Estate planning is a very broad term in Elk City, Oklahoma, referring to a person's arrangements on issues that affect them and their family toward the end of their life. These might contain instructions for end-of-life care, as well as drafting a will or other document with the intent of disposing of one's property after their death.

While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is typically the central component of any estate plan, there are various other elements which you may want to include, depending on your goals, and your financial situation.

A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is identified as a "living will." It should also include instructions about funeral arrangements and organ donation.

Most especially, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can truly take on such responsibility.

What Type of Estate Plan Do I Need in Elk City, Oklahoma?

The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.

For example, if you're unmarried, and in your early 20's, estate planning is probably not the most necessary thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.

If you have a life partner in Elk City, Oklahoma, but aren't married to him or her, estate planning is necessary. If you want your partner to have most of the same rights and responsibilities as a spouse, it's typically possible with good estate planning. You should grant your partner power of attorney, so they can make arrangements for you in case you become incapacitated. Moreover, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.

If you are elderly, and have a considerable amount of assets in Elk City, Oklahoma, estate planning may be more necessary at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is necessary if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.

Do I Need a Elk City, Oklahoma Estate Planning Attorney?

Because estate planning in Elk City, Oklahoma is not always simple, the assistance of a reliable attorney will almost certainly be useful, and worth the cost. This is doubly true because of how critical the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.