What's at Stake in My Estate?

Answers From Seasoned Oklahoma Estate and Probate Attorneys    918-492-4500

As a person with a 100 percent chance of dying, you should know what is at stake when it comes to nonexistent, inadequate or improper estate planning. When necessary documents are missing or not thorough, many problems can result: your health care wishes may not be honored, your children and grandchildren may have trouble receiving their inheritances, your assets may be unnecessarily taxed, and your creditors may be given priority over the needs of your family.

As attorneys with decades of experience with estate matters, we have seen time and time again that many probate and legal proceedings occur as a result of poorly done estate planning. Read on to learn more about what's at stake, and what you can do to protect yourself and your family.

9 Common Reasons For Not Making Estate Plans

Our clients have given many reasons for not completing their estate plans properly. We gathered some of the most common ones for your review - and provided our responses:

1. I'll do it later, when I'm older. The fact is that many people never get older. We all like to think of ourselves as being old and gray with many grandchildren and life stories to share. However, life doesn't always turn out the way we planned. That's why they call it estate planning - we plan for the unexpected to ensure that your wishes are carried out when you no longer can convey what they are.

2. It costs too much. When compared to the cost of an unexpected incapacity or having your estate go through probate, the planning process can be very affordable. Ultimately, good estate planning is not for your benefit; it's for the people you leave behind or those who must care for you. It's a gift that will give them direction, keep them out of court, and allow more of your assets to go to the individuals or entities you've chosen. Additionally, it's a known versus an unknown. When you talk to us, we'll tell you exactly how much you will have to pay to stay out of court. With out a good, thorough estate plan, there is no way to know.

3. I don't like lawyers. We've all met lawyers we don't like. In the end, we have to believe you just haven't used the right one. Choose estate attorneys for knowledge and experience in specific legal matters - like estate planning, probate, or estate settlement. Don't choose an attorney just because he or she is a lawyer or someone you know. You don't go to a podiatrist for brain surgery, do you?

4. I don't have time. You have more time now than your loved ones will have if they are mourning while trying to probate your estate. Additionally, if you become incapacitated without a plan, your loved ones must make decisions on your behalf without any input from you. Make time for it. It is that important.

5. It's too complicated. Yes, estate planning can be confusing. However, good attorneys like ours will answer your questions and provide thorough guidance. They'll make sure that you have complete instructions to complete the process - from creating your estate plan to funding your trust.

6. I don't have enough assets to worry about. Estate planning isn't just about your assets and avoiding probate. It's also about ensuring your wishes are carried out with a plan prepared in case you become incapacitated. The fewer assets you have, the more planning is needed to assure you are provided with care through the end of your life.

7. I don't know who to name as executor of my estate. Many people assume that they must name an individual to serve as fiduciary in their estate plan. There are many corporate fiduciaries to serve in that role. This allows you to carry out your wishes without burdening your loved ones with the responsibility. Besides, if you don't name an executor, the state will name one for you.

8. I don't know who to name as guardian for my kids or my parents. Deciding who will care for your minor children if you are unable is a difficult decision at best. Also consider who will serve  as guardian for your aging parents if you are unable? Who will care for them with dignity and respect? Our attorneys understand the difficulties of these decisions. No one will ever love your children or parents the way you do. However, it is better to make a decision now about guardianship. Otherwise, the courts will make the decision for you after you no longer have a say in what happens.

9. I have a Will - isn't that enough? In many cases, a Will is not enough. A Will that is outdated, poorly constructed, not worded clearly or missing vital information may not accomplish what you want. It may represent only some of the issues you meant to address. It may not hold up in court. It may not represent your plans for the future of your estate. A Trust or other document might be better suited to your situation. Our firm has extensive experience in "estate doctoring", a process where we correct errors in your estate documents.

Experienced Oklahoma Estate and Probate Attorneys

Our Oklahoma estate and probate law firm has more than 65 years of combined experience dealing with the simple, to the most complicated estates. We can help you set your choices in an estate plan that meets the future needs of your loved ones and gives you peace of mind.

To schedule a consultation with one of our estate lawyers, call the Allison Firm, PLLC, at 918-492-4500 or contact us by email.

To learn more estate doctoring, guardianships, and other estate planning and probate issues, please see our Frequently Asked Questions page.

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Mail to: PO Box 700116 ♦  Tulsa, OK 74170

918.492.4500

Tulsa Law Office