The building blocks of a basic estate plan

On Behalf of | Aug 22, 2023 | Estate Planning

Each person is different, but every individual will benefit from having a legal and financial plan for the future. Most adults need a plan in place that allows them to have the final say over matters that include what happens to their personal property after death, their medical care in the event of incapacitation and more. If you have a complete estate plan, you have the assurance that you and your loved ones will have peace of mind for the future. 

Due to the unique nature of each person’s estate and long-term goals, each estate plan will be different. Even though there is no single acceptable version of an estate plan, most will follow a specific format that will allow a person to meet his or her objectives for property, loved ones and much more. It is helpful for any individual creating an estate plan to be aware of the specific things he or she can do to ensure that the final product is complete and offers the fullest amount of protection possible. 

Where should you begin? 

Creating an estate plan can be a daunting task for those who do not currently have one. You may not be certain where to begin or what factors are most important for your strategy. Even though your plan will be uniquely suited to you, the following are the most common elements found in most plans: 

  • Create an inventory of your assets and all of your property. This includes homes, vehicles, valuable collections and more. 
  • Take into account the needs of your family. This could provide insight into the specific plans you will need to create for your estate. 
  • Create health care directives that allow you to have the final say in treatment you may need in the event of incapacitation. 
  • Consider all tax laws before you make any decisions regarding the distribution of your assets. 

An assessment of your estate, your goals for the future and other factors will provide insight regarding how you can create a strategy that will allow you to face the future with confidence. As life is unpredictable, you will benefit from taking the time to create important plans as soon as possible in order to protect yourself and the interests of your Oklahoma heirs and beneficiaries.