Estate Planning Lawyers for the State of Oklahoma
Estate plans are extremely important to have if you own any property or assets, and have loved ones who you wish to receive parts of your estate after you pass away. They may not only protect your assets while you are alive, but may preserve your estate according to your wishes after you pass on. Estate plans may also protect your medical and financial wishes, and ensure that your requests are followed if you become unable to voice such opinions. If you have certain people who you want to receive specific assets and/or property after your passing, you may state said desires in an estate plan. When you pass away, your estate should be divided and distributing according to your wishes. Our estate planning attorneys may assist clients create new, comprehensive estate plans, or amend existing estate plans.
Please visit the pages below to learn more about the areas of estate planning in which we specialize:
How assets are distributed will depend upon your marital status, if you have any children and whether or not you have a will or a trust. When you create an estate plan, you have control over how your assets are distributed and not the government; most people prefer to have this control.
Revocable Living Trusts
When a person establishes a revocable living trust, they may state who they want to receive what of their estate after they pass away. Most living trusts are revocable, because they can be amended or terminated during the creator, or grantor’s, lifetime. Revocable living trusts may also be referred to as inter vivos trusts.One of the many benefits of the revocable living trust is the avoidance of your property being administered through probate. Check out a book of dead kostenlos.
Oklahoma is a debtor friendly state. It offers many asset protection options that a person may utilize to protect certain assets from creditors and/or potential lawsuits if created and managed properly. It is not a part of the federal bankruptcy exemption structure, and debtors must abide by the state’s exemption laws.
Medicaid trusts are specific types of trusts that may protect your assets and property from Medicaid nursing care spend-down. It is ideal to create a Medicaid trust as soon as you or a loved one is exhibiting signs that they may need nursing home care in the future. If a Medicaid trust is properly created, the assets in the trust may also be protected from spouses, divorces, and creditors.
Wills are extremely important estate planning documents. They allow people to name guardians for their minor children, elect an executor to manage their estate after they pass away, and instruct how taxes and debts are to be paid after the creator passes away. Although wills can be created without an attorney’s assistance, a will may be considered invalid if it does not follow the legal requirements.
Power of Attorney
A power of attorney allows a person to give another individual the authority to make decisions on their behalf. There are two different types of powers of attorney-a healthcare power of attorney, and a financial power of attorney. A power of attorney creator may make give their agent a strict or unlimited amount of power regarding their medical and/or financial decisions.
An advance health care directive is a legal document that anyone 18 years or older and of sound mind may create to inform physicians and loved ones about their wishes to either accept or deny certain life-sustaining medical care, appoint a health care proxy, and explain if they want to donate specific organs or their entire body for transplant research.
Elder law is a broad area of law that includes any legal issue that older adults and their families may face. It includes estate planning, probate, retirement planning, guardianships, nursing home neglect, and various other areas of law. It is important to find an elder law attorney who has knowledge of the elder network, and specialize in the area of elder law in which you require assistance.
Create an estate plan today!
If you do not have an estate plan, or wish to add documents to your current estate plan, please contact The Law Office of Bryon J. Will, P.L.L.C. We may create personalized, comprehensive estate plans for individuals and their families, and our firm may also amend outdated estate plans. Call our office to schedule an appointment with one of our estate planning attorneys today! We are located in Perry, OK.