When you contemplate the need for estate planning you likely focus on the need to protect loved ones in the event of your death. While that certainly should be an important part of your estate plan, you shouldn’t stop there. To truly protect not only your loved ones, but yourself as well, you also need to contemplate the possibility of your own incapacity. To help you better understand the need for incapacity planning, an Oklahoma City estate planning lawyer at Parman & Easterday explains … [Read more...] about How Is Incapacity Determined in Oklahoma?
When you contemplate your estate plan, and the goals and objectives related to that plan, you likely focus almost entirely on how to provide for your loved ones when you are gone and how your estate assets will be distributed to those loved ones. In fact, you may not have considered the need to plan for any other important possibility. You should, however, plan for the possibility of incapacity. With that in mind, the Oklahoma City incapacity planning attorneys at Parman & Easterday explain … [Read more...] about How Is Incapacity Defined and Who Decides If I Am Incapacitated?
When you contemplate your estate plan, your primary focus is probably on your desire to protect and provide for your loved ones after you are gone. While these are certainly admirable goals, they should not be your only estate planning goals. In fact, planning for the possibility of your own incapacity during the course of your lifetime should be an equally important estate planning goal, especially when you consider the possible consequences of failing to plan for incapacity. Toward that end, … [Read more...] about How a Revocable Living Trust Can Help You Plan for Incapacity
Incapacity planning is essential to make sure someone can make healthcare decisions for you, and that person knows what kinds of healthcare you want to receive. Incapacity planning is also important because you want to ensure your financial affairs are properly managed should something happen to you. You need to create a plan for incapacity before you become injured or ill. A power of attorney should be part of this plan for many different reasons. Parman & Easterday can help you … [Read more...] about Key Reasons You Need a Power of Attorney for Incapacity Planning
The creation of a power of attorney may be one of the most important things you can do to ensure you have a comprehensive plan in place for an uncertain future. If you create a power of attorney, your family doesn't need to initiate guardianship proceedings if you become incapacitated and cannot care for yourself or manage your own affairs. A power of attorney has significant benefits over guardianship, but you must follow the law to be sure your power … [Read more...] about Power of Attorney vs. Guardianship
If you've been thinking about creating your estate plan in 2016, you should know that one of the most important pieces of your plan will be your medical directive. Medical directives, also called advance directives, living wills or health care directives, allow you to control what happens to you if you lose capacity or the ability to communicate your wishes. Medical directives must comply with state law and each state has slightly different laws. This is why it's important to talk to an … [Read more...] about One of the Most Important Pieces of Your Estate Plan: Medical Directives
If you are like most people you probably believe you do not need to think about incapacity planning when you are healthy. After all, incapacitation is something that people who are elderly or suffering from a significant, and possibly terminal, disease need to think about because their situation demands it. Young, healthy people do not need to worry, right? While this is generally true, it doesn't mean that as a healthy person, you can ignore incapacity planning issues. No one can ever know … [Read more...] about Incapacity Planning When You’re Healthy
For newly married couples in Kansas, Missouri and Oklahoma, one of the more important issues you and your new spouse need to talk about is the creation of a comprehensive estate plan. In the process of planning for the wedding, going through the ceremony, perhaps going on a honeymoon, and then adjusting to your new life together, a lot of newly married couples can forget about the legal implications of marriage. Many of these implications affect estate planning issues. So, if you are a … [Read more...] about Making an Estate Plan When You’re Newly Married
When you create a comprehensive estate plan you will be able to use your revocable living trust as a part of your incapacity planning protections. A revocable living trust, also called an inter vivos trust, or more simply just a living trust, plays a key role in protecting your estate from unnecessary probate complications. It also allows you to exert some control over what happens to your property in the event you lose capacity. Today we are going to take a closer look at why your revocable … [Read more...] about Incorporating Your Revocable Living Trust Into Your Incapacity Plan
For divorced people entering into second marriages, or considering marriage for a second or subsequent time, understanding how your new marriage will affect your estate plan is essential. Marriage alters many of your estate planning options, and subsequent marriages are no different. Learning how your new marriage will affect you and your family and updating your estate plan to reflect your new circumstances is important. Second Marriages and Inheritance Rights Spouses automatically … [Read more...] about Second Marriages and Your Estate Plan