Estate planning is an important aspect of ensuring that your loved ones are taken care of in the event of your passing. At the Claremore law firm of attorney Todd Willhoite, we enjoy helping our clients create comprehensive estate plans that include wills and trusts.
Creating a will allows you to dictate how your assets will be distributed after you die. This can include everything from personal property and financial accounts to real estate and businesses. A will can also be used to name a guardian for your minor children, ensuring that they are cared for by someone you trust in the event that something happens to you.
A will is a legal document that outlines how a person’s assets should be distributed after they die. This can include personal property, financial accounts, real estate, and businesses. A will can also be used to name a guardian for minor children and to appoint someone to manage the distribution of assets according to the terms of the will.
Creating a will is an important step in estate planning, as it allows an individual to have control over what happens to their assets after they die. Without a will, the distribution of assets will be determined by the state according to its laws of intestacy, which may not align with the individual’s wishes.
In order for a will to be valid, it must be in writing and signed by the person creating the will (the testator) in the presence of witnesses. The witnesses must also sign the will in the presence of the testator and each other.
It is important to keep in mind that a will only goes into effect after an individual dies. Until that time, the testator retains control over their assets and can make changes to the will as needed. It is also a good idea to review and update a will regularly, particularly after major life events such as the birth of a child or the acquisition of significant assets.
If you have questions about creating a will or would like assistance with estate planning, we encourage you to contact an experienced attorney who can provide guidance and support.
A trust is a legal entity that can hold assets on behalf of a beneficiary. There are several different types of trusts, each with their own unique purpose. For example, a living trust can be used to manage your assets while you are still alive, while a testamentary trust is created after you die according to the terms of your will.
A trust is a legal entity that holds assets on behalf of a beneficiary. The person creating the trust (the grantor) transfers ownership of their assets to the trust, which is managed by a trustee on behalf of the beneficiary.
There are several different types of trusts, each with its own unique purpose. For example, a living trust can be used to manage the grantor’s assets while they are still alive, while a testamentary trust is created after the grantor’s death according to the terms of their will.
Trusts can be a useful tool in estate planning, as they allow the grantor to have control over how their assets are managed and distributed. For example, a trust can be used to provide for a minor child or a person with special needs, to reduce tax liabilities, or to protect assets from creditors.
Creating a trust requires the preparation of legal documents and the transfer of assets into the trust. It is important to work with an experienced attorney when setting up a trust, as the legal requirements can be complex.
If you have questions about trusts and how they may fit into your estate plan, we encourage you to contact an experienced attorney who can provide guidance and support.
Another tool in estate planning is the power of attorney. A power of attorney is a legal document that allows an individual (the principal) to appoint another person (the agent or attorney-in-fact) to act on their behalf in financial and legal matters.
There are two main types of powers of attorney: durable and nondurable. A durable power of attorney remains in effect even if the principal becomes incapacitated, while a nondurable power of attorney is only valid for a specific time or event.
A power of attorney can be a useful tool in estate planning, as it allows the principal to designate someone they trust to manage their affairs if they are unable to do so themselves. This can include tasks such as paying bills, managing bank accounts, and conducting business on the principal’s behalf.
Creating a power of attorney requires the preparation of legal documents and the designation of the agent. It is important to carefully consider who to appoint as an agent, as they will have significant authority to act on the principal’s behalf.
A springing provision in a power of attorney is a type of clause that specifies that the power of attorney will only become effective at a future date or upon the occurrence of a specific event. This means that the person designated as the attorney-in-fact (the person given the legal authority to act on behalf of the principal) will only have the ability to make decisions and take actions on the principal’s behalf if and when the conditions specified in the springing provision are met.
If you have questions about powers of attorney and how they may fit into your estate plan, we encourage you to contact an experienced attorney who can provide guidance and support.
At the Claremore law firm of attorney Todd Willhoite, we understand that estate planning can be a difficult and emotional process. That’s why we take the time to get to know our clients and their unique needs, and work closely with them to create a plan that will protect their loved ones and their assets.
If you have questions about wills, trusts, or any other aspect of estate planning, we encourage you to contact the Claremore law firm of attorney Todd Willhoite today to schedule a consultation. Our experienced team is here to help you navigate the legal complexities of estate planning, so that you can have peace of mind knowing that your loved ones will be taken care of.