Life is constantly changing and we too change along with it. While we may want to live in the moment and enjoy life, truth is that it may end before you know it. You should and ensure you and your family is protected in the event of your death or incapacitation. With estate planning, it’s possible to create a legal plan for your future needs. An individual’s estate includes assets, life insurance, cars, pension, real estate, personal belongings, debts, etc. Estate Planning is the process of arranging, during the person’s life, the transfer of their wealth and assets during their life or after their death. This includes the bequest of a person’s estate to heirs and the settlement of estate taxes.
Estate law changes from state to state. Hence, for Oklahoma residents, it is advisable to let experienced Muskogee lawyers handle your estate planning. Here are a few reasons why you should hire an estate planning attorney in Oklahoma to handle your estate.
Preparing Proper Documentation
In this digital age, almost anything can be done with the help for internet. So, yes you can write your own will with a little help from the internet. But how valid is such a document? Estate attorneys can prepare properly drafted wills and other documents required in estate planning. Letting professionals handle documentation means you can relax and focus on other important stuff.
The main reason people hire lawyer for estate planning is to avoid probate. Professional lawyers with experience and knowledge of their field can help you implement strategies and laws such that you can avoid probate. The process of probate is lengthy and stressful. With a thoroughly detailed estate plan in place, you can avoid probate and save yourself and your family some trouble.
Protecting Your Beneficiaries
Another important reason to hire an estate attorney is to protect your minor or adult beneficiaries. If the beneficiary is a minor, the law requires you to appoint a guardian to oversee their needs and finances until they become a legal adult. And in case your beneficiary is an adult prone to making bad decisions or getting influenced by an overbearing spouse or partner, you can create an estate plan to protect them from their own bad decisions.
Reduce Estate Taxes
An estate law attorney is very helpful in dealing with taxation and entitlement. You can lose a significant part of your estate to the payment of state or federal estate taxes and state inheritance taxes. A good attorney can help you reduce these taxes as much as possible. They can also prevent people from taking more from you than what they are entitled to.
Planning for Assets Protection
Another good reason to have an estate plan crafted by an experienced lawyer is to protect your assets. Asset protection planning can keep your property safe from being taken by someone who wins a lawsuit against you. And it is too late to think of asset planning if a lawsuit is on the horizon. You should have a carefully drafted estate plan that protects your assets for you during your lifetime and for your heirs after your death.
Helpful Insights and Legal Counsel
Estate planning is not just about writing your will. A will is just a part of the many documents required in estate planning; albeit an important one. A good professional and experienced estate law attorney can give you valuable insights into the law like tax consequences and help you get the most benefits for your estate. They can also help you protect yourself, your estate, and your family for the future.