Think estate planning is a married person's thing? While it might be understandable that some single individuals in Oklahoma are still under the impression that wills and estate planning offers nothing for them, the reality is very different. While certain laws exist to ensure the somewhat orderly passing of an estate to a surviving spouse, who gets what is much less clear cut when an unmarried person passes away without any estate planning documents to speak of.
When it comes to estate planning basics, wills and trusts tend to top the list of topics. Wills are of course a necessary part of virtually any estate plan and trusts have many possible benefits, but estate planners often leave a very important document out of the mix -- a power of attorney. Durable powers of attorney can help loved ones avoid confusion and difficult decisions in the face of otherwise terrible situations.
Responsible estate planners often look at a number of different outcomes and possibilities when reviewing their documents. Even at its most basic, estate planning can provide a surprising number of protections and benefits. For those in Oklahoma who are performing an annual review of their plan, it might be time to consider if substitutes or backups should be included.
The so-called traditional family is seemingly almost a thing of the past, with modern day families coming in all shapes and varieties that work and function in uniquely individual ways. Increasingly, step-children are included in wills, slated to receive an inheritance from a parent who is not related by blood. While this increasing norm is becoming more prevalent across Oklahoma, there are still special concerns that can arise during the estate administration process.