A solid estate plan sets you and your beneficiaries up for the future. It outlines what you want to happen to your life’s hard work. Your assets should go where you want them and how you want them to get there. Unfortunately, there are some common mistakes people make with their Oklahoma estate plan. This can derail your wishes and create hardships for your beneficiaries. Avoiding these top mistakes can make all the difference for you and your loved ones.
At Prado Law Offices, our Oklahoma City estate planning lawyers help you not only avoid the top mistakes people make, but customize a plan that works best for you. We individualize your plan and work with you to pick a plan you can rest comfortably with. Schedule a meeting to learn more.
1. Failing to Create an Estate Plan
One of the most costly mistakes is simply not having an estate plan at all. Without a will or trust, your estate will be distributed according to Oklahoma’s intestacy laws, which may not reflect your preferences. This can result in:
- Assets going to unintended heirs
- Lengthy probate proceedings
- Increased legal fees and court involvement
To fix this, you can create a comprehensive estate plan. It can include a will, power of attorney, and healthcare directive tailored to Oklahoma law.
2. Not Updating Your Estate Plan
Life changes can render your estate plan outdated. These might include marriage, divorce, births, deaths, relocations, or any other major change. An old will or trust may no longer reflect your current wishes or family dynamics.
If you forget to update your estate plan, it might lead to:
- Former spouses receiving assets
- New children or grandchildren being excluded
- Conflicts among heirs
To solve this issue, review and update your estate plan every 3–5 years or after major life events.
3. Overlooking Beneficiary Designations
Pay attention to who you designate as a beneficiary when you create your estate plan. Many accounts or documents require naming a beneficiary. This can include, but is not limited to:
- Life insurance policies
- Retirement accounts
- Payable-on-death accounts
If these are outdated or incorrect, assets may go to the wrong person. This is also easy to avoid. Keep these designations updated. Otherwise a deceased person or someone you don’t want to inherit still could.
4. Ignoring Probate Implications
Too many people think they can avoid probate by simply drafting a will. That isn’t correct. To avoid probate, assets must be carefully placed into trusts or transferred automatically through other legal devices. Probate isn’t always bad, but avoiding it can simply the process and save your beneficiaries time and cost.
5. Choosing the Wrong Executor or Trustee
Who you appoint as the executor of your will or the trustee of a trust is important. Too many choose a family member who might be unavailable, unqualified, or even biased. There is often pressure to pick a particular person because of family dynamics, but you should base this decision on who will do it best.
Choose a responsible, impartial person to manage your estate. You can also choose a professional fiduciary or attorney to help.
6. Forgetting About Incapacity Planning
Estate planning is more than just thinking about death. It can also protect you during your life. A durable power of attorney, healthcare directive, and other lifetime documents can protect you in the event you can’t make decisions for yourself.
Avoid These Common Mistakes with the Help of an Experienced Oklahoma Estate Planning Attorney
Don’t make the same mistakes too many others have. Consult a qualified attorney and design an estate plan that first your unique needs. Comply with Oklahoma law and get the results you desire from your end of life documents.
Our team at Prado Law Offices can assist you with your estate planning needs. We offer comprehensive services that best fit your requirements. Contact us today for a consultation.