advance directive

Estate Planning for Young Professionals

Estate Planning for Young Professionals

If you are a young professional, estate planning is probably not even on your radar.

And why on earth should you have to think about it?

You’re young.

You don’t have many assets.

You’re single (and your grandma keeps reminding you about it).

Your family knows what you want.

You have other things to worry about.

You’re going to live forever.

However, estate planning is just as important (if not more important) for single young professionals as for older, wealthier, married-ier individuals.

But how do you create an estate plan? Where should you start? It’s a big question. Lucky for you, we have already done the heavy lifting. Here are 4 quick estate planning tips for young professionals:

1. Get a Durable Power of Attorney

In short, a Durable Power of Attorney is an estate planning document that gives someone (your “Attorney-in-Fact”) the ability to act for you in certain financial and/or medical situations.

“Why is this useful?” you may be yell-asking at your computer screen. And that’s a great question.

11 Estate Planning New Year's Resolutions

11 Estate Planning New Year's Resolutions

There’s nothing quite like the new year to make you think of fresh possibilities and new beginnings.

There’s also nothing quite like way too much turkey, wine, and football over the holidays to make you realize that you should maybe consider some lifestyle changes.

You have probably already started on your list of new year’s resolutions for 2019: read more, get a gym membership (and actually use it this time), spend more time with family, etc. And those are great resolutions. “New year, new me” and all that jazz.

But there is one more goal you should add to your list: organize your estate plan.

While most resolutions are about helping your self, an estate plan is about helping your loved ones. To make it easier for you to set your affairs in order, we created this handy list of 11 Estate Planning Resolutions for 2019:

1. Execute a Trust and/or a Will

You, like a majority of Americans, may not have a living trust or a last will and testament. You may not even know what those documents are. Which one is better? Which one is right for you? What are the differences between a will and a trust?

Both a trust and a will control what happens to your estate — your property, your “stuff” — after your death. However, there is one huge difference between the two: a trust avoids probate, while a will does not.

Yes, even if you have a will, your estate must still go through probate after your death.

Remember that there are two main sides to estate planning: (1) What happens to your “stuff” when you die and (2) who takes care of your self when you become incapacitated. You can solve the first part of that equation in 2019 by creating a trust or a will.

Get Our FREE 2018 Estate Planning Checklist

Get Our FREE 2018 Estate Planning Checklist

Prepare yourself to be shocked: 2018 is almost over.

If you’re like me, you’re looking forward to a few weeks of Christmas carols, football, family, bowl games, presents, and (best of all) football.

This is also a great time to look back on the year that was:

Perhaps you started a new job or got a raise; maybe you made an addition (by birth or marriage) or subtraction (by death or divorce) to the family; or maybe you purchased a house, received a windfall inheritance, or started a new business.

Life can change a lot in a year.

But do those life changes mean you need to make changes to your estate plan?

To help you answer that question, we have put together a 10-question checklist to review your estate plan.

Married With Children: Estate Planning for Young Families

Married With Children: Estate Planning for Young Families

When you have a kid, everything else usually takes a back seat. There's often no time for fun things like hobbies or other activities and definitely no time for un-fun things estate planning.

But what would happen to your child if you and your spouse suddenly died or became incapacitated? Who will take care of your child's medical needs and daily care? Who will manage your assets until your child reaches adulthood?

A well-crafted estate plan can address these issues and more, and ensure that your kids are taken care of after you are gone.

No Kids? Why You Still Need an Estate Plan

No Kids? Why You Still Need an Estate Plan

Many young couples think that, if they don't have kids, they don't need an estate plan. After all, if you die, everything is going to your spouse anyway, right? Not always.

What happens if we don't have an estate plan?

If you are married with no kids, and you do not have an estate plan or prenuptial agreement providing otherwise, the law in Oklahoma says that everything you have goes to your spouse. However, as we have discussed before, your spouse must still go through probate before he or she can actually get your assets. This is the case even if you have a Last Will and Testament providing that your spouse gets everything.

What is an Advance Directive for Health Care?

What is an Advance Directive for Health Care?

Estate planning is meant to give you peace of mind. Knowing your assets will go to the proper people is important. But equally (if not more) important is knowing that the proper people will be able to take care of you when you cannot do so yourself. Therefore, one of the most indispensable parts of your estate plan is the Advance Directive for Health Care.

We have previously written about advance directives in greater detail, but, to summarize, the document is made up of three parts: (1) a living will, (2) health care proxy appointment, and (3) anatomical gifts.

What is Estate Planning?

What is Estate Planning?

Most people have been told that they need an estate plan, but what exactly IS estate planning? What does it mean to have an estate plan, and why is it important to have one? Although estate planning is a very broad subject, it can be boiled down to this: An estate plan helps ensure that the proper people can take care of your SELF in the event of your incapacity and that the proper people get your STUFF in the event of your death. An estate plan includes several key aspects:

1. Formal documents

You have most likely heard of two very common estate-planning documents: a Last Will and Testament and a Living Trust. These documents say what happens to your STUFF after you die. Importantly, a Will is still subject to probate after your death; however, a properly funded Trust can avoid probate.

The Definitive Guide to Advance Directives

The Definitive Guide to Advance Directives

An advance directive for health care is a legal document that allows you to express your wishes for end-of-life care in the event you are unable to communicate those wishes to your doctor. In Oklahoma, an advance directive covers three topics: (1) the living will, (2) the health care proxy, and (3) anatomical gifts.

Part One: The Living Will

The main portion of an advance directive is the “living will,” by which you state your preference for the use of certain treatments under certain conditions. This is the most technical part of the document, so it is important to understand what these terms mean.