Oklahoma Estate Attorneys, PLLC | Estate Planning Attorney in Oklahoma City
The Importance of Estate Planning
The big game on Sunday, your daughter’s first piano recital, that vacation to Cancun you’ve got planned for summer… there are a lot of things we love to talk about, exciting things of life, but no one wants to talk about death, and understandably so. However, when that time comes for you or a loved one, you’ll want to be prepared so all your affairs are handled, and settled, in a smooth manner.
If you have a spouse or children, your passing will be a time of grieving for your family and the last thing you’ll want to do is burden them with financial headaches and possibly economic hardship during this emotional time. Having an estate plan in place early will avoid stress and confusion, and release your family from the chaos that can ensue upon someone’s passing. A seasoned, knowledgeable estate planning attorney in Oklahoma City can help.
And it’s important to remember that estate planning isn’t just something that rich people need to worry about. Many people falsely assume that estate planning is for people who live in a mansion and drive a Rolls Royce, or at least something fancier than the normal cars that most of us drive. This is just not true. Being rich adds additional things to consider, but estate planning is a critical issue for everyone to plan for, regardless of their net worth. Therefore, whether you’re getting by month to month like many Americans, or you own multiple homes around the world and a private jet, estate planning is critical, essential, and something you need to consider today, not tomorrow. Seek counsel from a seasoned estate planning attorney in Oklahoma City—Terrell Monks.
Terrell Monks is an experienced estate planning attorney in Oklahoma City; he will guide you through the entire process and set up an estate plan that will relieve you of worry, as you’ll know that everything is taken care of. No one knows when that day is coming for them, thus being prepared for it will keep your family from being unduly burdened and stressed during a most difficult emotional time.
Specifically, What Does an Estate Planning Attorney in Oklahoma City Do?
You may be unsure as to what exactly goes into an estate plan, and what an estate planning attorney in Oklahoma City can do for you. The list of ways an estate planning attorney can help you prepare for your future is a long one, but the bottom line is that an estate plan will ensure that your final responsibilities are handled and that your assets are correctly transferred efficiently and smoothly to your heirs. Let’s consider some of the most basic, and important, areas of a proper estate plan, and what a quality estate planning attorney in Oklahoma City such as Terrell Monks can do for you.
Many people understand that a will is important, but unfortunately a large number of the population never gets around to preparing a formal will. A will or trust is an essential part of an estate plan. A will ensures that all your assets are distributed as you wish. You may want to also consider setting up a trust to deal with legal issues that could arise or taxes. A will cuts out the ambiguity as it states precisely how affairs are handled and who gets what, and how. Beneficiaries are clearly stated and the will dictates what they receive and when they receive it. Having a will in place will make an already difficult time for your family a little bit easier, which is what you want—to provide them as much comfort as possible.
Designation Of Guardianship
Although you would expect this to be thoroughly covered in a will or trust, it isn’t always. Therefore designation of guardianship is another important part of an estate plan that you should discuss, and plan, as you begin working with your estate planning attorney in Oklahoma City.
If tragedy strikes, and your children are left without their parents, you’ll need to have a preset guardian named. It goes without saying that this is perhaps the most important area of an estate plan because the person or couple that you select will be making decisions for, and possibly caring for, your children. You’ll want to take considerable time to think about this, and select someone you trust completely, someone who is also financially intelligent, and someone who will happily raise your children till they are legal adults. Failure to name an official guardian (and you’d be wise to name a backup guardian also) could result in the court mandating that your children live with a particular family member you wouldn’t approve of, or worse—ruling that your children become wards of the state, which could put them in an institutional facility or foster home setting that you would find appalling. Don’t let this happen; hire Oklahoma Estate Attorneys, PLLC, and work with a respected, quality estate planning attorney in Oklahoma City.
Designation Of Beneficiaries
Many people are unaware that some of your possessions, assets, etc. can be passed on to heirs even if they are not specified in a will. An estate plan, when done properly, can name your primary beneficiary for every possible situation, leaving no guesswork for the court to decide.
Power Of Attorney
A power of attorney is another important part of an estate plan, and one that an estate planning attorney in Oklahoma City can assist you with. If something happens to you and you are found to be mentally incompetent, you’ll want to have someone named in your estate plan as the designated agent to handle your affairs. You’ll name someone who you trust to handle your affairs, conduct financial transactions on your behalf, make real estate transactions, etc. according to your wishes. Otherwise, without a named power of attorney agent, the court will decide, and that is not what you want to happen.
Medical Concerns: Healthcare Power of Attorney
Another area that demands your attention as you are setting up your estate plan is known as healthcare power of attorney. If you’re injured severely or develop a medical condition such that you are left incapacitated, you’ll need a healthcare power of attorney agent to step in and make crucial medical decisions on your behalf. This is perhaps one of the most important, yet overlooked, areas of an estate plan that an experienced estate planning attorney in Oklahoma City can help you consider. The person you pick to be your agent in this regard will literally be making the most important decisions about your care, and your life could be in their hands. Therefore, consider all the angles and choose a healthcare power of attorney that you trust with your life, as they very well may be making the biggest decisions of all if something catastrophic happens to you.
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