A will manages your estate and provides instructions on how you wish to have your assets distributed upon your death. If you have minor children, a will can designate a guardian who will become legally responsible for their care if you and your children's other parent are unable to fulfill this role.
It is astounding how many otherwise pragmatic individuals do not create a will or complete other essential estate planning documents. If you have accumulated any amount of assets, it is important to have a will in place that describes your wishes for distributing those assets upon your death.
At Milburn & Massey, we help residents of Shawnee, Edmond and cities and towns throughout central Oklahoma create a comprehensive estate plan. This includes, at minimum, a will and durable powers of attorney that designate a trusted individual who will make financial decisions and health care decisions on your behalf if you become incapacitated and cannot make decisions for yourself.
Trusts Are Not Only For The '1 Percenters'
A number of individuals have reasons to include much more than a will and powers of attorney in their estate plan. Trusts are estate planning tools that hold property in a separate entity for the benefit of the person who creates the trust (the grantor) or for a different recipient (the beneficiary). Common reasons for creating trusts include:
- A desire to avoid probate and retain privacy regarding the administration of the estate
- Supplement the care of a disabled family member, such as a special needs child, while not preventing that person from qualifying for Supplemental Security Income or other government benefits
- Establish plans for charitable contributions from an estate
- Pass assets to children from a previous marriage
- Minimize taxes for high net worth estates
We always explore trusts as an option for our estate planning clients and explain the benefits and potential drawbacks of establishing a trust. A revocable trust allows the grantor to make changes or terminate a trust at any time, while an irrevocable trust may not be amended.
Get Clear Answers From Our Experienced Lawyers
If you do not have a will in place, the worst action is inaction. We are happy to answer your questions about wills and trusts, and recommend an effective next step. We provide a client-friendly environment, and we do not suggest more than our clients need. Call or use our online contact form to schedule a meeting.