Oklahoma Property and Estate Planning

Oklahoma Property and Estate Planning

Any financial planner, medical professional, attorney and most adults will agree it is fundamentally important for every adult to give adequate consideration to estate planning. Addressing this issue supports your loved ones and enables them to avoid costly, prolonged legal processes and helps to make sure that your final desires are understood. Most states share regulations similar to one another, although Oklahoma law does differ somewhat in its details.

Seek out a qualified and experienced Estate Planning Attorney in Tulsa, Oklahoma by contacting Blake Hayes – Hanson & Holmes today. Call 918.392.4641 today to schedule your consultation.

What is Estate Planning?

The process of foreseeing and planning, while you are still living, for the disposal of your estate after your death is called estate planning. Estate planning usually endeavors to limit or eliminate altogether any questions regarding the management of a probate and maximize the value of the estate by reducing taxes and other expenses. Some aspects of estate planning are:

  • Drafting a will
  • Probate (the process of settling your taxes and debts)
  • Power of Attorney
  • Decisions about Medical Care
  • Arrangements for Funeral

Is Estate Planning for Everyone?

The word “estate” can sound to some people as if it denotes extreme wealth. Many individuals may assume that if they are middle-income earning families, they do not need to worry about estate planning. This is not the case. Your estate is simply everything you own, or any entity to which you owe money. Items included in your estate are:

  • Bank accounts
  • Credit accounts
  • Property you own, including homes, cars, rental property, etc.
  • Trust funds
  • Investment accounts
  • Businesses
  • Pets

Seek out a qualified and experienced Estate Planning Attorney in Tulsa, Oklahoma by contacting Blake Hayes – Hanson & Holmes today. Call 918.392.4641 today to schedule your consultation.

When should you engage in estate planning?

Children and teenagers are not the only ones who think they’re invincible. If you are still young, you may assume you won’t need to worry about estate planning until you are older, retired or your health is failing. In fact, when you are young and healthy is the exact time you should be thinking about your end of life decisions. Although it may feel like a morbid process, you will be protecting the people you love from having to make these difficult decisions after you are gone. The people you should consider when deciding how to allocate your property, money and valuables are:

  • Your spouse or significant other
  • Your siblings
  • Your children
  • Your parents
  • Your employees
  • Your clients

Tax Burdens and Estate Planning

If you do not have assets more than $5 million, it is unlikely you will need to take steps to lower the estate tax burden. If you run a small business, it will be important for you to create a succession plan, which will enable a smooth transition when you are gone. A life insurance policy can make a way for surviving spouses to have a period of mourning before having to deal with financial distress. Also, you can include provisions in your will to ensure that your pets are cared for when you are no longer able.

Tulsa Estate Planning Attorney

Mr. Hayes became a partner with the very talented attorneys at Hanson & Holmes, PLC in 2014.  Hanson & Holmes has been serving the Tulsa community by providing quality legal representation since 1980, with a focus on meeting the unique needs of every client. No matter your stage in life, Tulsa Lawyer Blake Hayes can help you prepare for the future and protect your assets. Mr. Hayes represents individuals, families and businesses in all aspects of the law including general civil and criminal litigation, personal injury, family law and business transactions.

Call 918.392.4641 today to schedule your first conversation or contact Tulsa Estate Planning Lawyer Blake Hayes online.