Despite what some people believe, estate plans are not only for the wealthiest or the oldest individuals. While simple estate planning documents like wills can benefit everyone, it is easy to delay writing them. After all, no one likes to be confronted with the idea that they are dying or might one day need someone else to raise their children.
If you have not gotten very far in creating an estate plan, you face the danger of dying “intestate,” which means that you will die without estate planning documents that guide your loved ones on how to handle things. To make sure that you create the necessary estate plan, it is helpful to remember several helpful estate planning tips.
Remember Why You are Doing it
Rather than focus on yourself, remember that estate plans are the best way to make sure that you provide for your loved ones. Providing details about what you want to happen after you pass away as well as who you would like to care for children who pass away can be a tremendously meaningful thing for your family. Making these decisions now saves you the expenses of later having to pay for attorneys to make sense of your estate. As a result, it is a good idea to remember that you create an estate plan for your loved ones rather than for yourself.
Realize What Happens if You Do Not Write a Will
Some people only act after they hear the worst-case scenario. Estate planners often point out that without estate plans, courts can often end up deciding who takes care of surviving children. There is also the risk that Oklahoma law rather than your wishes end up deciding who inherits your assets after you pass away.
Keep Things Simple
Many people find out that creating a basic estate plan is not nearly as complicated or costly as they think. What happens if you die or become incapacitated within the next few years? While you can always make revisions later one, try to cover everything you can in the present moment.
Create a Timeline
It is a good idea to schedule an appointment with a lawyer in advance to discuss your estate planning goals. This way, you feel both that you have made an advancement toward achieving your estate planning without getting bogged down in the details. Many people discover that once they have the initial conversation about estate intentions or guardianships, it is much easier to write estate planning documents soon after.
Speak with a Knowledgeable Estate Planning Attorney
To make sure that you have an adequate estate plan that can avoid complications down the road, it is a wise idea to speak with a knowledgeable lawyer. Contact attorney Jim A Lyon today to schedule a free case evaluation.