Life insurance is an integral part of estate planning for many people in Oklahoma, and the reason why can be quite clear. Policies that are payable upon death help address funeral costs and other pressing post-death expenses. Unfortunately, for some, they can also impose additional expenses during the estate administration process. For those who have a high net worth, it is necessary to exercise caution when working life insurance into an estate plan.
Estate planning can be incredibly complex or minimally simplistic depending on the needs of individuals in Oklahoma. The fear of creating a complex estate plan -- even if it is not necessary -- causes many people to put off planning with the idea of getting around to it later. Unfortunately, later is not always available. While estate planning often focuses on what happens after a person's death, the process also helps protect people who have become incapacitated and unable to care for themselves.
Having a will and comprehensive estate plan is one of the best possible guarantees that an estate will be handled correctly after a person's death. Individuals in Oklahoma should also be sure to name executors for their estates within their plans. Executors play integral roles in the estate administration process and ensure that people's last wishes are respected.
Parents of more moderate means tend to eschew the idea of trusts for their children. After all, most people in Oklahoma are familiar with the idea of pampered individuals living off of trust funds rather than earning their way in the world. That image might be popular for use in media, like television and movies, but trusts can actually make valuable contributions to children's futures.
Most people in Oklahoma would agree that perhaps the only constant in life is change. Whether this belief is actually true does not negate the need for updated wills and other important estate documents after significant life changes. Divorce, for example, creates a prime opportunity for individuals to revisit the estate planning process and address any necessary changes.