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What happens to my property when I die?"
No doubt, it’s an uncomfortable question. But legally, it’s one of the most important questions you can ask yourself. In Oklahoma, there are laws in place to answer the question for you, but those statutory solutions often fall short of your personal preferences, or the preferences of your loved ones. The best way to counteract these state systems is to talk to an attorney about Estate Planning. That’s where we come in. We can tailor your Estate Plan to match your personal goals, familial concerns, etc. Our attorneys at All Rise! are uniquely qualified to maneuver state systems of inheritance with you, and for you. So, how can we help?
Do you need a Will?
Having a Last Will and Testament is often the easiest, most effective way to memorialize your preferences, wishes, and intentions for your loved ones once you’ve passed. A Will might even be the only document you need. Where a Last Will and Testament has made your intentions abundantly clear…no person, entity, or court may interfere. The type of property included in your Will depends completely on you. Typically, the following types of property are addressed:
· Money: whether there’s money sitting in a bank account or cash stored under your mattress, a Will can identify the money’s source, the people you want to receive the money, the exact amount of money each person will receive, etc.
· Real Estate: the land you own is likely the most valuable property in your possession, which means it has the potential to cause your loved ones plenty of heartache once you’re gone. A Will can formally describe the land, explain your particular interest in the land, and then distribute that ownership interest to as many, or as few, people as you like.
· Investments: these assets are intangible — think of an IRA, a 401(k), or a share in a company — and are sometimes overlooked, or even ignored, in the Estate Planning process. A Will can distribute these intangible assets just like any other form of property.
· Business entities: if you are a business owner, of any kind, the distribution of one’s business interests can feel daunting, especially if the lives of your employees are on the line. A Will can alleviate these anxieties and distribute all your business interests in the way most fitting for yourself, your business partners, and your employees.
· Literally everything else: it truly does not matter how small the property is, or how insignificant you may believe it is, a Will can distribute anything and everything you own. Think of your jewelry, your motor vehicles, even your pets. All of these items are precious and deserve a purposeful distribution.
Do you need a Trust?
Sometimes, a Last Will and Testament just isn’t enough. The property might be too complex to adequately describe in a Will, or you may want to place some conditions or restrictions on the property prior to it being distributed. A Trust might be more appropriate for you than a simple Will. Depending on the lawyer who drafts it, a Trust can be much more nuanced, more flexible. If you want your property to be managed after you pass, as opposed to just distributed, a Trust is probably the Estate Planning document you need.
Trusts are often drafted to benefit specific people: what we would call a Beneficiary. Distribution of property to a beneficiary need not be automatic. A Trust can, and will, put certain conditions in place that may prevent distribution of any property until that condition is met. The manager of the property, or the Trustee, is the person in charge of the Trust, who not only safeguards the property until your conditions are met, but also guarantees that the distribution of your property is done in the exact manner prescribed by the language of the Trust.
A Trust is a more comprehensive Estate Planning package and will usually also include a Power of Attorney, advanced healthcare directives, and other relevant documents.
Do you need a Power of Attorney?
Death is not the only instance in which Estate Planning is relevant. In times of abnormality, such as severe illness and/or long-term travel, you may need someone to handle your affairs while you are unable to do so. Depending on your needs, a Power of Attorney can entrust a trusted individual with the power and responsibility to manage bank accounts, pay necessary bills, make financial investments on your behalf, buy and/or sell property, etc. The amount of time an individual wields this power and responsibility, and in what context, is completely up to you.
Often, a Power of Attorney is enlisted from our attorneys when a person has suffered some kind of medical infirmity. A Medical Power of Attorney places certain powers and responsibilities upon an individual who will work with your medical providers to ensure you receive necessary medical treatment, pain management, surgical procedures, etc. As well, a Medical Power of Attorney need not be an omnipresent part of your life. Many of these legal documents are can only be triggered by the professional declaration of a medical professional, concluding that you are no longer able to made healthcare-related decisions for yourself. A Medical Power of Attorney is an incredible safety net to ensure your safety and wellbeing even when you can’t ensure it yourself.
Do you need something else?
A Last Will and Testament and/or a Trust are usually the foundation of any decent Estate Plan, but they are not the only tools in the toolbox. The attorneys at All Rise! are prepared to answer your questions, draft the Estate Planning documents you require, and even defend these documents in court. At All Rise! we pride ourselves on being patient, sympathetic, and respectful of our clients’ time and needs. More importantly, we have a superior understanding of Oklahoma statutes, common law, and any other source of law that might affect your Estate Plan.
If you need legal help, elevate your representation with All Rise!
Drop us a line.
