At one point or another, many adults in Oklahoma will have to deal with the possibility of placing a parent in the care of a nursing home or other type of residential facility. This decision is already one that is fraught with emotions, and many families fail to take proper legal precautions to ensure the continued medical and financial care of their loved ones. A power of attorney is a powerful tool that can allow individuals to exercise continued control over themselves and some aspects of their estate, but it should almost always be used with caution.
There are a number of tools at the disposal of estate planners that can help create the most secure plan possible. Among these, trusts are some of the most popular and versatile documents, especially when it comes to leaving an inheritance. Parents in Oklahoma who are worried about their children potentially wasting or misusing their inheritances can use trusts to limit how inheritances are distributed.
As the Baby Boomer generation of Oklahoma nears retirement age, most of their estate planning concerns center around retirement funds and inheritances that will be left to adult children. These worries are of course valid and should be addressed, but estate planning can play a much more profound role at this age. For instance, a durable health care power of attorney can help prevent elder abuse from affecting an incapacitated individual. Unfortunately, that alone might not be enough anymore.
Some people in Oklahoma may be among others throughout the nation who tend to steer clear of discussions that involve their own mortality. Stories abound of those who have died without having wills in place. Such situations often cause surviving loved ones to face complications and difficult legal challenges later down the line.