As you start to get older, you may want to start seriously thinking about planning for the future. If you have a sizable estate, you may be planning to leave something behind for your loved ones after you’re gone. If you want to ensure that your wishes are properly respected and fulfilled, the most important thing you can do is put together a sound estate plan. A Tulsa estate planning lawyer can help you accomplish this.

The Importance of Including Your Family

Depending on the size of your estate and the number of beneficiaries you wish to include, a frank discussion about your estate plan may be crucial. You may have already started preparing your estate plan and just haven’t gotten around to talking about it with your family.

On the other hand, you may not have anything prepared, or you may only be starting to consider an estate plan at all. Either way, an experienced estate planning lawyer can help you figure out the right course of action for your circumstances.

The last thing you want is to leave your family unprepared to handle the details of your passing, including how to distribute your estate without a plan in place. If you pass away without a plan, it will trigger Oklahoma’s intestate succession laws, and the court will decide who receives your estate. With a plan, your estate will go through probate, and the court will abide by your wishes, including a will or any trusts you have established for your designated beneficiaries.

By including your family in your estate plan preparation, everyone you intend to include as a beneficiary will know your intentions from the start, which reduces the chances of someone contesting the will or trying to claim you were not of sound mind. Some people choose to update their plan or make a new one when there is a major life event in their family, such as a birth, a death, a marriage, a divorce, or an adoption. Others update their plan at their own pace.

According to the most recent data from the U.S. Census Bureau, the median household income in Tulsa, OK, is around $67,000. To some, this may be enough of an estate to consider creating a plan for their loved ones’ inheritance. If you are approaching the end of your life, you may want to consider helping your family prepare by speaking with a local grief support group such as The Grief Center. It can be helpful to talk about your concerns and prepare for what’s to come.

How to Involve Your Family in Your Preparations

Unfortunately, many elderly people pass away without an estate plan in place. This often prevents their intended beneficiaries from getting what they were supposed to receive, thanks to the intestate succession laws. Many elderly people are reluctant to discuss mortality with their families for reasons that are entirely their own. This conversation doesn’t have to be difficult. Here are some steps you can take to involve your family in your preparations:

  • Include the entire family. Some people may only think of the immediate nuclear family when it comes to big conversations. For many, family extends far beyond that. You should consider bringing in cousins, aunts, uncles, grandchildren, and even close family friends to be included in these important discussions. Everyone who seeks to benefit from your estate should be included.
  • Pick the opportune moment. A conversation about your plans after your death should not be something mentioned in passing as someone is driving away from the house. You should pick a time when everyone is available, sit them down, and move forward with the conversation. You may want to wait until a family gathering, as everyone will naturally be together anyway.

FAQs

Q: What Happens if You Die Without an Estate Plan?

A: If you die without an estate plan in place, it will be up to the court to determine how your estate is distributed. Oklahoma’s intestate succession laws will go into effect. Under state law, your closest living relative will receive everything. Your spouse is prioritized first, followed by your children. These may not be your wishes, but without an estate plan or a will, there is little your family can do about it.

Q: When Can You Change Your Estate Plan?

A: You can change your estate plan whenever you want. You are legally allowed to make adjustments to your plan anytime you feel like something in your life has happened that warrants a change. You are required to be of sound mind and totally aware of the documents you are signing. You can get your lawyer involved if you want, but if you know what you’re doing, feel free to proceed alone.

Q: How Much Money Do Estate Planning Lawyers Charge?

A: There is no telling how much money an estate planning lawyer will charge. Everybody’s estate planning needs are different, with every plan having its own details and contributing factors that will influence your lawyer’s fee. Generally, lawyers’ fees depend on the estate plan’s complexity, as well as the lawyer’s own experience, education, and resources. The more difficult your plan is, the more money your lawyer will likely request for their services.

Q: What’s the Point of Including Your Family in the Process?

A: There are many important reasons why you should consider including your family in the estate planning process. To start, the more people who know about your intentions with your estate, the less likely it will be for someone to contest your will or claim that you were not of sound mind when you made the decision not to include them. You want your family to be prepared for your passing and for the probate process that will follow.

Contact a Lawyer Today

A good estate planning lawyer can help you figure out a way to talk about your plan with your family. It’s understandable to feel apprehensive, but ultimately, this conversation is crucial to have with your family.

At Stange Law Firm, we can prepare you for that conversation. Contact us to speak to a valued team member about how we can help your case.