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Outdated, unspecific plan may make estate planning less effective

Most people want to avoid situations in which they personally make their loved one's lives more difficult. When it comes to death, some people may think that because they are gone, they will have no considerable impact on their families' lives one way or another. However, that is not the case. Surviving family members have numerous tasks to attend to, and if a deceased person did not properly complete the estate planning process before his or her demise, complications could arise.

There are many common issues that could make an estate plan less effective than hoped. This means that even if Oklahoma residents did create a plan, their families could still face problems due to mistakes. For instance, a major mistake relates to creating a plan and then never updating it. With outdated information, estate plans can prove contradictory or otherwise create an atmosphere for conflict.

Additionally, conflict could also arise if a person did not specifically detail how his or her assets should be distributed. While it is perfectly acceptable for individuals to leave the distribution decisions up to surviving family or even state law, some parties may not agree on decisions, and contention could build to a point where litigation is necessary. In order to have a more effective plan, parties may want to consider their assets and make specific decisions themselves.

Estate planning is an ongoing process, and though that may seem inconvenient, it can help ensure that individuals' true wishes are known at the times of their deaths. If Oklahoma residents are concerned about whether their plans cover all their needs and desires, they may wish to review those plans and obtain an evaluation from legal professionals. Gaining more information on planning tools and possible errors to avoid could also prove useful.

Source: kiplinger.com, "8 Signs Your Estate Plan May Be Worthless", Casey Robinson, March 15, 2018

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