Though the prospect of estate planning can be uncomfortable or intimidating, it is also a critical part of ensuring that your family is well cared for after your passing. By establishing a solid estate plan, you are taking control of your assets and making certain that your wishes will be carried out no matter what. You are also helping your loved ones to have one less thing to worry about. Our team of Oklahoma City estate planning lawyers can help you to accomplish all this and more!
Estate planning is the process of legally getting your assets to maximize the benefits they can give you throughout your life and to those you choose after your death. A properly-written estate plan can grant decision-making power to a person of your choice and acts as a guide that must be legally followed by the courts. Estate planning involves wills, trusts, powers of attorney and other important legal documents and decisions. These decisions don’t have to be permanent, however, and it is recommended that you start your estate plan early and modify it as your life changes and your assets grow.
Wondering how best to preserve your legacy? Contact us today to schedule an appointment and find out what course of action is right for you and your family!
Contrary to common assumptions, estate plans (including wills and trusts) are not only for the old or the wealthy. Everyone has something they want to protect, whether it’s a family heirloom or young children. Without a proper estate plan, your assets will be distributed according to Oklahoma intestate succession laws. This means the government will divvy up what’s left among your closest living relatives, or those of your spouse. If you want to eliminate the possibility of crazy cousin Charlie getting your stuff when you die, an estate plan can help. There are also many other benefits to drawing up legal documents – trusts and powers of attorney are especially useful during your lifetime. It’s never too early to get started – contact an Oklahoma City estate planning attorney today.
The main difference between wills and trusts is that assets are transferred to beneficiaries as soon as a trust is enacted, while assets named in a will are only transferred after the person’s death. Another significant difference between wills and trusts in Oklahoma is that a trust doesn’t have to go through probate, whereas a will does. Probate is the legal process where a will is authenticated by the courts, who oversee the administration of the named assets by the executor. The probate process can be lengthy and expensive. Both wills and trusts serve different beneficial purposes, and speaking with a skilled northern Texas estate planning lawyer can help you decide what’s best for you.
Call Smith Simmons, PLLC today at (855) 973-8877 if you have any further questions about estate planning. We have the experience you need to make sound decisions for your future and that of your family!