FAQ: ESTATE PLANNING
Estate planning seems overwhelming and confusing at times to many people. The following is a list answers to the most frequently asked questions we receive. Please reach out, if you have additional questions.
What is Estate Planning?
Estate planning is simply planning the future of your “estate” after you pass. Estate planning covers the transfer of property upon death and other personal issues and decisions related to your death. The core documents most often associated with estate planning, include: last will and testament, living will or advanced healthcare directive, power of attorney, and trust documents.
The process of estate planning may involve legal and financial advisors, familiar with your goals and concerns, that will assist you in establishing a plan, legal documents, and accounts to address your desired disbursement of assets and your family needs. Estate planning may involve an estate attorney, probate attorney, accountant, financial planner, life insurance provider, and bankers.
- Children: your will may designate a guardian for minor children or the surviving parent, which helps to avoid court involvement in the care of your children. You can avoid bonds (money to secure trustee property), by use of a trust and appointment of a trustee to manage property and funds for the support of your children.
- Designate an Executor: you may designate a personal representative executor, which can eliminate the need for a bond.
- Designate other beneficiaries: a will allows you to designate beneficiaries outside of Oklahoma intestacy laws, i.e. stepchildren, godchildren, friends, charities, and business partners.