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Family should know where to find estate planning documents

Once the time has come to create an estate plan, Oklahoma residents may need to keep various pieces of information in mind. Estate planning can involve leaving instructions for many areas of a person's life, and in order to ensure that a plan covers all desired areas, carefully reviewing planning options and personal details may prove useful. Therefore, individuals may want to ask themselves certain questions to keep their plans on track.

One question parties may want to consider relates to what they want done with their homes after their deaths. Homes can often hold a great deal of memories and sentimental value, and one surviving loved one may want to keep the property. However, bequeathing such an asset to a specific person may be easier if the mortgage has already been paid. If it has not, parties may need to consider instructions for selling the home or how they would otherwise want the property addressed.

In addition to laying out details of the plan, people may also want to ask themselves whether their loved ones will be able to find important documents when the time comes. These documents can range from the will itself to financial records. If family members do not know where that information is kept, it may prove more difficult to move the estate through probate. Individuals who plan ahead can discuss their plans with their loved ones and inform them where to find such records.

Though some people may think that estate planning is morbid or unnecessary, it can actually help in many ways. Some Oklahoma residents may even find that the process brings them closer to their loved ones as they discuss such personal wishes. If parties are interested in finding out more information on planning options, they may wish to speak with knowledgeable attorneys.

Source: wisebread.com, "5 Estate Planning Questions Everyone Should Ask", Dan Rafter, March 5, 2018

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