Many people have received stimulus checks or direct deposits which were authorized through the CARES Act (Coronavirus Aid, Relief and Economic Securities Act). The IRS issued payments automatically to individuals who filed taxes in 2018 and 2019. Some of those tax filers are now deceased, which leaves many wondering what to do with the stimulus checks and direct deposit payments made payable to deceased persons.
Millennials are often smart, ambitious, innovative people who focus on career building. If you are a member of this group, estate planning may be the furthest thing from your mind.
Living wills and advance directives are an important tool for making sure you provide your family with directions for the management of your healthcare and other corporeal needs in your last days of life.
If you already have an estate plan in place, you are ahead of the game. A 2013 survey from Harris Interactive found that the majority of American adults do not even have a will. Our attorneys at Ball & Morse, PLLC, encourage people in Oklahoma to address these issues as soon as possible. Once you have a plan, keep in mind that updating your end-of-life wishes are just as important as putting the initial plans in place.
When a person in Oklahoma is drafting a last will and testament, there may be a number of difficult decisions to make regarding who should get what. Hard feelings and disputes among family members may be unavoidable if there are already expectations in place. In most cases, though, people have their own reasons for choosing how to distribute assets among their heirs, whether they are financial or personal effects. This also includes the choice to leave someone out.
Should you become incapacitated or are otherwise unable to make health care decisions for yourself, you will need someone to help you. On Oklahoma's Advance Directive for Health Care, there is a space where you can designate a health care proxy. According to the form, both your physician and another doctor will have to determine that you are no longer able to make decisions.
In order for a will in Oklahoma to be valid, it must meet certain conditions. The Oklahoma Bar Association points out that the following must be true:
Estate planning is personal, and there may not be anything more personal than a handwritten will. At Ball & Morse, PLLC, we know that many people in Oklahoma may prefer to write out their wishes themselves. You certainly have the right to do so, but you should know a few specifics to ensure that your document is legal and protected.