As many Oklahoma residents know, an estate plan is a vital part of any person's preparation for death. Furthermore, since the inevitable end of our lives can happen at a time when we least expect it to, it is best to prepare your estate now rather than waiting until it is too late. Generally, individuals create their estate plans and irrevocable trusts for the benefit of their family members and heirs; however, it may also be beneficial to consider your pets needs too.
By establishing a living trust, Oklahoma individuals may be able to avoid the lengthy, public and expensive process of probate. Additionally, they can create a plan to handle disability and retain control over their assets so that they can use them during their lifetime. At the same time, they can prepare for the future and set parameters around how heirs should use assets and income from the trust.
Many Oklahomans who want to leave money for their beneficiaries after their demise use trust structures. Those who worry about their beneficiaries' money management skills may take the additional step of designating their trusts as spendthrift trusts. These structures are expressly designed to give their creators a greater degree of control over the disbursement of the assets they leave behind.
In Oklahoma, many parents want to make certain their children who are disabled will be able to have their needs taken care of when they are adults without interfering with their children's ability to continue receiving federal and state benefits. A special needs trust is a legal vehicle by which parents can provide funds designated to take care of certain expenses that would otherwise not be covered through SSI or Medicaid and Medicare benefits.
Oklahoma residents may know that estate planning is an important part of planning for the future. Making sure one's beneficiaries receive their legacy in a cost-effective direct way allows a benefactor to have peace of mind. The type of estate planning tools one uses is an important consideration. Assets that do not require a will or trust include insurance policies and retirement plans since they have beneficiaries named in the document. For other assets, there are two main ways to transfer wealth to beneficiaries.