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.
A will was noted as being the most essential part of an estate plan. This document, the article stated, is needed regardless of the size of a person's estate. Advisers say that keeping a documented and updated will prevents the state from taking over the distribution of assets at the time of one's death. Without a will, one's belongings are dispersed according to state law.
The article also suggested that purchasing life insurance is important. The amount of coverage typically varies according to family needs, personal goals and assets. The idea is that a person can plan for the future care of his or her family with this type of insurance. In lieu of life insurance, some choose to open a "payable-upon-death" bank account that can provide for loved ones by issuing funds to cover funeral expenses and other costs incurred by family members at the time of one's death.
Some Oklahoma residents choose to use the step-by-step formula of estate planning. Living wills, trusts and beneficiary designations can be filed at different times as an ongoing way of developing a complete estate plan. Seeking a consultation with financial advisers and legal professionals with experience in this field would be a logical step to take when considering the process and issues involved in creating a customized plan for one's family.
Source: kitsapsun.com, "Step-by-step approach on estate planning", May 5, 2015