Oklahoma United Methodist Foundation insights - Why do I need a plan?
Failure to plan may result in accidental disinheritance. Accidental disinheritance occurs when a person dies without having made a will or when a will does not function properly. Are you among the more than 50 percent of Americans without a will?
Because failure to plan risks harming those you love and subjecting your estate to needless tax, you need to make a plan for the future.
There are several options for planning effectively. A will is a written document that permits you to state how you want your property or estate distributed, name an executor (also called a personal representative) to distribute your property, pay debts and taxes, and handle other business affairs. If you own property, you may wish to set up a living trust. It may be set up during life and directs where your assets go. Unlike a will, a trust will not subject your estate to probate.
Sometimes other considerations need to be made regarding your estate planning. In advance of death, it is important to appoint a guardian to care for your minor-age children or those with special needs. If you become unable to personally manage your finances or property or wish to have someone else manage your property later in your life, a durable power of attorney will give the person you select the legal authority to buy, sell, and manage your assets. Also, a durable power of attorney for healthcare allows you to select a person who can assist your doctors in making healthcare decisions if you become unable to act on your own behalf.
The Oklahoma United Methodist Foundation’s Christian Guide to Planning Your Will & Trust can help you with all of these options and more. Contact the Foundation for your copy to begin the process of creating a will. The guide is complimentary and will walk you through the necessary steps of completing a will prior to seeing an attorney.
Call the Foundation at 800-259-6863 to request your free copy today.