Yearly physicals at the doctor's office and regular tune-ups for the car are on most people's to-do lists, and rightly so. Staying on top of important aspects of life is part of the key to avoiding unexpected problems. For all the careful planning that people in Oklahoma do, revisiting an estate plan in order to avoid issues during estate administration is often overlooked.
People nationwide, including those in Oklahoma, often avoid thoughts of their own mortality. For this reason, estates are sometimes accidentally left to unintended recipients. It is not uncommon for a person to be comfortable merely with the fact that he or she has a will; however, many fail to consider the importance of updating beneficiaries. Designated beneficiaries on 401(k)s or IRAs often take precedence over stipulations in wills.
Estate planning is not an easy task. It requires that you ponder inheritance questions, end-of-life decisions and more. When you have a loved one with special needs, the process becomes emotionally taxing and difficult. There is a special type of trust for these circumstances, which is called a special needs trust. Oklahoma residents need to understand the benefits of special needs trusts before moving forward with setting one up.
Regardless of age or wealth, having an estate plan in place is important for all Oklahoma residents. Even if all you have is a vehicle and a meager checking account, those are still assets that must be accounted for upon your passing. The two most common estate planning documents that dictate what happens to a person's assets after death are wills and trusts. While many may be familiar with those terms, few may know the exact difference between the two.
Many Oklahoma residents are turning their thoughts to how they can make changes to improve their lives in 2016. Addressing estate planning is one way to ensure that loved ones will be properly cared for in the event of an individual's debt. However, there is another aspect of estate planning that many people overlook. Creating the proper power of attorney documents is equally important.