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Estate planning is appropriate at any stage of life

The sad fact is that most people do not have a will. Many people in Oklahoma have the misconception that only wealthy seniors need to think about estate planning. However, this is far from the truth. There are many life events that may make an estate plan important, no matter the size of one's estate.

For example, when children turn 18 and are considered adults, the parents can no longer act or speak on their behalf without a court order. This becomes a serious issue if the child should have a medical emergency. However, if the child has an estate plan that contains a power of attorney document, this can give peace of mind to parents until the child marries.

Marriage is another life event that may prompt one to investigate estate planning, especially if it is not one's first marriage. An estate plan can protect the rights of children from a first marriage or the assets someone brings into the marriage. When a couple has children, having an estate plan can ensure those children are well provided for if something unforeseen should happen to the parents. Parents may include a trust for the financial support of their children as well as naming a guardian.

There are many steps throughout life that provide an ideal opportunity to create or revisit an estate plan. Having these documents in place long before they may be needed can be a source of peace for all involved. Anyone in Oklahoma who is ready to investigate the options available can find assistance through an estate planning attorney.

Source: CNBC, "Think you're not rich enough to need a will? Think again", Deborah Nason, Oct. 24, 2017

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