Estate planning is an important element of anticipating the future for many individuals. This method provides a person with the ability to determine how his or her assets distributed upon death, which family members will take care of that person’s financial or medical health if that person becomes incapacitated, and how responsibilities will be decided after the person’s death. Given the importance of estate planning, it is important to contact an estate planning attorney for help.
Common Estate Planning Issue Handled by Our Legal Counsel
Our legal counsel helps with a variety of issues, which include the following:
- Business Succession Plans
- Charitable Trusts
- Estate Administration
- Health Care Power of Attorney
- Irrevocable Trusts
- Living Wills
- Medical Directives
- Power of Attorney
- Revocable Trusts
- Special Need Trusts
- Trust Administration
The Elements of a Complete Oklahoma Estate Plan
There are many elements of an estate plan that can be tailored to fit the unique elements of each person’s life. Many people discover that they need a Durable Power of Attorney, Durable Power of Attorney for Health Care, Last Will and Testament, and Living Will. Many individuals with children also decide to appoint a guardian for their children and some individuals also decide to create a trust for their children. Individuals with bank accounts, life insurance, and retirement accounts also decide to make these elements part of their estate plan.
The Advantage of Succession Planning for Small Businesses
Despite its own complicated body of laws, many small business owners discover that plotting out business succession is an essential part of their estate plan. Many succession plans include buy-sell agreements, family partnerships, family trusts, gift giving programs, life insurance trusts, limited liability companies, and transfer restrictions.
The Role of Probate in Oklahoma
There is a long established body of law in the state of Oklahoma that dictates how the probate process should proceed. Overseen by the court, probate is the process that establishes how a deceased person’s debts are paid as well as how that person’s assets are transferred to any beneficiaries. A person often articulates in a will how their estate will be administered and how debts will be handled after their death. Many individuals who own homes discover that the probate process is particularly important. While individuals are still alive, they are able to transfer ownership of property to another person, but after death, if the original owner’s name is still listed on the deed, that person is no longer able to sign his or her name to transfer ownership of the property to another person; a will can still determine how property is transferred. During the probate process an administrator of the deceased person’s estate will be granted the authority to transfer property.
Speak to an Estate Planning Attorney
Contact Attorney Jim A Lyon today for an initial free consultation. Attorney Jim A. Lyon is knowledgeable about the estate planning process and has helped many individuals create plans to achieve all of their estate planning needs. Attorney Lyon is waiting today to help you discover how to best achieve your estate planning goals.