Writing a will is a critical step in securing your family's future and ensuring your assets are distributed according to your wishes. Yet, despite its importance, many people put off creating a will. In this blog post, we'll discuss the significance of wills and why you should consider consulting with our expert team at Brown & Flesch, PLLC to help you craft a legally sound will that reflects your intentions.
Why Do You Need a Will?
- Asset Distribution:
One of the primary reasons for having a will is to dictate how your assets will be distributed after your passing. Without a will, Oklahoma laws, sometimes referred to as “intestate succession laws”, will determine the fate of your belongings, which may not align with your wishes. Whether you want to leave specific items to loved ones or allocate your estate among multiple beneficiaries, a will provides the necessary clarity.
- Guardianship of Minor Children:
If you have children under the age of 18, a will allows you to designate a guardian who will be responsible for their care in the event of your and your spouse's untimely passing. This ensures your children are in the hands of someone you trust and who shares your values.
- Minimizing Family Disputes:
Without a clear will, family disputes over your assets can become a contentious issue. A well-drafted will can help prevent these conflicts and provide peace of mind to your loved ones during an already challenging time.
How Can Brown & Flesch, PLLC Help?
Our experienced team at Brown & Flesch, PLLC has a wealth of knowledge and experience with basic estate planning and setting up our clients' Last Will and Testament. We can guide you through the process, ensuring that your will is legally sound and comprehensively reflects your intentions. Our services include:
- Will Drafting:
We'll work with you to draft a will that addresses your specific needs, including the distribution of assets, guardianship, and any other unique concerns you may have.
- Basic Estate Tax Planning:
While we are not tax attorneys, we can help you minimize estate taxes, ensuring that your beneficiaries receive the maximum possible inheritance.
- Regular Updates:
As life circumstances change, so too should your will. We offer periodic reviews and updates to ensure your will remains current and relevant.
The Power of Trusts
In addition to wills, another crucial aspect of estate planning that Brown & Flesch, PLLC can assist you with is trust drafting. While wills serve as the cornerstone of many estate plans, trusts can offer a level of control, flexibility, and privacy that wills alone may not provide.
Why Consider a Trust?
Trusts can be preferable in certain situations for the following reasons:
Privacy: One significant advantage of trusts is the privacy they afford. Unlike wills, which become public records upon probate, trusts remain confidential. This means that the details of your assets and their distribution are not open to public scrutiny, providing a higher level of discretion for your beneficiaries.
Avoiding Probate: Assets held in a trust typically bypass the probate process, leading to faster distribution to beneficiaries and potentially reducing associated costs and delays as there is often no need for any litigation or courtroom proceedings.
Asset Protection: Trusts can also be used to protect your assets from creditors, ensuring that they are preserved for your intended heirs.
Incapacity Planning: Trusts can be structured to manage your assets in the event of incapacity, such as dementia, offering a smooth transition of management without the need for court involvement.
Specific Asset Management: For those with complex asset portfolios or unique distribution wishes, trusts offer a more comprehensive and detailed method of managing and distributing assets.
Whether you choose a will, a trust, or a combination of both depends on your individual circumstances and objectives. Our team at Brown & Flesch, PLLC can help you evaluate which options best align with your estate planning goals and provide guidance to create the right legal documents for your needs. Creating a will or trust is a crucial step in ensuring your assets are distributed according to your wishes and protecting your loved ones. At Brown & Flesch, PLLC, we understand the importance of tailoring your estate plan to your unique situation. Contact us today to discuss your estate planning needs and let us help you secure your family's future.
Don't delay—start planning your legacy today with Brown & Flesch, PLLC.