Estate Planning: Protecting Your Estate Assets [Video]

Ball Morse Lowe PLLC | Website: https://bml.law
Phone: 405.701.5355 | Email [email protected] @ballmorselowepllc8998

Estate planning is an essential process that helps individuals ensure their assets are distributed according to their wishes, potentially reducing or eliminating legal complications and taxes. This guide offers a comprehensive overview of the key aspects of estate planning, including the importance of trusts, the five primary documents involved, and strategies to avoid probate.

The Importance of Estate Planning – Estate planning involves preparing for the transfer of a person’s wealth and assets after their death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate. Estate planning aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.

Trusts in Estate Planning – A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. They often help reduce estate and gift taxes as well as distribute assets without delay and publicity in probate court.

There are two primary types of trusts: Irrevocable Trust: Once established, it cannot be altered, amended, or revoked. Revocable Trust: Allows the grantor to modify or revoke the trust as long as they are still capable.
The Five Primary Estate Planning Documents

Durable Power of Attorney: This document allows an individual to appoint a trusted person to manage their finances and property if they become incapacitated. Medical Durable Power of Attorney: It appoints a healthcare representative to make medical decisions on the individual’s behalf if they are unable to do so. Advance Directive: Also known as a living will, it provides guidance about what type of care the individual prefers if they become unable to make decisions about emergency treatment. Last Will & Testament: This legal document spells out the decedent’s wishes with regard to their possessions and the guardianship of minor children. Trust: As mentioned, this arrangement allows a third party, or trustee, to hold assets on behalf of a beneficiary.

Probate is the legal process through which a deceased person’s will is validated and their estate is administered. While it ensures legal clarity over the disposition of the individual’s assets, probate can be costly and time-consuming.
Strategies to Avoid Probate
Avoiding probate can save money, preserve privacy, and speed distribution of assets to beneficiaries. Strategies include: Transfer on Death (TOD): Designations can be added to brokerage accounts, bank accounts, and real estate deeds. Payable on Death (POD): Similar to TOD, it applies to bank accounts. Joint Title: Ownership that automatically passes to the surviving joint owner upon one owner’s death. Trusts: By holding your property in a trust, it can be transferred to your beneficiaries without probate.

Trusts are a powerful component of estate planning, used to ensure that a person’s wishes are respected and to potentially mitigate tax obligations. Whether it is an irrevocable or revocable trust, these legal arrangements offer a structured way to manage assets both during the grantor’s life and after their death.

Effective estate planning is crucial for anyone who wishes to manage their affairs after death efficiently. It ensures that your assets are distributed as desired and that your loved ones are cared for in your absence. Understanding the basic elements and documents involved in estate planning and considering the creation of a trust can be a significant first step in safeguarding your estate’s future.

#EstatePlanningLawyerOklahoma
#OklahomaEstatePlanningAttorney
#WillsAndTrustsLawyerOK
#EstatePlanAttorneyOklahoma
#OklahomaEstateLawFirm
#TrustsAndEstatesLawyerOK
#OklahomaWillAttorney
#LivingTrustAttorneyOK
#OklahomaEstatePlanConsultation
#EstatePlanningLegalAdviceOK
#EstateAndTrustAttorneyOklahoma
#OklahomaProbateAndEstateLawyer
#EstatePlanningServicesOK
#EstatePlanningLawOfficeOK
#OklahomaLivingWillAttorney
#EstatePlanningConsultationOK
#RevocableTrustAttorneyOK
#OklahomaEstateTaxPlanning
#EstatePlanPreparationOK
#EstateDocumentPreparationOK
#OklahomaTrustAdministration
#AssetProtectionAttorneyOK
#OklahomaEstateStrategy
#WealthManagementLawyerOK
#OklahomaInheritanceLawyer
#EstateSettlementAttorneyOK
#OklahomaWillPreparation
#AdvancedEstatePlanningOK
#OklahomaEstateLawAdvice
#PowerOfAttorneyLawyerOK
#EstatePlanningCounselOK
#EstateDisputeAttorneyOK
#OklahomaEstatePlanReview
#TrustLawyerOklahoma
#OklahomaElderLawAttorney
#SpecialNeedsTrustAttorneyOK
#OklahomaEstatePreservation

Ball Morse Lowe PLLC | Website: https://bml.law
Phone: 405.701.5355 | Email [email protected]