Fans in Oklahoma and across the rest of the United States recently joined together to mourn the loss of the late singer Prince. Born Prince Rogers Nelson, authorities claim that they have not found any evidence that he engaged in any type of estate planning prior to his death. He left behind no living children and has only one sibling with whom he shares both biological parents, and, while there are statutes and laws that dictate how an estate should be handled in the absence of a will, it is still advised that adults have at least a preliminary estate plan.
Losing a parent is never an easy thing to face, and the matter can be further complicated by surprises in the will. While every family in Oklahoma has its own unique needs, there are a few steps that most people can take to prevent sibling rivalry during estate distribution. However, this aspect of estate planning also involves keeping adult children up-to-date on the terms of a will and any trusts.
Estate planning is essential for ensuring personal effects and other assets are properly handled after a person's death. Most people in Oklahoma have a firm idea of what they want to happen with their house, vehicle and their great aunt's serving set, but what about a business? Business owners might expect family members to step up and take charge, but wills are key to protecting the venture.
Estate planning is a dynamic process that addresses issues both before and after death. Wills are primarily used for outlining how assets should be handled after death, although living wills and powers of attorney can be used to create a safety net during life. However, many people approach estate planning as a solitary practice.