For many in Oklahoma, the relationships that shape family connections will shift and change over time. People marry and divorce and often marry again. Some families are comprised of children from multiple parental pairings, while others go through serious emotional turmoil that changes the parent-child relationship. It is imperative that individuals understand how their assets will be distributed after their deaths in order to avoid making serious errors when drafting wills and updating account information.
One of the most important aspects of any estate planning package is the creation of a system by which one's heirs are able to inherit wealth with as little taxation as possible. For Oklahoma families who have amassed a level of wealth that exceeds the current estate tax exclusion amount, it is important to create a plan that will protect assets from excessive taxation. One such solution is found in the creation of Generation-Skipping Trusts (GST).
When many Oklahoma residents consider their estate planning needs, the focus is placed on how one's tangible assets will be distributed after death. We talk about investments and savings, cash and real estate. When working through the various estate planning options, it is important to remember that not all items of value are held in financial accounts or pieces of tangible property. Digital assets are also of concern to many families.
A recent article was published that might help Oklahoma residents when it comes to filing the documents that will affect the administration and distribution of their properties and assets at the time of their deaths or sudden incapacitation. The article suggested ways to make the process of estate planning less stressful by creating a plan one step at a time. A list of specific tasks was given that, according to the article, are typically applicable to everyone, even though each person's circumstances are unique.