There are numerous benefits to marriage in terms of estate planning. In a traditional marriage, where both parents share their children, one of those benefits is the fact the children will typically receive the family estate eventually, after the final parent dies. However, this will not necessarily be the case if one parent is a stepparent, with a family of his or her own. This makes for an interesting estate planning dilemma, but fortunately there is a solution.
We have all heard the joke that only two things in life are certain: death and taxes. Unfortunately, this is not too far from the truth in many respects; and, even after an Oklahoma resident dies, there will be a number of tax issues to take care of during the estate administration process. In this article, we will discuss the filing and preparation of your deceased loved one's IRS 1040 form.
Oklahoma residents who draft a last will and testament may wish to regularly revisit the document to ensure that its provisions remain accurate and truly reflect their wishes. Sometimes, it may be necessary to change beneficiaries, especially when testators change their mind about who should inherit their estate. In other cases, the terms of the will become outdated.
It's not pleasant to think about our own demise; however, estate planning is something that everyone should do. When people don't determine which assets go to their heirs, the courts will do the honors. If you have a will, though, it will go through the probate process. This can be expensive and time-consuming. In addition, the probate process is public, meaning that the contents of the will can be seen by anyone.