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Estate Planning Archives

Discussing estate planning with family makes sense

While some may find the process of preparing their estate a complex and intimidating task, even more daunting may be discussing those plans with family members and loved ones. Broaching the subject of one's departure from this world may be uncomfortable, and some families may even consider the topic of death taboo. However, because events may unfold that place family members in the position of making life-and-death decisions for a loved one, estate planning discussions may provide a solid framework for those decisions.

Carrie Fisher's estate planning provides a positive example

In recent years, celebrity deaths have brought important focus on the need for thinking ahead. When famous people die leaving ridiculous fortunes to no one in particular, fans in Oklahoma may wonder why such wealthy people did not take the time for estate planning. Instead, months pass while potential heirs dispute and probate drags on, likely something none of the departed stars wished to happen.

Estate planning preserves a small business owner's dream

A small business owner has enough to think about just to keep the business running smoothly. Sometimes it's enough to be able to focus on the day-to-day necessities without worrying about problems that may or may not happen years down the road. Unfortunately, if an entrepreneur supports his or her family with the profits from a business, there is no room for the luxury of postponing creating a contingency plan. A major element of protecting one's business and family is estate planning.

Estate planning may be even more important for singles

Estate plans are often geared toward families so that parents can provide for their children and ensure a surviving spouse is well supported. Because of this, singles in Oklahoma may think they have no need for estate planning. However, having a plan for the future may be even more important to those who are unmarried. They simply must focus on difference aspects and goals in their preparations.

Edward Albee's drastic estate planning does not surprise friends

The news has been full of stories of artists and creative geniuses who have left their estates to chance. Not only have these great minds named no one to protect and manage their art, they have left unpublished and incomplete works with no instructions for their use. Not so with playwright Edward Albee, who died in 2016. With careful estate planning, Mr. Albee has left clear instructions to his estate executors.

Estate planning is not just for older people

Young people have a reputation for being carefree and feeling invincible. They may see their lives as a great adventure with no end in sight. The idea of estate planning may be the last thing they want to spend time and energy considering. In fact, 78 percent of those under the age of 36 in Oklahoma and across the country do not have even a simple will.

Estate planning for digital assets is more than just sentimental

Technology has certainly made it easier for people to manage certain aspects of their lives. For example, people in Oklahoma can pay bills, make purchases and handle investments all online and even automatically. However, because many of these types of accounts contain vital and private information, people often secure them with passwords. Estate planning now must consider how an estate executor, trustee or heir will access those accounts if the account holder becomes ill or passes away.

Some use estate planning to get even with disappointing heirs

Among the many entertaining things to be seen on the internet, web surfers may run across articles detailing the unusual messages people have left in their wills. While estate planning is generally a serious endeavor, some in Oklahoma may use their wills to leave a humorous statement in order to ease the grief of their loved ones. Others, however, see their wills as a way to take a parting shot at someone who has hurt them. Many estate planning experts agree that this is a bad idea.

Estate planning for childless singles

The dismal news is that 64 percent of Americans do not have a will. When estate planning is overlooked, a person essentially agrees to allow Oklahoma courts to decide who gets what. More critically, someone who does not prepare may have no one to make vital medical or financial decisions in the event of an emergency. Married couples with children may rely on state laws to appoint their spouses and children as proxies or beneficiaries. However, those without families do not have that safety net.

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