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Estate planning misconceptions shouldn't delay planning

Misconceptions can often keep Oklahoma residents from taking certain actions. In particular, many people may believe that they should put off estate planning because they do not need it or are not ready to get their affairs in order. However, anyone of adult age could benefit from having an estate plan, and clearing up other misconceptions may help.

As mentioned, estate planning can benefit any adult. The process is not just for immensely wealthy individuals. If people have children, recently opened retirement accounts or have a source of income, having an estate plan can be beneficial. It is an unfortunate reality that anyone could suffer incapacitating or fatal injuries or illness at any age. Having a plan in place, just in case, can prove helpful to loved ones.

Some parties may also feel hesitant to estate plan because they believe they cannot change their plans later on. Fortunately, this is not the case. Estate plans can -- and should -- be updated throughout a person's life to account for changes. However, there are certain planning tools, like an irrevocable trust, that cannot be altered once they have been created.

It can be understandably difficult to understand estate planning and all its facets on one's own. Luckily, this does not have to be a solitary process. Interested Oklahoma residents can discuss their wishes with their families members as well as enlist the help of legal professionals. Knowledgeable attorneys can answer questions regarding plans and tools and ensure that individuals have covered the areas of their lives that they want to have in order.

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