All persons should consider planning for the untimely event of their death or incapacitation. Our experienced estate planning attorneys will draft the necessary documents for your individual needs. The typical estate planning process involves the drafting of a Last Will and Testament, Durable Power of Attorney, and an Advanced Medical Directive. In other instances, it may be necessary to draft a Trust.
Last Will and Testament
A document that designates the beneficiaries of your assets and identifies a person to be the "personal representative of your estate." The Personal Representative will be in charge of proceeding with a probate in the Court to deal with any creditors, taxes, and the transfer of your assets to your named beneficiaries.
Durable Power of Attorney
A document that designates a person to act as your "attorney in fact" to take care of all your medical and financial affairs in the event that you become incapacitated. Advanced Medical Directive - A document that allows you to designate in advance how you wish to be treated by health professionals in the event that you are in a situation where life support is necessary.
Trust
A document that creates a legal entity for the transfer of your assets without the need for a probate.
There are also significant steps that can be taken to transfer assets without a will or a trust such as designating a beneficiary on all retirement, banking, and life insurance accounts. Oklahoma allows for one to execute a Transfer on Death Deed leaving real estate to designated beneficiaries.