estate plan modification

As we begin the new year, it is a good idea to review the terms of your estate plan. As you glance over these documents, which likely include things like powers of attorney, trusts, wills, and advance healthcare directives, it is important to ask whether your estate plan is still capable of achieving your objectives. A skilled estate planning attorney can help you review your plan to make sure that it is still the best idea to achieve your goals given various changes with estate planning and tax laws. Think about your estate planning as fireproofing your legacy. While poorly written estate plans will do little to protect your loved ones from risk, a fire-proof estate plan will ensure that your loved ones remain safe and well provided for long after you are gone.  Adequately Planning for Blended Families For people with blended families, the question of who should receive what asset is often a much more complicated issue. Failure to properly pass on assets can leave children and other family members greatly disappointed. If a surviving spouse is placed in control of trust assets, stepchildren might be neglected in how an estate is administered. To fully fire-proof your estate [...]

Oklahoma public schools are poised to return on August 10th. Understandably, going back to school during the COVID-19 pandemic has given many people time to think about the strengths and weaknesses of the system. Even if you work somewhere other than a school or hospital, back to school is one of the best times of the year to make sure that everything in your house is in order, including your estate plan.    Why You Need an Estate Plan   While many people think of wills when they think of estate planning, there are many other critical documents that a person should utilize to plan for death or incapacity. While it is a great first step to write these documents, it is just as good an idea to continuously revisit these documents after they are created to make sure that they still reflect your intentions.   Other Documents to Consider Including in Your Estate Plan   Besides a will, some of the other valuable documents that you should consider utilizing as a part of your estate plan include:   Trusts: There are many kinds of trusts that can be utilized to achieve various purposes. Most trusts involve a designated individual [...]

If you have finally made the substantial step of creating an estate plan, it is easy to fall into the trap of thinking that you are done planning for the future. In reality, you are not finished yet. Instead, there are several important steps that you should take to make sure that your estate plans are properly maintained. Monitor Asset Ownership Your estate plan should consider how you own your assets. In many cases, you will likely want your loved ones to be able to easily access your assets in case something suddenly happens to you. It might be a good idea to create joint ownership with accounts or take other efforts to define who can access details about your accounts. Regardless of what options you choose, it is important to understand that asset management is often one of the most critical issues following a person’s death or incapacity. Monitor Beneficiary Designations Beneficiary designations are important for deciding how assets that are not included in your will pass on to beneficiaries. Some of the most common accounts where beneficiary designations are found include 401(k)s and IRAs. It is a good idea to routinely check beneficiary designations to make sure that [...]