Edmond Oklahoma Estate Planning Blog

In Oklahoma, there are different types of trust funds that can suit different and unique purposes. Lidia Law Firm, P.C., is here to help you as you determine which type of trust suits your needs and which will benefit your personal situation the most.

First, it's important to understand what a trust is. In essence, it's a financial relationship in which one person transfers a property - such as a sum of money - to another. Generally speaking, the trustor is the one who provides the property to the trustee, who then manages it for a third party, known as the beneficiary.

Young adults in Oklahoma may think they will not need an estate plan until they are older. However, it is a good idea to start creating an estate plan early on, even when someone has just graduated from college and is starting his or her first job.

One of the things young people usually need to consider is what will happen to their belongings after their death. U.S. News says that it is a good idea to write a will to ensure assets are distributed according to a person's wishes. Sometimes young adults may be unmarried but have a significant other. With a will, people can ensure that their partner receives certain items. Additionally, it is recommended that people make sure they have a beneficiary for their life insurance or workplace retirement plan.

As a resident of Oklahoma currently looking into writing a will, you are going to quickly discover that the process may not be as straight-forward as you think. Not only are there different types of wills, but they each serve a unique purpose and can even be used at many points in your life.

A living will, for example, is different from a last will. FindLaw defines a living will as a type of estate plan meant to address the end-of-life and medical treatment options of the will's author. Essentially, it's meant to speak for you if you get into a situation where you aren't in the right mind to make decisions for yourself. As an example, if you get into a car accident and are in a coma, your living will can dictate how long you wish to be kept on life support.

Oklahoma residents who are planning to get married for the second or subsequent time can benefit from stopping to consider their unique estate planning needs and situations. In many remarriages, each partner brings their own biological children and even grandchildren into the family. Even if everyone gets along well, issues may arise when one of the spouses dies. Fidelity Investments recommends that couples have frank conversations with each other and even with their adult children about their future plans for their estates.

In most situations, when a married person dies it is the spouse who is set to inherit any assets if there is no other formal documentation in place. If this happens in a remarriage, the adult children of the deceased spouse may feel neglected and might even pursue action to get what they believe is their family inheritance. A good estate plan may help to avoid these conflicts by spelling out what assets go to different parties.