it becomes a public document; so if the person dividing property wants privacy, then a living trust is recommended. Our law firm can help you create a Will that will make sure your wishes are carried out.
Our law firm can help you create the best living trust to meet your needs. A living trust is a legal document created by you during your lifetime. Just like a will, a living trust spells out what your desires are with regard to your property, your children, and your heirs. The big difference is that a will becomes effective upon your death and the will has been filed with a court in a probate. A living trust bypasses the probate, enabling your successor trustee (who basically fills the same role as an executor of a will) to carry out your instructions as documented in your living trust at your death, and also if you’re unable to manage your
financial, healthcare, and legal affairs due to incapacity. Additionally, while the will becomes a public document in a probate, the terms of the trust can remain private.
ADVANCED HEALTHCARE DIRECTIVES
Advanced Healthcare Directives (also referred to as Living Wills) allow you to make the choice now regarding medical decisions for known situations. These documents are for planning in the event that you become incapacitated and unable to make decisions for yourself. Our law firm can help you prepare these documents and designate who will make decisions if something unfortunate should happen.
POWER OF ATTORNEY
A power of attorney is often chosen as a way to plan for those times when you are incapacitated and cannot make decisions for yourself. With a power of attorney, you are able to appoint an agent (or Attorney in Fact) to manage your financial affairs, make health care decisions, or conduct other business for you. A power of attorney may be general or limited. A general power of attorney may allow your agent to do every act which may legally be done by you. A limited power of attorney allows your agent to act on your behalf regarding specific events, like selling property, making investments, or making health care
decisions only. One of the most important parts of creating a power of attorney is choosing an agent. The agent is the person you choose to carry out the duties you have outlined in the power of attorney. The agent should be someone you trust to carry out your wishes, someone who will not take advantage of you when you are incapacitated, and someone who is willing to serve as your agent. The agent is usually a family member or a friend, but you can choose anyone. If you choose to create a durable power of attorney, our law firm can tailor your document to meet your needs.