The process of putting together an estate plan involves a number of important steps. It can feel overwhelming, and it is not uncommon for Oklahoma residents to "miss" certain elements of that process. One of the most commonly overlooked or misunderstood aspects of estate planning involves life insurance and the role that it plays within the overall planning process.
In today's world, there are few areas of life that are not affected by technology. One's family life, career and personal pursuits are all impacted by technological advancements. For many in Oklahoma, online storage is a new concept, while others have fully embraced cloud-based storage of video, music and other types of files. In some cases, these online collections are of significant value and should be included within the estate planning process.
Many Oklahoma residents have questions about the probate process and how it could affect their estate. One of the most common concerns involves real estate, and what happens to pieces of property when an individual dies without a will. Unfortunately, when there is no will or other estate planning documents to guide the distribution of an individual's assets, the court will determine who gets what. These issues are typically sorted out in Probate Court, and it is a scenario that most people wish to avoid.
As our parents age, many Oklahoma residents consider the possibility that they may eventually require residential health care. Few of us are comfortable discussing the matter, especially well in advance of such a need. That, however, is exactly when the topic should be broached. Savvy families will take steps to ensure that loved ones will have the ability to access needed care, while also preserving the family's assets for the next generation(s). Within this process, trusts can be valuable tools.