The Benefits of an Estate Plan

Plan ahead and give your friends and family peace of mind

It’s not easy to think about what will happen after we pass on. But you want to ensure that your loved ones are taken care of. The best way to ensure that your legal, financial, and personal affairs are in place is to create an Estate Plan. 

What is an Estate Plan?

An Estate Plan is several legal documents often created with the help of a trusted lawyer. These ensure your financial assets and properties are managed and distributed to your loved ones upon your death. An optimal estate plan means having a plan in place for your future and the future of our loved ones. This not only provides you but your family, peace of mind.

An Estate Plan should include the following documents:

Last Will and Testament

A Last Will and Testament is the most common document to create when planning your estate. It will not only state what should happen to your personal and financial assets but, more importantly, who will look after minor children in the event of both parent’s death. By preparing a Last Will and Testament, you avoid a court deciding who should take care of your kids and how and when they should receive their inheritance.

Power of Attorney (POA)

A Power of Attorney is a legal document that gives a person legal authority to act and make decisions on behalf of someone else, usually when that person is incapacitated in some way. People often choose their spouse, a family member, or a trusted friend to be their power of attorney. There are two types of POAs that are typically included in an estate plan. 

Healthcare POA – A Healthcare POA specifically relates to giving authority to make medical and health decisions if the person is unable to do so themselves. 

Durable POA – A Durable POA is someone who can make financial and legal decisions on your behalf if you are unable to do so yourself. A Durable POA can be effective if you become mentally incapacitated – allowing someone to sign documents and make decisions for you without needing a court order. A Durable POA can also be used for something as simple as you being out of town when you need to sign a legal document. 

Advanced Directive

An Advanced Directive (sometimes called a Living Will) indicates someone’s end-of-life decisions and sets out who will make those decisions for them if they are unable to (similar to a Healthcare POA). While it may not be a pleasant subject to think about, you can help your family and medical professionals by informing them of your late-stage life wishes. This often includes your personal decisions about if and when you want to be put on life support, and whether you wish to donate your organs and tissues. 

Revocable Trust

A Revocable Trust is a document that assigns a trustee to manage and distribute a person’s assets after their death. A Revocable Trust can help avoid probate as well as maintaining privacy and reducing estate taxes. 

Let expert lawyers handle your estate planning to protect you and your family. Contact Robertson and Williams Law firm Oklahoma today!

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