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Important estate planning tools

Posted by Lidia Law Firm, P.C. | Jul 21, 2019 | 0 Comments

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.

An accident or an unexpected medical diagnosis or treatment might leave a person in a position where they cannot speak for themselves or make important health care decisions on their own behalf. There are two documents that provide essential help here. One is a durable power of attorney for health care. This gives authority to another person to make medical choices for the person. An advance directive indicates what type of treatment a person would want or not want if they cannot speak for themselves.

Money Talks News adds that people make sure to update their beneficiaries and provide details on where all important documents are located. It is also important to outline access to online identities.

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