Estate Planning Essentials:

Estate Plan:

An estate plan must be coordinated to provided desired protection and results.

Formal written instructions for your family, doctors, and others regarding your:

Property

Finances

Family

It also empowers individuals to act on your behalf. 

It keeps you in charge as long as you are alive and well.

It minimizes the need for guardianship or probate.

Powers of Attorney:

Grants somebody else to make decisions

Have access to information

Have ability to deal with property.

Have ability to make decisions

Financial Powers

Healthcare Powers

No POAs?  May require the appointment of a guardian to manage your affairs.

Advanced Healthcare Directives:

Instructs family and doctors about the care you want or don’t want at the end of your life.

It is followed when you are unable to speak for yourself.

Provides basic choices regarding lifesaving care, feeding tubes for food and hydration.

Can name a health care proxy to make other care decisions.

No Advanced Directive:  Can cause family disagreements concerning your care and end up in court.

Last Testament

Provides for payment of debts and expenses

Names a person to be in charge

Disposes of property left in your name

Requires a Court to admit it to probate

No Will (or other plan):  Probate property will be distributed according to intestacy statutes and involve cumbersome probate procedures. 

Trusts:

Avoids probate court

Can be changed

Can protect family from predators

Can protect assets from poor decisions

Provides inheritance

Works while you are alive

No Trust:  Probate may be required to transfer titles to properties.

Transfer on Death

Vehicles, Minerals & Land

Avoids probate

Easy to set up

Inexpensive to create

Negative: Possible Disinheritance

Beneficiary Designations:

Life Insurance & Annuities

IRA, 401k, 403b other Retirement

Bank / Credit Union Accounts & CDs

Disadvantages: Limited Contingency

Estate Planning involves a skill set that identifies how property is held and how it is passed upon death.  It also involves knowing what danger signs are ahead and how to plan for them.  Knowledge of the formalities of various documents is a necessity to an effective estate plan.

About Richard Winblad

Richard Winblad is a lifelong Oklahoma City Metro resident with a law practice focused on Elder Law and Estate Planning. His practice focus helping seniors and veterans by giving sound legal estate planning advice including Medicaid Estate Planning and Veteran’s Benefit Qualification. In 1984, Richard graduated from OSU with an undergraduate degree in Business he later sought and earned a Law Degree from the University of Oklahoma in 1992. His practice is based in Edmond and is held in a beautiful pre-statehood home close to UCO at 102 E. Thatcher. He is president of the Oklahoma City Commercial Lawyers Association, a group that provides legal an ethical training for attorneys. He is also a member of “Lawyers with Purpose”, an organization that provides in depth training and support to attorneys who practice in the area of elder law. He received an AV Preeminent® rating by his peers through Martindale-Hubbell® Peer Review Ratings™. Dedicated to educating the public, Richard does workshops and presentations all around the state for professionals and laypersons. These programs provide vital information to our veterans and seniors as they look forward in planning living and financial needs that fit their desires.

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