Every year, many residents of Oklahoma are either met with rewards or regrets in their ability to plan ahead. Neglecting one's estate plan can have a direct impact on the legacy left behind and cause more grief that extends beyond the stage of mourning and acceptance.
For some, preparing a clear and up-to-date will can ensure some peace of mind that family and friends left behind will be cared for in the intended manner. In doing so, it is possible that potential drama among beneficiaries post-death is avoided. Avoiding such complications and in-fighting can be remedied by establishing and funding a revocable trust.
The probate process can be lengthy and a public ordeal, as well as costly. With a revocable trust, the privacy of an estate and its heirs ensure a sense of privacy. Additionally, a 'pour over" will includes all assets into the revocable trust to be collected and distributed according to the grantor's written instructions and bypass probate.
Changes throughout life demand careful combing through previous incarnations of estate planning. Parents, specifically, face the task of ensuring that their life insurance policies and retirement policies are explicitly written to cater to their children's guardian and all inheritance listings are rooted to reflect present-day needs.
Although carving out a full-proof will may sound like a monumental endeavor, the legal reassurance may be beneficial. Drafting estate plans with a legal professional might save a lot of consternation and cash in the end, making the decision to consult with an estate planning attorney a viable option.
Source: CNBC, "Trust bust: Steer clear of the 8 biggest estate-planning mistakes", Barry Glassman, January 03, 2015