Many people delay their estate planning. Some of these individuals are young and believe that they either cannot afford a will, do not have any assets that need to be distributed in a will, or are not aware that even young adults can be overtaken by accidents and serious illnesses. Without a will, there are certain laws in the state of Oklahoma that dictate how assets are distributed. A skilled estate planning attorney, however, has the knowledge and training necessary to help any individual, no matter his or her age, create the appropriate will.
Reasons to Hire an Attorney When Drafting Your Will
In an effort to often save time and money, many individuals try to create their own will and last testament without obtaining the assistance of skilled counsel. There are several important reasons, however, why individuals often find it essential to obtain the services of a skilled attorney, which include the following:
- An Estate Planning Attorney Can Make Sure That a Person’s Will Remains Updated: Many individuals forget to properly update their estate plans to reflect changes created by major life events. Some of these major events include childbirth, divorce, and gaining an inheritance.
- Do it Yourself Last Will and Testament Documents Have Gaps: Products that offer documents that let individuals create their own wills at a fraction of the cost that an estate planning attorney would normally charge are frequently full of gaps. These documents frequently fail to include details about complicated estate planning issues including children, property that appreciated in value, or real estate that is subject to estate taxes.
- The Presence of Complicated State Laws: There are many complicated laws in the state of Oklahoma concerning estate planning. A knowledgeable Oklahoma estate planning attorney, however, is familiar with these various issues and knows how to anticipate issues. Some of the areas in which wills can become complicated include individuals who own businesses, individuals with multiple marriages, individuals who own real estate in multiple states, individuals who become incapacitated or disabled prior to death, individuals with minor children from single or multiple marriages, and individuals who want to leave some of their assets to a charity.
- The Risk of Overlooking Estate Taxes: Many individuals who write their own last will and testament forget to discuss details about estate tax planning. A person’s estate can face significant obstacles from the Internal Revenue Service if that individual forgets to consider tax planning. A skilled estate planning attorney, however, knows how to avoid both common and unforeseen obstacles that can arise in estate tax planning.
- Unforeseen Circumstances are Often Not Anticipated by Individuals Who Write Their Own Wills: There are many circumstances that a person often fails to anticipate when writing his or her own last will and testament.
Discover How an Oklahoma Estate Planning Attorney can Help
Attorney Jim A Lyon is an estate planning attorney who understands the many challenges that can arise in planning your future. By obtaining the legal assistance of Attorney Lyon, you can properly plan for your future and make sure that your case successfully navigates each challenge.