Estate planning is a very broad term in Muskogee, Oklahoma, referring to a person's choices on issues that affect them and their family toward the end of their life. These might include 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 normally the central component of any estate plan, there are many other elements which you may want to include, depending on your goals, and your financial situation.
Besides a will, a quality estate plan will include a living will, which gives your doctors and relatives instructions concerning your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in Muskogee, Oklahoma?
The answer to this question depends largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
Unmarried young adults typically don't think much about estate planning. In most cases, this is fine. Unless you are extremely sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
If you're not married in Muskogee, Oklahoma, but have a life partner, estate planning is necessary. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Additionally, your will should clearly name your partner as a beneficiary, if you want them to inherit any of your assets.
There is another massive group of people who would benefit from having a good Muskogee, Oklahoma estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily contains facing some uncomfortable realities, it is critical and unavoidable.
Do I Need a Muskogee, Oklahoma Estate Planning Attorney?
Because estate planning in Muskogee, Oklahoma can involve some convoluted legal and financial issues, it is essential to undertake this task with the guidance of an experienced attorney who specializes in estate planning.