Trust, Wills, Advanced Health Care Directive and Probate

Planning Ahead Is Important

Estate planning is a process that helps an individual decide and document what they want to do with their possessions and property after they have passed away. Some people worry that estate planning is complicated. When broken down into its individual steps, and with the legal advice of an estate planning attorney, it becomes a simple but powerful process. A process that will help you control what happens to your possessions and property in the event of a serious illness, or death. Using an estate planning attorney will help you decide which documents are best for your situation.
 

Simplify The Process

Your estate might be subject to Probate after your death.  Probate is a court process where a Judge authenticates your will and appoints an executor's administrator to disburse and oversee the estate's assets. If your estate documents are up to date and in order, probate may not be necessary.  

The Team at Anderson and Associates are skilled at all aspects of Estate Planning. You can rely on Lynn Anderson to help make your estate planning a simple and easy process that will not only benefit you, but your loved ones as well.
 

Two Main Components for Estate Planning: Trusts and Wills.

Your Trust is a document that outlines how real estate, money, stocks and other assets are owned and managed while you are still alive. Your Trust will name an individual, called a trustee, to manage your assets and property for you during your lifetime or in the event of your incapacity.

A Trust has many benefits, which help you provide for loved ones, manage your estate tax and allow you to state how an asset is distributed. An estate planning attorney will be able to help you decide if you want a revocable trust or an irrevocable trust.

Some people wish to put in place an Advanced Health Care Directive.  An Advanced Health Care Directive can be extremely helpful to your loved ones should your health decline.  It will relieve them of stressful decisions and provide them with clear instructions as to your wishes.  You may want to seek legal advice from an estate planning lawyer who can explain aspects of a Living Trust, sometimes called a Living Will, Health Care Directive or Advance Directive. Your Tulsa estate planning attorney can advise you on Oklahoma State law and how to properly provide for a durable power, guardianship and special needs planning.

After your death, the trustee is required to transfer the assets named in the trust according to your wishes. Trust assets are not required to go through the probate process.

A Will is a written document that disburses your possessions and property after your death to who you want to receive it.  A Will is a great document that is easy to draft that will greatly help your family and friends after your passing.

Be sure to discuss a Living Will, while you are still of sound mind. You will be able to provide direction as to what medical treatment you should receive if you are persistently unconscious, have a terminal condition or if your life should be maintained on a life support despite you being unconscious. These are decisions that you get to decide and must be followed by your treating physician.