3 Commonly Overlooked Estate-Planning Details You Must Know

In general, estate planning is the will through which you can decide how to transfer your assets to particular individuals after your death. Submitting the documents in place means you have fulfilled your responsibility and that is the end of the story. Since estate planning is an extremely important decision to make, therefore, we have mentioned a few estate planning details that are overlooked in most cases.

Missing the details can affect your will significantly. If you don't want to make any mistakes while doing the planning, then contact the estate planning attorney in OKC immediately.

Avoid Ancillary Probate

Probate is a legal procedure that you should do under the supervision of a court. Once you use a will to express your final wishes, the executor will include the will to probate. But this process takes more than six months.

Keep in mind that beneficiaries do not receive any kind of inheritance during the process. You may not maintain privacy in probate because the records are public. Living in OKC means if you use a will, the court will preside over the administration of the estate.

In case you use a will to transfer assets directly, then your family may have to deal with two different probate processes. If you want to prevent this situation, then using a living trust for your estate plan would be better. After your death, the trustee will distribute the properties to the beneficiaries outside of probate.

You Should Update Your Will After Getting Married

If you don’t ideate the will after getting married, then the court may presume that the spouse is an omitted spouse. In that case, the spouse can claim a share of the decedent’s estate. But while updating you can mention the amount you would like them to inherit. If you can’t understand the process, then contact an estate planning attorney quickly.

Letter of Final Instruction

You should provide certain information to your estate administrator. The information includes the relevant documents, the location of the property, login information for online accounts, keys and access codes. You can share all the relevant information in the letter of last instruction. You should consider what the administrator will need to know and compose the letter accordingly.

Seek Legal Help

If you are willing to learn more about the will or change something significant, then contact your estate planning attorney. Remember that it is extremely important to review the plan carefully to make sure that you are not overlooking any of the above important details. To know more, you can also contact us at Reneau Law Group in OKC.

**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.