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Oklahoma residents who are thinking about estate planning know that there are many estate planning terms that are thrown around. Estate planning encompasses many different subjects, depending on a family’s need. Wills and trusts are often the most popular estate planning tools. A will designates a personal representative for an estate and lists who will get a person’s property after their death. A will goes into effect after a person dies, while a trust goes into effect immediately. A trust can distribute property before a person dies, at their death or after. A trust has one person who has legal title of property, the trustee, for another person, the beneficiary. There is one set of beneficiaries who receive income during their lives and another set of beneficiaries who receive income after the first set of beneficiaries dies. A trust also

Continue reading: What are the differences between wills and trusts?

There are certain estate planning documents that everyone should have. One of these is a durable power of attorney. Having a durable power of attorney in place is crucial when important health care decisions need to be made. A durable power of attorney is a legal process that gives a designated person the ability to make health care decisions on a person’s behalf if they become incapacitated. They can make the decision to consent to medical procedures or remove a person from life support. A durable power of attorney must be drafted when the person is of sound mind. In Oklahoma, a person can give their agent either limited or full authority over health care decisions. If there are life-sustaining treatment decisions to be made then that power of attorney would need to comply with requirements of a health care

Continue reading: Establishing durable power of attorney in Oklahoma

There’s obviously a lot of challenge involved in building and maintaining a family business in Oklahoma (or anywhere, for that matter). Most family-run business owners agree, though, that it’s a very rewarding experience to work alongside those you love most and provide a service and/or product to the public, knowing that the business was created by your own ideas and led to success by the work of your own hands. There may come a time in your journey when you start thinking ahead to a future beyond your business days, and you will have to make major decisions such as who will own the company, run it, work at it, handle its finances, etc. With the right business succession plan, you can forge a clear path to the future, although there are a few pitfalls you’ll want to avoid. Major

Continue reading: Successful succession: Don’t let these issues thwart your plans

Some people in Oklahoma and elsewhere mistakenly think estate plans only function after a person dies. This couldn’t be further from the truth. Although a final will and testament is a document administered after an estate owner’s death, there are many other documents you can include in a thorough plan that have everything to do with situations that may occur while you’re still living. Choosing what documents to include in a particular plan is an intensely personal decision. Estate planning is a highly customizable process that you can adapt to suit your specific needs and long-term goals. There are several key documents that those who want to cover all their bases typically include in their estate plans. Good plans include more than final wills. If one of your main goals is to provide for your loved ones after you die, then you

Continue reading: Unlock peace of mind with key estate planning documents