Too Many Families In Oklahoma City Have Not Mapped Out Their Estate Plan
If you are one of the growing number of families in the Oklahoma City Metro area that have not yet started or finished your estate planning, now is the time to start by contacting the estate planning lawyers at the Legal Advantage Group.
Oklahoma City has been growing fast since the 90s, recovering from the slump of the 70s in no small part thanks to the ambitious MAPS program. Now, it has become an ever more vibrant reminder of what the Great Plains have to offer families from all backgrounds. It is an optimistic place to be for many and has always been a land of opportunity. But that optimism can sometimes keep families from planning ahead.
Throughout the United States, about 44% of people pass away without even a will to determine how their assets and wealth will be passed on. In Oklahoma City, the percentage may be even higher. Even families that do have a last will and testament often lack other essential estate planning documents and tools that will allow them to protect what and who they leave behind.
Unfortunately, optimism is not how Oklahoma City pulled itself out of the slump of the previous century. Planning ahead and investing did the heavy lifting. However, those same lessons can be applied to your estate plan, especially if you work on preparing your estate planning documents with a skilled lawyer like those at the Legal Advantage Group law firm in Edmond.
Call For A Free Consultation | (405) 449-5777
Why Is It So Important To Have An Estate Plan In OKC?
Whether you are just starting a family or already have grandkids to think about, it is never too early to start planning ahead. Failing to do so can have disastrous consequences. Too few Oklahoma City residents now remember what the city was like in the 80s, and even fewer remember why, but it serves as a strong parallel for those who have not yet planned out their estate.
The flight of families from the heart of OKC was precipitated by the flight of industry and wealth. The city had not planned ahead for either and had not done enough to invest in itself when it could. Failing to plan your estate can leave your hard-earned wealth and assets to the whims of probate and the burdens of taxes and debts.
Estate planning means taking the time to determine what will happen to your assets if you pass away, not just in terms of making sure they go where you want them to but also protecting the wealth you leave behind and those you leave it to.
Three Estate Planning Lessons Residents And Lawyers Can Draw From Oklahoma City
Oklahoma City’s efforts to reinvent itself and reinvigorate life and business in the city are not a perfect parallel for estate planning, but there are many important examples and parallels that can be drawn from it.
● Targeted Investment
An optimist or procrastinator might be tempted to leave money behind and hope for the best. Dying without a will or letting your family fight over your will and what you leave behind in probate is a recipe for disaster and closer to what the city did in the 70s, and you want to avoid that.
One of MAPS's greatest successes was targeting its urban reinvestment into the areas that needed it the most and had the most potential to grow. It was also nearly unique among public-private partnerships and investment programs in carefully earmarking and planning where money would be used and budgeting it accordingly.
An estate plan can be built on similar lines. Using either a will, trust(s) or both, you can determine exactly what will happen with the wealth and assets you leave behind. You can even put conditions on its distribution to your beneficiaries to ensure a similar amount of targeted and responsible use, such as for college tuition and costs.
Call For A Free Consultation | (405) 449-5777
● Efficient And Effective
Many Oklahomans would be disappointed to see just how much of their inheritance is lost before it even gets to the people they love and leave it for. Between the costs of probate and the taxes your estate or your beneficiaries may have to pay, there are a dozen factors that can leech away at what you leave in your will.
It gets even worse if there is any form of conflict over your legacy, which can tear families apart and drain the value of anything you leave behind.
To avoid such conflicts and inefficiencies, OKC’s MAPS programs gathered their money before spending it and made sure the money was spent toward a bundle of specific detailed projects. This avoided corruption and inefficiencies in spending but also minimized losses, showing the strength of planning ahead.
The same can and should be done in estate planning. By working with a lawyer, you can set up a trust to avoid probate entirely and minimize the chance and cost of conflict, as a trust is resolved more privately and securely.
● Protect The Vulnerable
One of the most beloved aspects of the MAPS program, especially some of the newer editions, is how many of the projects were specifically designed to respond to the needs of the most vulnerable in Oklahoma City. From the disabled to the disenfranchised, many of the projects were designed to respond to or accommodate their needs to ensure they would not be left out or behind.
An estate plan also needs to be designed with such vulnerable loved ones in mind. If you leave a large sum to someone with special needs or on any form of government benefits, for example, they may lose those rights. By setting up a trust crafted to accommodate their situation, you can ensure their benefits are not endangered while still caring for their material needs and improving their quality of life.
These examples are all meant to highlight how important planning ahead is and how potent it can be when it comes to preserving your wealth and caring for your family, just as it was for OKC during the improvements of the past 30 years.
MAP Out Your Oklahoma City Estate Plan With An Attorney Near You
Legal Advantage Group | Oklahoma City lawyers ready to help you start planning ahead to craft a personalized and effective estate plan.
Whether you have the bones of an estate plan in the works and need to finish or update it or have yet to begin thinking about it, the best time to do so is now. Just as Oklahoma City pulled itself together to become an attractive and vibrant city, you can start building a legacy that will care for those you love once you are gone.
But if you keep waiting, it could suddenly and irreversibly be too late.
So take the time to contact the estate planning lawyers of the Legal Advantage Group about preparing your estate planning documents while you still can. Call (405) 449-5777 to set up a free consultation and get started on your own MAP.
