Estate Planning: Beyond the Wealthy, A Must for Everyone
Most people think that estate planning is something that only the wealthy and famous need to worry about. However, this could not be farther from the truth. Everyone needs to plan for their estate regardless of their net worth or social status. Estate planning involves making important decisions about your assets and personal affairs and ensuring that your wishes get carried out after your death. To do this, you may need to seek the advice of an estate planning attorney.
Defining an Estate
An estate refers to everything you own at the time of your death. That includes your home, car, bank accounts, investments, personal possessions and any other property you may own. It also includes your debts and liabilities. Therefore, estate planning is arranging your assets and affairs to minimize taxes, expenses and legal hassles and ensure that your assets get distributed according to your wishes after your death.
Do You Know About Estate Planning?
Estate planning involves more than just writing a will. A good estate plan will provide a clear roadmap for what should happen to your assets and personal affairs upon your demise. It will also outline how you want to be treated if you are unable to make decisions for yourself while alive, such as in cases of disability or incapacity.
What About the Will?
A will is a document that legally outlines how your assets should get distributed after your demise. It can also include other important information, such as who should be appointed as the guardians for your children and who will be responsible for managing your estate. Working with an experienced estate planning attorney is a must to ensure your will is legally valid and meets your specific demands.
Know the Powers of Estate Planning Attorneys
Powers of attorney are legal documents that give someone else the power to decide on your behalf. There are two main types of powers of attorney:
A financial power of attorney allows someone else to manage your financial affairs, such as paying bills or selling property, if you are unable to do so.
A medical power of attorney allows someone else to make medical decisions for you if you are unable to make them yourself.
What's in the Living Will?
A living will, also known as an advance directive, is a legally valid paper that forms your medical wishes if you are unable to make decisions for yourself. It can include instructions for life-sustaining treatments and end-of-life care. A living will help ensure that your wishes get carried out in the event of a medical emergency.
See Beyond the Money Aspect in Estate Planning
Estate planning involves more than just distributing your assets. It is also about making important decisions about your personal affairs, such as who will care for your children or pets, how people remember you and what kind of legacy you want to leave behind. It can also involve planning for retirement and other financial goals. An experienced estate planning attorney can help you navigate these decisions and ensure your estate plan meets your needs and goals.
"Estate Planning Is for the Wealthy": It's Not What You Think
Contrary to popular belief, estate planning is not just for the wealthy. Anyone who owns assets and wants to ensure their wishes come true after death needs an estate plan. Failing to plan can result in unnecessary expenses, legal hassles and family disputes. An estate planning lawyer can help you create an estate plan that meets your specific needs and goals, regardless of your net worth.
An Estate Plan Can Benefit These
An estate plan can benefit anyone who wants to ensure the fulfillment of their wishes after their death. However, certain groups of people may have unique needs regarding estate planning. For example, parents with young children may need to designate guardians and create trusts to ensure their children are provided for in the event of their death.
Business owners may need to create a succession plan to ensure their business can operate smoothly after death. Individuals with a high net worth may need to take additional steps to minimize taxes and protect their assets. An experienced estate planning lawyer can help you identify and address these unique needs.
Reneau Law Group: Your Trusted Estate Planning Attorney in OKC
If you are located in OKC and need help with estate planning, the Reneau Law Group can help. Our experienced attorneys have helped many clients create customized estate plans that meet their needs and goals. We can help you navigate the complex legal and financial issues involved in estate planning and ensure your wishes' fulfillment after your death. Contact us today to schedule a consultation with one of the best estate planning attorneys in OKC.
**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.