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Listing assets and debts may help when beginning estate planning

Everyone's life has many aspects to it. Because of the numerous factors and details that make up a person's life, it can seem difficult to get affairs in order for end-of-life wishes. If Oklahoma residents are thinking about starting the estate planning process, they may want to consider taking certain steps to help get the process going.

One of the biggest parts of creating an estate plan involves deciding how to bequeath assets. Of course, in order to distribute assets, individuals need to know what property they actually have. It can be helpful to make a list of valuable assets -- typically those worth $1,500 or more -- around the home, and any other physical assets, like vacation homes or rental property. Parties may also want to remember to include funds in bank accounts as well as insurance policies.

On the flip side of listing assets, individuals may also find it helpful to list debts. Debts can include amounts left on mortgage or auto loans, credit card balances and other owed funds. Creditors still need to seek payment even after a person's death, and this information could help surviving loved ones know what needs paying.

Understanding one's financial situation can play an important part in estate planning. Of course, there is much other information that needs consideration when working to create a comprehensive estate plan. Fortunately, individuals looking to move forward with the planning process can work with Oklahoma legal professionals to understand what tools may help them make the best plans for their specific estates.

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