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.
Yearly physicals at the doctor's office and regular tune-ups for the car are on most people's to-do lists, and rightly so. Staying on top of important aspects of life is part of the key to avoiding unexpected problems. For all the careful planning that people in Oklahoma do, revisiting an estate plan in order to avoid issues during estate administration is often overlooked.
Any Oklahoma resident who has helped care for a loved one who suffers from dementia knows how heartbreaking it is to watch a family member lose his or her grip on reality. Dementia affects many older people, and it places a huge burden on their extended family. When it comes to estate planning, many people want to devise protections against the risk of dementia but are unaware of their options. The following information focuses on how to best safeguard an IRA from dementia-related loss.
If an individual over the age of 18 is considered incapacitated, the state of Oklahoma may appoint a guardian to handle certain duties for that person. In Oklahoma, there are three types of guardians. A general guardian will have power to make all decisions for the individual and decisions regarding that person's property. Limited guardians will have the power to make some decisions for the individual and regarding that individual's property.
When it comes to estate planning, most people hope that the process will go easily and there will be few bumps along the way. But when failing health and family feuds get thrown into the mix, the process can get incredibly complicated and leave a mess that only a court judge may be able to sort out.