It is never easy to watch a parent's health suddenly worsen, and it can be uncomfortable to discuss what might happen in the event that it does not improve. Many adult children in Oklahoma believe that they understand their parents' medical wishes and can handle important decisions if necessary, but this is rarely the case. It is often much safer for an estate plan to include a living will -- also referred to as a medical directive -- and a health care power of attorney.
Owning a vehicle, holding down a job and living alone or with roommates are all hallmarks of adulthood. While the specifics of what actually defines being an adult might vary from person to person, there is perhaps one essential task that should not be ignored -- estate planning. Age does not matter when it comes to discerning the benefits of a will and other important estate planning documents.
A complete estate plan will look different for each person in Oklahoma. What might work quite well for one individual can be far less effective for another, but there are a few key items that tend to form the backbone of most plans. Wills, living wills and trusts are all common features of estate planning, even if they are applied in different manners. However, trusts tend to be some of the least understood and utilized estate planning tools.
Summer is often a time for road trips, camping and lounging at the beach, and many people in Oklahoma plan to go on vacation at some point in the coming months. Travelers usually make sure to request time off from work and pack up coolers full of snacks, but there is one crucial pre-trip step that is usually missed -- estate planning. Vacation might illicit images of fun and relaxation, but that fails to take into account the realities of what might happen.
Many in Oklahoma and throughout the country feel that one of life's most unpleasant tasks is determining how their possessions and money will be distributed after their deaths. Inherently, estate planning and establishing wills require a person to fully confront his or her morbidity, which is not the way most like to pass their time. However, after Prince's death in April, estate planners have seen a dramatic upswing in will creation.