When you are making your estate plan, you might be thinking about all of the physical items you need to include. Thinking about your home, cars and other property is likely going to take most of your attention. It is still important, however, for all Oklahoma residents to remember that in this day and time, there are more assets to think about than those that you can physically touch and see.
By now, most people have probably heard about all the recent happenings involving Casey Kasem. The former radio personality, who was known primarily as being the voice of the American Top 40 Countdown, is suffering from a form of dementia. His wife has allegedly been keeping him away from his children. Recently, Kasem and his wife went missing. They have since been found, but his story highlights the need for having proper estate planning documents in place.
When it comes to preparing estate plans, there are some special considerations that have to be made. How these considerations are approached usually varies between the sexes. For women, creating an estate plan sooner rather than later can make the difference between a well-prepared plan and a tossed-together plan.
Some reports indicate that only 30 percent of people in the U.S. have actually taken the time to write down very important information about what they want to happen in extreme medical situations where death is likely. These documents are known as advance directives. They deal with situations involving whether or not resuscitation should carried out, who should have the power of attorney for financial or medical decisions, what preferences a person has when it comes to treatment, and more.
For many people, making an estate plan involves making sure there is a life insurance policy and making sure there is a will. While those items are important parts of an estate plan, along with the living will and powers of attorney, it is important for people to also determine if they need a trust. Oklahoma residents may be interested in learning about how revocable living trusts might benefit their estate plan.