Life is full of uncertainties. This is the reason why people in Norman, Oklahoma, are becoming more interested in estate planning in an effort to protect the property and assets they have accumulated throughout the years. Another benefit of estate planning is to keep the family intact through detailed instructions on how property and assets are going to be divided among beneficiaries. Readers may be interested to learn more about wills, which have been tackled in an earlier blog post.
When a person dies and there is no will, the property of the deceased will be controlled by the estate's probate. This can be very difficult for surviving family members, especially if the family's finances are solely managed by the deceased. By creating a will, a person can create a detail instruction on how to divide assets among rightful heirs. Children can be named as beneficiaries, as well as the spouse and charitable institutions.
Wills are often contested, making it important to use these with other estate planning tools such as trusts and power of attorney. The person may also assign executors to ensure that the contents of the will be honored upon death.
If there are young children involved, the person may assign a guardian to raise the children. Wills combined with trusts are also effective, especially in ensuring that the children's inheritance will not be drained before they have reached adulthood. It is also important to follow all necessary steps in creating a will. By doing so, the person can ensure that the will is enforceable after death.
Wills and other estate planning tools are only useful if the people who created them had followed state laws. People who are planning to craft wills may speak with a knowledgeable legal professional who can guide them throughout the process.
Source: American Bar Association, "Introduction to wills," accessed on Jan. 21, 2015