Estate planning is one of the best things a person can do for planning ahead and taking care of loved ones after a person is gone. The process involves more than just writing a simple will; it’s an education that provides a critical financial understanding of all options available and which ones have the best benefit potential for a person’s given estate situation now and in the near future.
Estate planning can involve:
- Understanding how tax laws can rob a family of distributions intended for them depending how assets are transferred.
- The different types of trusts and why they work better for different situations.
- How a will works and what should be included in it versus what shouldn’t.
- The best types of assets to include in particular estate planning tools and which ones should be ignored.
- How to update legal documents on a regular basis as life and one’s estate changes over time.
- How to effectively prevent challenges and probate contests that can create headaches for intended beneficiaries later on.
Many make the mistake of not putting any kind of an estate plan in place, thinking there is plenty of time later to deal with these issues. Others believe a life insurance policy is more than enough of a solution and nothing else is needed. Unfortunately, taxes alone can make both choices big mistakes, especially for loved ones left behind who need support, when the person is a sole income earner for the rest of the family. Worse, unscrupulous parties who challenge a simple will or estate without a will can cause even more havoc when it comes time for an estate to go through probate, the court’s process of finalizing an estate and how it’s property gets distributed.
For those looking to hire a Norman estate planning lawyer to help with their future planning, Attorney Tyler Barrett should be considered. Tyler has repeat experience in helping clients with the drafting and finalizing of wills, trusts, durable powers of attorney and other estate planning tools, and he is passionate about creating estate plans that are affordable, easy to understand and achieve the client’s personal and financial goals while promoting family harmony. Tyler takes pride in providing all of his clients with personal attention, promptly returning phone calls and emails. He goes out of his way to make sure people are comfortable with the process, explaining in plain English — NOT lawyer jargon — the available options and his recommendations based on each client’s unique circumstances. In so doing, Tyler strives to build long-lasting relationships with his estate planning clients and to earn their friendship in addition to their professional respect. For those looking to find out more information on how to get a Norman estate plan started, consumers should connect to Tyler Barrett’s services on the Internet by going to https://www.tylerrbarrettlaw.com/ for more details.