Edmond Oklahoma Estate Planning Blog

Many people in Oklahoma might think that an estate plan is all about a will or a trust. While these documents can be important elements in an estate plan, they are far from the only tools that a person should have in place to properly protect themselves, their assets and their family members.

A thorough estate plan provides provisions not just for what should happen to assets or debts after a person dies but it should also provide a path for taking care of a person's health or estate if they should become incapacitated for any reason, even if only for a short time. A revocable living trust not only gives a person the ability to manage their finances while they are still living but it also names another person to do so in the event that the trustor cannot. A durable financial power of attorney does the same thing for any assets not able to be part of the trust.

Many people in Oklahoma find themselves contemplating a new marriage after having been married at least once before. This can and should be a very happy experience and a reason for celebration. However, it is also a time for people to be practical and address some important matters. Among these matters are their wishes for their estates after they die.

Spouses may naturally want to provide for each other after their death but they may also want to leave money or belongings to their children and grandchildren. When the new spouse is not the parent of a person's children, it can become difficult to figure out how best to provide for both parties. A solid estate plan is a must.

“One man’s trash is another man’s treasure,” as they say. While you might not consider your parents’ possessions trash, you also might not have room for them or they do not suit your own taste. If you inherited heirlooms and other possessions from your parents that you do not want to keep, there is a way to rehome these items that is respectful and can convert this inheritance to cash. You and other Oklahoma residents may be interested in learning about estate sales.

As HowStuffWorks explains, an estate sale is a step up from a yard or garage sale. Typically, estate sales are held after the owner of an estate passes away, and the beneficiaries would rather see the unwanted items go to good homes, rather than put them in storage or throw them away. Many people are attracted to estate sales, as you may know, because the items for sale can be valuable. For example, you might not be interested in keeping your mother’s designer clothing or your father’s model train collection, but someone else may be excited to acquire these things.

Oklahoma residents may first venture into wills, will-writing, and will-related laws without knowing much about it all. Lidia Law Firm, P.C., is here to help guide you through the somewhat complex aspects of wills. First, we will start by explaining living wills and answering one of the most common questions about them.

Living wills differ from last wills in a number of very important ways, with the primary one being that last wills are used to determine what your loved ones should do with you and your assets after your passing. Living wills, on the other hand, are used to determine what you want to happen with your healthcare in the event that you are still living but are in a coma, vegetative state, or otherwise are unable to communicate with others.