Who Needs an Estate Plan? YOU DO!
- Hi, this is Steve Cortes, and I'm an attorney at the Cortes Law Firm. Today, we're gonna talk about who needs an estate plan. Well, if you're watching this, you need an estate plan.
Everyone, age 18 and older, needs an estate plan. It doesn't matter if you're old or young, if you've built up considerable wealth or if you're just starting out, you need a written plan to keep you in control and to protect yourself and those that you love. You need to plan for incapacity. Planning for incapacity will keep you in control, and let your trusted loved ones care for you without any court interference, and without the loss of control and the expense of a guardianship.
You need up to do health care directives. You need to leave written instructions to make sure you are the one who selects who's in charge of when and how your assets will be distributed.
To make sure that happens, you need to provide written instructions stating who you want to receive your assets and belongings, what you want them to receive, and when they are to receive it. That's the essence of an estate plan.
If you have young children you'll also need to name somebody to raise them in your place and to manage their inheritance until they become adults.
Now a properly prepared estate plan also will have instructions for your care and the management of your assets if you become incapacitated. Even if it's just for a short period of time due to illness or injury, without the documents in place, your family will have to ask the court for permission to take care of you and to oversee your care, so if you have any questions, please don't hesitate to give us a call.
The initial estate planning consultation is always free here at the Cortes Law Firm, and we can put together a plan that protects both you and your loved ones here in Oklahoma.
Thanks for watching and I'll see you next time.