Answers To Frequently Asked Questions About Estate Planning

Welcome to Bundy Law Office, where we are dedicated to guiding our clients through the intricacies of estate planning. Our team understands the importance of preparing for the future, and we are here to ensure that your legacy is protected and your family’s needs are met. Our attorneys are your partners in navigating the complexities of estate planning in Oklahoma and Arkansas.

Why should I consider estate planning?

Estate planning is crucial for managing your assets and ensuring they are bequeathed in accordance with your desires. It offers you and your family the reassurance that your estate will be handled as you wish. In the absence of an estate plan, the division of your assets will be determined by state law, which might not reflect your personal preferences.

What documents are involved in a basic estate plan?

A comprehensive estate plan typically includes a will, durable power of attorney, and an advance health care directive. A will outlines how your assets will be distributed upon your death, while a durable power of attorney appoints someone to manage your affairs if you become incapacitated. An advance health care directive specifies your wishes regarding medical treatment.

How can I protect my estate from excessive taxes?

By carefully planning your estate, you can minimize the impact of taxes on your assets. This may involve setting up trusts, gifting strategies or other legal mechanisms. Our lawyers are equipped to provide you with tailored advice to ensure your estate is structured efficiently for tax purposes.

What is the difference between a will and a trust?

A will is a legal document that expresses your wishes regarding the distribution of your assets after your death. A trust, on the other hand, is an arrangement where one party holds property for the benefit of another. Trusts can offer additional control over how and when your assets are distributed and may provide tax benefits and privacy.

How often should I update my estate plan?

It’s advisable to reassess and potentially revise your estate plan following significant life changes such as marriage, divorce, the addition of a child to your family, or substantial shifts in your financial situation. To guarantee that your estate plan accurately reflects your current objectives and life circumstances, we recommend a review at minimum once every three to five years.

Can I create an estate plan if I own property in multiple states?

Yes, you can and should create an estate plan that encompasses all property, regardless of where it’s located. Our attorneys can help you understand the laws of each state and ensure that your estate plan effectively manages your assets across state lines.

What happens if I die without a will in Oklahoma or Arkansas?

If you pass away without a will, known as dying intestate, your assets will be distributed according to state intestacy laws. These laws may not reflect your personal wishes and can lead to unintended consequences for your heirs.

How can I ensure my minor children are taken care of?

You can designate a guardian for your minor children in your will to ensure they are cared for according to your wishes. Additionally, you can create trusts to provide for their financial needs in a manner that you dictate.

At Bundy Law Office, we provide answers to questions about estate planning with clarity and diligence. Our goal is to make this process as smooth and straightforward as possible for you and your family.

Ready to start planning for your future? Contact us by email or call us at 918-771-7045 to schedule a consultation. Let us help you secure your legacy and provide for your loved ones.