Estate Planning in Oklahoma: 10 Common Mistakes to Watch Out For

Estate planning is one of those  things that many people know they should do—but often delay until it’s too late. No matter whether  you’re making your first will or adjusting it to changes in your life, it is always advisable to  avoid the following mistakes to safeguard your property and your family. Here are 10 common estate planning mistakes—and how to steer clear of them.

1. Putting It Off

Procrastination is the most  common estate planning mistake. This is because life is always unpredictable, and without a will, the assets  may not be bequeathed as desired.

How to avoid it: Start now. At least,  there is some plan; there is no plan at all.

2. Not Updating Your Documents

Such  events like marriage, divorce, birth, death, or change of financial situation require updating of the estate  plan.

How to avoid it: Check your plan once in a few years or immediately after some changes  in your life take place.

3. Forgetting to Name a Guardian

Parents with minor children also  neglect to consider who will take care of the children in case the parents are no more.

How to  avoid it: Appoint a guardian in your will who is like-minded to you and has your  child’s best interest at heart.

4. Failing to Fund Your Trust

This means that if there  are assets left outside the trust, they will be prone to probate.

How to avoid it:  This means that you should seek the services of an attorney who will assist you in funding your trust and  also assist you on how to title the assets.

5. Not Planning for Incapacity

 Estate planning is not only concerned with death but it also includes the preparation for the situation when a person  may be unable to make decisions for himself or herself.

How to avoid it: There are other documents  that should be included in the plan, such as durable power of attorney and advance healthcare directive.

 6. Overlooking Digital Assets

The same way that physical assets are at risk of being lost, digital  assets such as online accounts, cryptocurrencies and files can also be lost if nobody knows that they exist or  how they can be accessed.

How to avoid it: Make sure that all your digital assets and the  login information to them are safe, and make sure that there is at least one person who will be  able to manage them.

7. Ignoring Tax Implications

Estate taxes can greatly decrease the  amount of money that your beneficiaries get if you do not plan for them properly.

How to avoid  it: This is why it is recommended that you seek the services of an estate planning attorney who knows all  about the current tax laws and can assist you in planning accordingly.

8. Relying on DIY  Templates

These are cheap and convenient, but they are not designed to meet the specific legal needs of  your situation.

How to avoid it: It is therefore important to seek the services of an experienced estate  planning attorney who will be in a position to create the necessary documents in relation to your case and the  laws of your state.

9. Naming the Wrong Executors or Trustees

This can lead to family fights  and wrong decisions due to the lack of responsibility and emotional preparation of the person chosen.

How to avoid  it: Make sure to pick someone you can trust, and have a word with them about what you  expect from them before it is too late.

10. Failing to Communicate Your Plan

This  confusion can cause further disagreement among the family members during such a challenging time.

How to avoid it:  However, it does not mean that you have to disclose all the details to your family, it is  advisable to have some conversation with them about your intentions.

Start Planning with Confidence

These are some of  the pitfalls that can be avoided in order to ensure that the transition is not only easy but also as  comfortable as possible for your family.

If you are ready to secure your future and the future of your  loved ones, contact Kevin L. Miller, PC today.

Call (405) 443-5100 to make an appointment for your estate planning today.