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3 ways to ensure fairness in your estate plan

As a parent, you undoubtedly want your children to have successful lives. In some cases, you may find yourself wanting to give them some assistance with this endeavor when it comes to finances. Most commonly, parents want to ensure that their kids continue to thrive after their parents' deaths, and as a result, many individuals utilize their estate plans to leave their children inheritances that can help with financial and sentimental aspects of their lives.

If you have multiple children, you likely want to leave each child his or her fair share of your estate. However, this task may not always prove easy as each child may have attachments to different assets and their lives may present different hardships and successes. Luckily, you can take certain steps to help make your plan as fair as you desire.

Know how trusts can impact your estate plan

Your estate plan can help your family members to close out your estate faster than what is possible without an estate plan. It is imperative that you have everything together so that your loved ones are able to abide by your wishes once you are gone. We know this might not be fun to think about, but it won't be as painful as you may think.

An estate plan can be very simple if you only have a few assets and a small family. The more assets and the more family members you add to the situation, the more complex things become. We can help you out with the easiest estate plan or the most complicated ones. Our goal is to make sure that your wishes are clearly conveyed and easily handled.

Know when to use a blind trust

When President Donald Trump took office, many people were up in arms about his business dealings. Presidents before him have taken steps to move away from handling the daily operations of the businesses they owned, but it seemed as though President Trump might have bucked that tradition. Ultimately, he opted to use a blind trust for some of his personal business holdings.

A blind trust is a tool that you can use if you are getting into politics and need a way to separate your personal business and your official status. A blind trust means that you don't have any control over how the assets of the business are handled. This makes you a hands-off person so that you can't use your official status or inside information to better your business holdings.

Estate planning doesn't have to be a hard process

We recently discussed a few questions that you should ask your aging parents. These questions are important because they give you insight into what you will need to do when you are faced with your parent passing away.

If your parent is still in good health, now is a good time to ask if there is an estate plan present. If the answer is no, you should encourage your parents to create one so that everything is in order and you know their wishes.

Ask your parents for this serious information now

Thinking about losing your parents isn't an easy thing to think about. When you know the time is coming, there are specific questions that you need to ask your aging parent. Knowing the answers to these questions might help you to make decisions later.

As you are discussing these things with your parent, remember that your parent is still an adult. No matter what his or her mental state, they must still be respected as an adult.

How to discuss a parent's estate plan

Every relationship between parents and their adult children is different, but one thing may always remain awkward no matter how close (or distant) they may be. Broaching the topic of estate planning can just as troubling for adult children as talking about sex was for their parents. Despite how uncomfortable it can be for both parties, there is a method to the madness, and we will give some helpful tips through this post.

Don’t wait for a crisis – Health crises and financial issues should not be the impetus for discussing a parent’s estate plan. It can make you look like a greedy child who is trying to steal your parent’s wealth, and it makes any legitimate concern that you have seem disingenuous.

We can help you with any probate matter

When a loved one dies, you might have to deal with the estate. This is sometimes a complex undertaking. Having help when you need it most is crucial, especially since you are likely still learning to live without your loved one.

We can help you to learn about how you need to handle various aspects of the probate process. You shouldn't try to just fly by the seat of your pants because trying to do that can result in you making decisions that weren't appropriate.

When does it become necessary to seek a guardianship?

For most adults, it is difficult to watch your parents age and become unable to care for themselves. Sadly, due to age or illness, it happens.

If your parent is no longer able to provide self care or make important decisions (on medical treatment or regarding finances) you may be need to seek a guardianship. This process gives you the legal power to take care of the things that he or she is no longer capable of managing.

Do you need a revocable living trust in your life?

Everyone over the age of majority needs an estate plan. Like most Oklahomans, you may think that means a will, powers of attorney and a living will. That might work in some cases, but many people, including you, may benefit from one more document: a revocable living trust.

Since this type of trust is created during your lifetime, you can serve as the grantor (the one making the trust), the trustee (the one who administers the trust) and the beneficiary (the one who benefits from the trust). During your lifetime, you can make changes to the trust itself and add, remove or otherwise deal with the assets in it. This makes it revocable or changeable. A revocable living trust can serve you during your life, during incapacitation and after death.

Keep heirs from fighting over your estate

There's not always a way to keep your estate completely out of probate -- in some cases, probate is simply the process by which your estate is executed legally. But there are things you can do to minimize the chance that heirs will end up in long court battles, fighting over who receives what or how you really meant the inheritance to go.

The first step to keeping heirs from fighting over the estate is to ensure you know exactly what you want to happen and putting those wishes down in formal documents. A well-established will and other estate documents makes estate administration that much easier and helps ensure everyone understands exactly what your wishes were.

Don't Wait Any Longer

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