While there may be a large majority of people who believe that creating an estate plan only involves drafting a will, there are plenty of other options available that can further enhance your estate plan.
Depending on your specific needs and financial goals for the future, your estate planning documents may carry different purposes and uses.
Transfer-on-death (TOD) deed
In Oklahoma, property owners aged 18 and above can create TOD deeds for their chosen beneficiaries who can inherit their real estate property when they pass away. This estate planning document can be beneficial for streamlining the legal process by avoiding probate.
When you create a valid TOD deed, you can keep full ownership of your real estate property for as long as you are alive. This means that your beneficiary will have no rights to sell or rent out your property during your lifetime.
Living will
Also known in Oklahoma as “Advance directive for health care,” this legal document is a powerful tool that can help prepare for your future incapacity. When you have a living will, you can inform your healthcare providers and family members of your medical treatment preferences and end-of-life care directives.
Since your document can outline whether you want to be kept alive on artificial life support systems or not, it can also become a source of reassurance for your grieving loved ones. By honoring your final wishes, they can slowly accept that they did the right thing for you.
Living trust
Depending on your personal goals, your living trust can be revocable or irrevocable. With this estate planning tool, you can transfer your assets into a living trust and create your own terms or for your asset distribution process.
As the owner of the living trust, you can establish specific provisions for your beneficiaries based on their ages. For example, you want your grandchild to inherit your ranch, but only when they turn a certain age. With careful planning, you can work on your living trust’s sub-trust with an estate planning lawyer.
By enhancing your estate plan, you can protect your wealth
When you take the time to learn about the benefits of estate planning, you can become more knowledgeable with your choices and make smart decisions that can help protect your wealth and streamline your loved ones’ inheritance process.