The will has been drafted, trusts have been established and everything is located in a safe and easy to find location -- what else is there to do? Most people in Oklahoma might leave their estate plan at that and then move on to other things in life. While having a plan certainly does create a much simpler estate administration process, it still might not be enough. For those with considerable net worth, a wealth transfer plan is exceptionally useful.
Life insurance is an integral part of estate planning for many people in Oklahoma, and the reason why can be quite clear. Policies that are payable upon death help address funeral costs and other pressing post-death expenses. Unfortunately, for some, they can also impose additional expenses during the estate administration process. For those who have a high net worth, it is necessary to exercise caution when working life insurance into an estate plan.
Having a will and comprehensive estate plan is one of the best possible guarantees that an estate will be handled correctly after a person's death. Individuals in Oklahoma should also be sure to name executors for their estates within their plans. Executors play integral roles in the estate administration process and ensure that people's last wishes are respected.
The so-called traditional family is seemingly almost a thing of the past, with modern day families coming in all shapes and varieties that work and function in uniquely individual ways. Increasingly, step-children are included in wills, slated to receive an inheritance from a parent who is not related by blood. While this increasing norm is becoming more prevalent across Oklahoma, there are still special concerns that can arise during the estate administration process.
Many Oklahoma residents have questions about the probate process and how it could affect their estate. One of the most common concerns involves real estate, and what happens to pieces of property when an individual dies without a will. Unfortunately, when there is no will or other estate planning documents to guide the distribution of an individual's assets, the court will determine who gets what. These issues are typically sorted out in Probate Court, and it is a scenario that most people wish to avoid.
When an Oklahoma resident passes away, the individual(s) who are tasked with handling that person's estate will begin the process of putting his or her estate planning efforts into motion. This begins with amassing all of the person's assets and settling all debts. As with most financial matters, estate administration is best accomplished when a high level of organization is achieved.
Drafting a will is an important part of estate planning, and one that many in Oklahoma have taken. In order to ensure that one's will is carried out according to his or her wishes, however, it is also important to select the best possible executor. The role of executor is one of the most important aspects of estate administration, and one that many people fail to give the proper consideration.
Residents of Oklahoma may have heard that it's unlikely most people will owe federal estate taxes. While it's true that estates valued up to $5,340,000 are exempt from federal estate taxes as of 2014, it's also true that estate value can add up surprisingly fast. A family farm, for example, could easily exceed the threshold in value when you factor in equipment and land.