Estate planning is a very broad term in Seminole, Oklahoma, referring to a person's decisions 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 usually 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 Seminole, Oklahoma?
The answer to this question depends on your individual needs, your priorities, your health, and the size and nature of your estate.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
If you have a life partner in Seminole, Oklahoma, but aren't married to him or her, estate planning is crucial. If you want your partner to have most of the same rights and responsibilities as a spouse, it's usually possible with good estate planning. You should grant your partner power of attorney, so they can make decisions for you in case you become incapacitated. Furthermore, 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.
Individuals who are elderly and/or have a large amount of money in Seminole, Oklahoma are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always involves, but it's necessary.
Do I Need a Seminole, Oklahoma Estate Planning Attorney?
Because estate planning in Seminole, Oklahoma is not always simple, the assistance of a good attorney will almost certainly be useful, and worth the cost. This is doubly true because of how important the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.