About Your Will And Other Parts Of A Comprehensive Estate Plan
Wills and trusts are two of the most well-known components of complete estate plans. Along with wills and trusts, advance directives and other types of powers of attorney (POAs) round out comprehensive estate plans.
I am estate planning attorney Deborah E. Fortune in Oklahoma City. I bring decades of experience in the practice of law to the task of helping my clients create and update their testamentary documents. I would like to help you explore your goals and priorities. Then I can assist with all aspects of drafting your new or updated will, trust or power of attorney.
What Kind Of Estate Planning Documents Do You Need?
An honest discussion of your estate planning goals will help me recommend the will that you are looking for:
- A simple will with instructions for the distribution of your assets, naming the beneficiaries of your assets and expressing your wishes for a guardian of any minor children who may survive you
- A more complex will that may include one or more trusts and account for complex assets such as investments and business interests
- A pour-over will, a highly recommended companion for any trusts that you create
You may want to create a trust or multiple trusts as part of your estate plan or as a stand-alone document. Once I understand your family and financial circumstances, I can personalize a discussion of trusts to meet your needs, such as:
- A revocable trust
- An irrevocable trust
- A special needs trust
- A generation-skipping trust
Depending on your situation, a trust may accomplish one or more of these objectives:
- You can create a trust that gives a beneficiary scheduled payments rather than a lump sum.
- You can create a living trust that allows you to enjoy your property during your lifetime and then transfer wealth smoothly without any need for your family members to take those assets through probate.
- Your beneficiaries may enjoy tax savings thanks to a trust.
- Your beneficiaries may keep continued eligibility for government assistance (such as through Medicaid) even when receiving property that you leave to them through one or more trusts.
A durable power of attorney and an advance directive can provide for contingency plans regarding your finances and medical decisions in case of your incapacitation.
Get Customized Estate Planning Counsel
Discuss your estate planning, probate and estate administration needs with me at your convenience.