What makes a well centered Estate Plan?
Revoable Living Trust
It is important for you to have an Estate Plan that is well-developed and effective. The main goal for estate planning documents is to have your wishes the main objective. There are several different types of Trust documents, however one of the most common is a Revocable Living Trust. Within a Revocable Living Trust package, there are several documents that are essential to be included.
The question you may be asking yourself is who even needs an estate plan… Well, the truth is that everyone is in need of an Estate Plan. If you want to be in control of your assets and ensure that your loved ones will not have to go through probate it is essential to have an Estate Plan.
Inside of a Revocable Living Trust Package there should be a Pour Over Will. This document can also be referred to as a Last Will and Testament. The main goal of this document is to put all of your assets into the trust. There are many circumstances where a person may forget to title something into the name of their trust. This is why a pour over will can be incredibly helpful. If a person has passed away with a pour over will, the probate court is able to use this document to pour these assets that were not titled into the trust, back into the trust.
Secondly, a Durable Power of Attorney differs state to state. Inside of Oklahoma, the durable power of attorney gives an agent the power to make decisions when the person who granted power is no longer able to do so.
In addition to these documents, the Health Care Power of Attorney is also an essential document. Such as the Durable Power of Attorney, it gives an agent power to make medical decisions. However, to be truly effective this document must be used with a living will and HIPAA authorization. A HIPAA Authorization grants someone the power to access your medical recorders and talk to your medical providers. There may be a time where you become incapacitated and need a trustworthy family member or friend to step in and help with your healthcare. Further, an Advanced Directive is also known as a living will. This document provides your health care power of attorney and medical professionals end of life guidance for your wishes. All three of these documents are essential to a Revocable Living Trust.
Further, Trust Funding is important to include into your Revocable Living Trust. Trust Funding includes titling of all of your assets in the name of your trust. If you pass away without transferring bank account and property to your trust, then you loved ones will have to go through the probate process to transfer your assets using your pour over will.
Lastly, Real Estate can be a very expensive asset to probate within a loved ones estate. It is so important to title your real estate into the name of your trust.
Find us on Facebook
Find us on Birdeye
Find us on Instagram
Directions on Google Maps
Videos on YouTube
Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
405-213-0856