7 Essential Steps to Creating an Estate Plan with an Attorney
Death is inevitable, and no one knows when it will come. Hence, it is essential to prepare for it by creating an estate plan. This plan outlines how you can distribute your assets after your demise and it helps avoid conflicts among family members. However, creating an estate plan requires proper steps to meet your needs.
It’s important to discuss the seven essential steps to starting an estate plan and why consulting an estate planning attorney in OKC is vital.
Understand the Guardianship and Plan for Special Needs
If you have children under 18, it is crucial to determine a guardian in case you pass away. Choosing a guardian is a critical decision and you must consider factors such as the guardian's relationship with your children, financial stability and values. Also, if you have a child or family member with special needs, you need to make arrangements to ensure they receive proper care and support. You can achieve this by creating a special needs trust to support their care financially.
Understand Your Ownership Structure
Your ownership structure determines how you can distribute your assets. If married, you can have separate or joint ownership of assets. You can leave these assets to your spouse, children or other beneficiaries if you have that separate ownership. However, your assets will automatically pass to your spouse if you have a joint right. Discussing your ownership structure with your estate planning attorney to ensure it aligns with your wishes is essential.
Determine an Administrator
An administrator is responsible for managing your estate after you pass away. You can choose a family member, friend or professional administrator to handle your affairs. Choosing an administrator who is trustworthy, reliable and competent is crucial.
You Can Include a Charity Donation
If you have a charity or organization close to your heart, you can include them in your estate plan. You can leave a specific amount or a percentage of your assets to the organization. That is a great way to support causes that are important to you and leave a lasting legacy.
You Can Have a Secondary Beneficiary
If your primary beneficiary passes away before you, it is essential to have a secondary beneficiary. That ensures the asset distribution occurs according to your wishes Discussing this with your estate planning lawyer is crucial to identify your secondary beneficiary correctly.
Analyze Retirement Account
If you have a retirement account, it is essential to determine who your beneficiaries will be. You can leave your account to your spouse, children or other heirs. However, the distribution of retirement accounts can be complicated and it is crucial to consult an estate planning attorney to ensure proper handling.
Get to Know about Trust in Your Estate Plan
A trust is a legal entity that holds and distributes your assets according to your wishes. There are several types of trusts, including living and testamentary trusts. You can create a living trust while you are alive and transfer your assets into the trust. A testamentary trust comes into creation after your demise, outlined in your will. It is essential to discuss the different types of trusts with your estate planning attorney to determine which one is right for you.
Why You Need an Estate Planning Attorney in OKC
Creating an estate plan requires legal expertise and consulting an estate planning attorney in OKC is crucial. They can help you navigate the complexities of estate planning and ensure that your estate plan meets your needs. They can also help you avoid common mistakes leading to legal disputes or unintended consequences.
Secure Your Legacy Today: Contact Our Estate Planning Attorneys in OKC!
Creating an estate plan is crucial in securing your assets and ensuring your loved ones are cared for after passing. At Reneau Law Group, we understand the importance of having a solid estate plan and the peace of mind that comes with it. Our team of experienced estate planning lawyers in OKC can guide you through the process and create an estate plan tailored to your needs.
Please don’t wait until it's too late. Contact Reneau Law Group today and take the first step in creating an estate plan to protect your assets and provide for your loved ones. Our attorneys are knowledgeable and dedicated to providing exceptional service and legal expertise. Let us help you create a plan that gives you peace of mind and preserves your legacy.
Final Words: Creating an estate plan is vital in securing your future and assets. Following the seven essential steps outlined in this blog and consulting with an experienced estate planning lawyer in OKC, you can create a plan that meets your needs and ensures that your loved ones are cared for after your passing. We are committed to providing you with the highest service and expertise at Reneau Law Group. Contact us today to schedule a consultation and take the first step in creating an estate plan that resolves your worries.
**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.