Not all first marriages work out, and many divorcees in Oklahoma go on to find happiness in second or even third marriages. However, these subsequent marriages can require special attention during estate planning. Wills, trusts and other important documents often need to be revised, otherwise there is the possibility that a person's true final wishes might not actually be respected.
Estate plans are one of the most effective tools for individuals in Oklahoma to handle their finances and assets both before and after death. Despite this, the vast majority of Americans still lack even a basic will. Ignoring estate planning needs could mean more than just the state distributing a person's assets as it seems fit; it could also mean a headache for surviving loved ones.
Although every family in Oklahoma is unique, many parents still include their adult children in their estate plan. This tends to create a bit of a conundrum for parents who are unsure what information they should share with their adult children regarding their wills. There might be no universal answer that is appropriate for each and every family, but there are certain considerations that can help parents decide which estate planning approach is best suited for their family.
Great aunt Tilda's silverware, dad's old house or grandma's car -- these types of assets are passed on alongside more financially focused inheritances, such as lump sums of cash or the remaining contents of a retirement account. In some cases, an inheritance is highly desirable and even beneficial to the heir. However, simply because loved ones left something behind in one of their wills does not necessarily mean that an heir is stuck with it.
Summer is often a time for road trips, camping and lounging at the beach, and many people in Oklahoma plan to go on vacation at some point in the coming months. Travelers usually make sure to request time off from work and pack up coolers full of snacks, but there is one crucial pre-trip step that is usually missed -- estate planning. Vacation might illicit images of fun and relaxation, but that fails to take into account the realities of what might happen.
Many in Oklahoma and throughout the country feel that one of life's most unpleasant tasks is determining how their possessions and money will be distributed after their deaths. Inherently, estate planning and establishing wills require a person to fully confront his or her morbidity, which is not the way most like to pass their time. However, after Prince's death in April, estate planners have seen a dramatic upswing in will creation.
Some people in Oklahoma may be among others throughout the nation who tend to steer clear of discussions that involve their own mortality. Stories abound of those who have died without having wills in place. Such situations often cause surviving loved ones to face complications and difficult legal challenges later down the line.
Fans in Oklahoma and across the rest of the United States recently joined together to mourn the loss of the late singer Prince. Born Prince Rogers Nelson, authorities claim that they have not found any evidence that he engaged in any type of estate planning prior to his death. He left behind no living children and has only one sibling with whom he shares both biological parents, and, while there are statutes and laws that dictate how an estate should be handled in the absence of a will, it is still advised that adults have at least a preliminary estate plan.
Losing a parent is never an easy thing to face, and the matter can be further complicated by surprises in the will. While every family in Oklahoma has its own unique needs, there are a few steps that most people can take to prevent sibling rivalry during estate distribution. However, this aspect of estate planning also involves keeping adult children up-to-date on the terms of a will and any trusts.
Estate planning is essential for ensuring personal effects and other assets are properly handled after a person's death. Most people in Oklahoma have a firm idea of what they want to happen with their house, vehicle and their great aunt's serving set, but what about a business? Business owners might expect family members to step up and take charge, but wills are key to protecting the venture.