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Estate Planning: The First Steps

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This presentation talks about the different components that typically comprise a basic estate plan in Oklahoma. – PowerPoint PPT presentation

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Title: Estate Planning: The First Steps


1
Estate Planning The First Steps
Parman Easterday
2
Surveys consistently find that most American
adults do not have all of the necessary estate
planning documents in place
3
Many recognize the importance of planning ahead
for the inevitable
4
They procrastinate because they don't know where
to begin
5
This presentation will look at the different
components that typically comprise a basic
estate plan
6
Arranging Future Asset Transfers
1
One of the first things to think about when you
are planning your estate is the way that you will
get your assets into the hands of your loved
ones
7
This can be done in a variety of ways
8
The most common vehicle of asset transfer is the
last will
9
Within the will you express your wishes
regarding the distribution of your financial
assets
10
You also name an executor who will be charged
with the responsibility of administering the
estate
11
2
The Process of Probate
When you retain personal ownership of your
property and you arrange for its distribution
through your will, probate happens
12
During this process the probate court will
supervise the administration of the estate
13
The executor will administer the estate
He or she must settle final debts and prepare
the estate property for distribution to the
heirs
14
3
Avoiding Probate
The probate process can take a good bit of time

15
The heirs to the estate don't receive their
inheritances until this process has been
completed
16
There are also expenses that go along with the
probate process
17
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18
Because of the time and money involved people
often choose to avoid probate
19
4
Revocable Living Trusts
Many people use revocable living trusts to
avoid probate
20
The grantor is the person who creates and funds
the trust
21
As the grantor you can choose to serve as the
trustee and the beneficiary while you are
living
You choose successors to assume these roles
after your passing
22
When you die the trustee distributes funds to
the beneficiaries in accordance with your wishes
as stated in the trust agreement
23
5
Medical Procedures
It is possible that you may become unable to
communicate before passing away
24
Life sustaining procedures can sometimes keep
people alive indefinitely even if they are
terminally ill with no hope of recovery
25
By executing a living will you can make your
wishes known regarding the use of life-support
measures
26
6
Appointing Decision Makers
If you were incapacitated and unable to make
sound decisions the state could be petitioned to
appoint a guardian to make them on your behalf
27
This person may not be someone that you would
have chosen
28
To avoid a future guardianship proceeding you
could appoint potential future decision-makers by
executing legal devices called durable powers of
attorney
29
ESTATE PLANNING IS ESSENTIAL
30
Your estate planning attorney should be able to
create a tailor-made plan ideal for you and your
family
So you can live with total peace of mind
31
To Learn More Receive a FREE Report Entitled,
15 Common Reasons to Do Estate Planning (A
19.95 Value!) CLICK HERE OR Call
405-562-9609 Today
32
13913 Quail Pointe Drive, Ste B Oklahoma City, OK
73134 Phone (405) 562-9609 10740 Nall Avenue,
Suite 160 Overland Park, KS 66211 Phone (913)
385-9400
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