3 Vital Tips from an Oklahoma Estate Planning Attorney
An Oklahoma estate planning attorney has an important role in helping you protect your assets and your family and, in some cases, avoid probate. Putting together an estate plan can feel overwhelming and confusing. Yet, looking in a lawyer directory through various practice areas such as personal injury to locate experienced attorneys certainly doesn't help. The law office of Ball Morse Lowe offers estate planning and probate assistance. Our experienced attorneys can answer your questions about asset protection and the estate planning process. It all starts with a free consultation. Call our office or use our contact form to schedule your free consultation now. We are conveniently located in Oklahoma City, Oklahoma.
In this post, you will learn 3 vital tips about the estate planning process. These tips are vital because whether you're a business owner or the parent of minor children, asset protection is important. You'll learn more about how asset protection can benefit you as a parent, why estate planning attorneys are important if you are a business owner, and if it is possible to avoid probate.
Estate Planning and Probate When You Have Minor Children
Estate planning and probate when you have minor children have several goals. Of course, it is your prerogative to decide how you would like to distribute your assets in the planning process. Yet, there are two main objectives that you must consider as a parent for your estate plan.
- Who will you name to take care of your minor children if you die? Answering this question is critical because if you do not name someone to care for your children during the planning process, the probate court will name someone. Unfortunately, it may not be someone that you want taking care of your children.
- The planning process should be used to ensure that your minor children are taken care of if you were to pass away. There are certain documents for your estate plan that you can use to benefit your children, such as a revocable living trust.
A Oklahoma estate planning attorney can discuss your specific goals related to your minor children and your overall needs to determine the best documents for your estate plan.
Business Owners: Why Meeting with Estate Planning Attorneys Is Important
Business owners often have very specific needs when it comes to estate planning and probate. The planning process can be quite complex since there are business considerations as well as asset protection concerns for the family as well. Meeting with estate planning attorneys can be important so that business owners can get the guidance they need about both business matters and asset protection matters.
Business owners must consider whether they wish to sell the business, bring in family members who will act as new owners, or if they want to close down the business. Regardless of what they choose to do, there may be an impact on their estate plan that also needs to be addressed. There may also be other asset protection matters that come up, considering any assets that enter into the estate must be dealt with in the estate planning process to ensure that the business owner is happy with how they are distributed. Without an estate plan in place, the probate court would determine how the assets would be distributed. It may not be how the business owner would like for those assets to be distributed.
A Oklahoma estate planning attorney can help business owners address asset protection matters associated both with the business and in personal lives. Estate planning lawyers can also help, in certain instances, business owners avoid probate with the use of certain documents in the estate plan. Avoidance of probate is an extra level of asset protection, especially for business owners who may have a larger net worth to consider.
Can a Oklahoma Estate Attorney Help You Avoid Probate?
A Oklahoma estate planning attorney helps with asset protection by customizing an estate plan with the right documents that help certain assets avoid probate. Certain assets avoid probate automatically. One such asset is a life insurance payout to a named beneficiary. Retirement accounts, checking accounts, and savings accounts that have a payable-on-death beneficiary are also assets that avoid probate.
One of the most common tools used in the estate planning process is a revocable living trust. It is a flexible tool that can be used for asset protection that avoids probate. During your lifetime, you can put assets into the revocable living trust. You can also remove assets from the trust as well. Anything that is in the trust at the time of your death will avoid probate and benefit the named beneficiaries.
The revocable living trust also has other benefits. If you create a revocable living trust, you can be both the trustee and the beneficiary during your lifetime. You can make changes to the trust, including changes to who will be the beneficiary or beneficiaries after you die. You can also decide how the assets can and will be used from the trust.
Free Consultation with Estate Planning Lawyers
Developing an estate plan is vital, but it is also a highly personalized process. You should talk with experienced attorneys from a law firm who understand asset protection whether you're a business owner, a parent or simply looking to preserve as much of your estate as possible. If you're looking for an attorney in Oklahoma City, Ball Morse Lowe provides free consultations. To schedule your free consultation with our estate planning lawyers, use our convenient contact form! Call 405.701.5355 or email firstname.lastname@example.org.