All persons should consider planning for the untimely event of their death or incapacitation. Our experienced estate planning attorneys will draft the necessary documents for your individual needs. The typical estate planning process involves drafting a last will and testament, durable power of attorney and an advanced medical directive. In other instances, it may be necessary to prepare a trust.
LAST WILL & TESTAMENT
A document that designates the beneficiaries of your assets and identifies a person to be the 'personal representative of your estate.' The personal representative will be in charge of proceeding with probate in the court to deal with any creditors, taxes and the transfer of your assets to your named beneficiaries.
DURABLE POWER OF ATTORNEY
A document that designates a person to act as your 'attorney in fact' to take care of all your medical and financial affairs in the event that you become incapacitated. The advanced medical directive is a document that allows you to designate how you wish to be treated by health professionals if you are in a situation where life support is necessary.
TRUST
A document that creates a legal entity for the transfer of your assets without the need for probate. There are also significant steps that you can take to transfer assets without a will or a trust, such as designating a beneficiary on all retirement, banking and life insurance accounts. In addition, Oklahoma allows for one to execute a transfer on death deed leaving real estate to designated beneficiaries.