Monthly Archives: July 2019

Estate Planning Issues When a Loved One Has a Long-Term Illness

No matter if it is arthritis, Alzheimer’s, or multiple sclerosis, long-lasting medical conditions should influence how an estate plan is written. This is an important issue because millions of individuals are living with chronic illnesses.  The following will review some of the important steps that individuals who suffer from chronic conditions should follow when estate planning. The Role of Revocable Trusts A number of estate plans utilize revocable trusts. One of the primary purposes of a revocable trust is to avoid the costs and other challenges that can arise during the probate process.  Many people with chronic medical conditions discover that revocable trusts are a powerful way to plan for the succession of finances. Some individuals with revocable trusts even decide to appoint trust protectors who help to safeguard the trust. The Role of Living Wills A living will is a document that contains a person’s health care wishes, including end-of-life issues. These documents can also reflect a person’s religious beliefs. For individuals with chronic health issues, there are unique considerations involved with living wills including how potential unique complications with a disease should be handled.  There also might be certain courses of treatment that are anticipated when a disease     Read More

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Organ Donations and Oklahoma Estate Plans

One of the commonly used but often overlooked details in estate plans involves organ donation. A growing number of people are interested in stipulating that organ donation be part of their estate plans.  The following will take a brief examination of the organ donation process in Oklahoma and provides answers to some of the most common questions that people ask about the organ donation process. Why People Consider Donating Statistics reveal that each day in the United States, 21 people die waiting for an organ transplant. Organ donation can help friends, loved ones, and even strangers in need live longer and healthier lives.  If you would like to play this valuable role in someone else’s life, it is critical to make sure that these wishes are clearly expressed in your estate planning documents.  Types of Organs That can be Donated It is possible due to medical innovations to now donate either organs and/or tissue.  When it comes to organs, while a person is still alive, he or she can donate one kidney or a section of his or her liver. After a person’s death, it is possible to donate hearts, intestines, kidneys, liver, lungs, and the pancreas.  Some of the     Read More

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How Trusts can Help People Who do Not Have a Lot of Assets

Estate planning is an uncomfortable process. Most people find it difficult to consider how their belongings will be distributed following their death. If you fail to make these choices, however, the alternatives are often much less desirable.  Not only does failure to create an adequate estate plan increase the chances that fighting will occur in your family, unnecessary taxes are also common. These challenges as well as many others can be avoided through the creation of a trust.  Despite this, the myth persists that trusts are only for the extremely wealthy and that they take a great deal of funds upfront to create. In reality, trusts are a powerful tool for most people because they offer the ability to great simplify things after a person’s death.  The Role of Trusts There are a number of different types of trusts that can be made part of a person’s estate plan. The most common type of trust used is a revocable living trust, which lets a person clearly outline how assets in an estate will be administered following that person’s death.  Trusts also let people avoid the probate process, which is the legal process through which a will is declared valid. Many     Read More

Uncomfortable Estate Planning Questions That Must be Answered

For many people, estate planning is an uneasy experience because it requires confronting a number of difficult and uncomfortable questions. By engaging in estate planning, we ultimately must accept that we will one day no longer be here. Some people might also have to accept that one day, an appointed party will make decisions to care for them.    Even though many people understand that estate planning is essential, they hesitate to fully address estate planning issues. The best way to make sure that every element of your estate plan is fully accounted for is to consult with an experienced estate planning attorney. The following are some of the important issues that you should consider when planning your end of life care and distribution of assets.   Who Will Take Care of Your Minor Children if You Die?   Some people hesitate to resolve estate planning issues because they cannot decide whom to name as a guardian of minor children. This creates the risk that if no guardian is appointed, a court will likely be tasked with determining who will care for your children.    Unless you believe that a judge will be able to make a better decision than     Read More

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