Aside from the last will, there are other wills typically used in estate planning. We will take a look at a few of them here.
The first one that we would like to highlight is the living will. Medical science can do amazing things these days. People can be kept alive indefinitely under some circumstances when they are in a terminal condition and unable to communicate. Different individuals have different feelings about how they would want to proceed if they were in this situation. It is very important to determine your options then commit them to writing. This is typically done through the execution of a living will.
Another type of will that is important for people who are using revocable living trusts to distribute their assets is the pour-over will. You may have placed significant assets into the trust, but over time you might inadvertently forget to title an asset in the name of the trust. In that case, the pour-over will facilitates the transfer of assets that you have remaining after your death into the trust. A probate of that asset may be required but it will eventually end up in your trust and be distributed according to your wishes.
An ethical will is something to consider as well. These documents are traditionally used to pass along your moral and spiritual guidance to your loved ones. There are, however, no hard-and-fast rules and you can share anything you would like to in an ethical will.
There are a number of tools in the estate planning toolkit. The best approach will depend on the specifics of your situation. To develop a plan that is ideal for you and your family, the wise course of action is to sit down and discuss your wishes with a licensed and experienced Oklahoma City estate planning lawyer.
Author, President and Founding Attorney
Parman & Easterday