Planning your estate is an essential legal process that can significantly impact your future and protect your family, assets, and legacy after your death. It’s never too early to begin planning your estate, as anyone can benefit from having a comprehensive plan in place just in case they suffer a serious medical emergency or experience a major change in their financial situation.
At Taylor Law Firm, PLLC, I provide clients in Guthrie with personalized service to help them reach their goals and improve their lives and the lives of their families. Take the first step toward having a robust estate plan by contacting my firm today to schedule a consultation.
Estate planning involves organizing and managing assets to prepare for incapacity or death. A comprehensive estate plan will account for various circumstances, protect your assets, and provide for your family. It does this through a combination of several estate planning tools, including wills, trusts, powers of attorney, and beneficiary designations.
Despite what you may think, estate planning isn’t only for the wealthy or elderly. Anyone who owns a home or other significant assets, has children, or wants to make sure their medical preferences are followed can benefit from having an estate plan in place.
Without an estate plan, your assets will likely be subject to Oklahoma’s intestacy laws. This means the state will determine how your estate is divided among your heirs, which may go against your wishes and lead to discord between family members and increased administrative or legal costs.
On the other hand, an estate plan provides Guthrie residents and their families with various benefits, including:
Your estate plan should be tailored to your unique personal and financial circumstances. However, several estate planning tools are used in many plans, including wills, trusts, powers of attorney, advance directives, and beneficiary designations. By strategically using these tools, your lawyer can craft a robust estate plan that meets your needs.
Last Will and Testament
Your last will and testament, often referred to simply as your will, is the foundation of your estate plan. This document outlines your wishes for how your estate should be handled after your death. Some of the core functions of a will are to:
Without a will, the state will name an executor for your estate, your family members may fight over guardianship of your children, and your assets will be distributed according to state law. The other documents in your estate plan will work alongside your will to address additional scenarios that may arise.
Revocable Living Trusts
A trust is an estate planning tool that allows you to transfer assets to a trustee, who manages them until they’re transferred again to your beneficiaries. A revocable living trust is a type of trust that you can update throughout your life and that passes assets onto your beneficiaries upon your death. The benefits of using a trust to transfer assets are:
Powers of Attorney
A power of attorney is a legal document providing someone else (your agent) with the authority to make certain decisions on your behalf. A general power of attorney may grant broad authority over medical, financial, and legal decisions. However, various types of powers of attorney are useful in different situations, including:
Advance Directives (Living Wills)
An advance directive, or living will, is a document outlining your wishes for medical care if you become incapacitated. While a healthcare power of attorney gives someone else the authority to make medical choices on your behalf, a living will states the medical care you do and don’t want to receive and appoints a trusted individual to make sure your wishes are followed.
Beneficiary Designations
Financial accounts and assets, including life insurance policies and retirement accounts, typically allow you to designate a beneficiary. This beneficiary will either gain control of the account or asset or receive a payout upon your death. By designating beneficiaries for these accounts and assets, you can facilitate a smooth transfer of wealth.
Probate is the legal process by which an estate is settled. Most estates will have to go through probate in some capacity. But you can reduce the amount of your estate that has to go through this process by:
Probate is the legal process by which an estate is settled. Most estates will have to go through probate in some capacity. But you can reduce the amount of your estate that has to go through this process by:
The benefits of avoiding probate in Guthrie, Oklahoma, include:
Oklahoma doesn’t have an estate or inheritance tax to worry about when planning your estate. However, depending on the size of your estate, the federal estate tax may apply. For 2025, the threshold for this tax is if your estate is worth $13,990,000 or more.
Individuals with significant estates can use various estate planning tools, like trusts or giving gifts throughout their lifetime, to reduce the value of their estate and help them avoid this tax.
You should generally look to update your estate plan every time you experience a significant life event. Examples of life events that typically require updating your plan are:
It’s also a good idea to review your plan every few years to make sure it still aligns with your wishes, even if you haven’t experienced a significant life event.
Whether you’re ready to begin planning your estate or need to update your current estate plan, contact Taylor Law Firm, PLLC, to schedule a consultation with one of our knowledgeable estate planning attorneys. I’ll go over your estate planning goals, review your existing estate plan if you have one, and walk you through the estate planning tools I can use to help you achieve your goals.
Family law issues are among some
of the most difficult life has to offer. When your family, assets and future are on the line, I will stand by your side.
