There are several things needed for an estate plan. Creating a comprehensive estate plan in Oklahoma involves several essential components to ensure you manage and distribute your assets according to your wishes after your death. An effective estate plan not only addresses asset distribution, but also considers your healthcare preferences and financial management. Here are the key elements you need for an estate plan in Oklahoma:
Needed For an Estate Plan That Works
1. Last Will and Testament
Specify how you want your assets distributed after your death and name an executor to manage your estate, ensure your wishes are carried out, and handle the probate process. If you have minor children, you need to appoint a guardian to care for them if you pass away.
2. Revocable Living Trust
Use a revocable living trust to help your estate avoid the lengthy and costly probate process. The trustee manages and distributes assets in the trust according to your instructions. Control and manage your assets during your lifetime and after your death, providing flexibility and continuity and keep your estate details private, as a trust is not a public document unlike a will.
3. Power of Attorney
Designate someone to handle your financial affairs if you become incapacitated, such as paying bills, managing investments, and handling property transactions. Appoint someone to make medical decisions on your behalf if you are unable to do so, as this ensures your healthcare preferences are respected.
4. Advance Directive (Living Will)
Clearly state your wishes regarding medical treatment and end-of-life care. This includes decisions about life support, resuscitation, as well as other critical medical interventions.
5. Beneficiary Designations
Ensure that beneficiary designations on life insurance policies, retirement accounts, and payable-on-death accounts are current and align with your overall estate plan. In most cases, these assets pass outside of probate.
6. Letter of Intent
Provide additional instructions and personal wishes not covered in other legal documents. While not legally binding, it can offer guidance to your executor and loved ones.
7. List of Assets and Liabilities
Keep a detailed list of your assets and liabilities, such as real estate, bank accounts, investments, insurance policies, debts, and other financial obligations, as this helps your executor manage and distribute your estate more efficiently.
8. Regular Reviews and Updates
Regularly review and update your estate plan to reflect changes in your life circumstances, such as marriage, divorce, the birth of a child, or significant changes in your financial situation. You should ensure that all documents remain current and accurately reflect your wishes.
Tulsa County Estate Planning Lawyers
While this is an extensive list, an estate planning attorney will be able to check if there’s anything else you need to include in your specific plan. Start with a last will and testament, and consider adding a revocable living trust, power of attorney, and advance directive. Additionally, update beneficiary designations, write a letter of intent, and designate guardians.
Our team here at Tulsa County Lawyers Group will guide you through the estate planning process and ensure you create a plan that best aligns with your wishes. By having all things needed for an estate plan, you put your estate in the best position after your death. If you need help, contact us today by calling (918) 379-4864 or reach us online for a consultation.
