What is Estate Planning?
Shawn J. Roberts
www.shawnjroberts.com
3
3
• What is Estate Planning?
• What are the benefits of Estate Planning?
• What tools are used in Estate Planning?
MYTH: Estate planning is only for the
wealthy.
• FACT: Many factors other than
wealth affect the need for estate
planning,...
1. caring for a minor or disabled child;
2. transferring ownership of property in
accordance with your desires;
3. caring ...
4. transferring business interests
5. transferring ownership of property in
another state;
6. avoiding probate;
7. Minimiz...
What is Estate Planning?
What does the phrase
Estate Planning
mean to you?
"Estate planning"
Is the process of considering the
alternatives for, to think through,
and to set up legally effective
ar...
What are the benefits?
• Your property goes where you want it
• Avoid the Oklahoma Probate Process
• Avoidance or Elimination of taxes
• Orderly ...
What are the tools?
Revocable Trust
•Referred to by different names
•Legal Existence
•Starts now
•Changed at any time
Last Will and Testament
•your written decisions on who to give your
property to, who will manage the process of giving
away your property, in writ...
Durable Power of Attorney
A durable power of attorney is a simple power of
attorney which gives the attorney-in-fact (the ...
The reasons why
•ChoiceChoice
•SavingsSavings
•Argument
•Powers
•ProtectionProtection
Advance Directive
(Living Will)
Instructs your doctor and other health
care providers not to take special life
continuatio...
A couple of
things to
think about
• You have an estate
plan whether you
know it or not
• What a surviving
spouse gets unde...
A few times when it is critical to update
your Will or Trust . . .
Someone named in your Will to act as your
personal representative is no longer around
or no longer wants to serve.
Someone...
And . . .
Your Children have grown up.
There is death, divorce or remarriage.
You changed your mind about what you
want to...
You can find this
presentation at . . .
• www.shawnjroberts.com
or
• email me (shawn@resolutionlegal.com and
I will email ...
What is Estate Planning?
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What is Estate Planning?

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This is a simple slideshow defining Estate Planning and explaining the tools used in Oklahoma Estate Planning and the questions you need to ask yourself when you are thinking about Oklahoma Estate.

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What is Estate Planning?

  1. 1. What is Estate Planning? Shawn J. Roberts www.shawnjroberts.com
  2. 2. 3
  3. 3. 3 • What is Estate Planning? • What are the benefits of Estate Planning? • What tools are used in Estate Planning?
  4. 4. MYTH: Estate planning is only for the wealthy. • FACT: Many factors other than wealth affect the need for estate planning, such as:
  5. 5. 1. caring for a minor or disabled child; 2. transferring ownership of property in accordance with your desires; 3. caring for a surviving spouse;
  6. 6. 4. transferring business interests 5. transferring ownership of property in another state; 6. avoiding probate; 7. Minimizing estate taxes.
  7. 7. What is Estate Planning?
  8. 8. What does the phrase Estate Planning mean to you?
  9. 9. "Estate planning" Is the process of considering the alternatives for, to think through, and to set up legally effective arrangements that would meet your specific wishes if "some-thing happens" to you or those you care about.
  10. 10. What are the benefits?
  11. 11. • Your property goes where you want it • Avoid the Oklahoma Probate Process • Avoidance or Elimination of taxes • Orderly transfer of property at death • Protection of minors and spendthrifts
  12. 12. What are the tools?
  13. 13. Revocable Trust •Referred to by different names •Legal Existence •Starts now •Changed at any time
  14. 14. Last Will and Testament
  15. 15. •your written decisions on who to give your property to, who will manage the process of giving away your property, in writing and signed and witnessed according to Oklahoma law. •The Will is created while you are alive to control what happens to your things once you have passed away.
  16. 16. Durable Power of Attorney A durable power of attorney is a simple power of attorney which gives the attorney-in-fact (the person to whom power is given) the power to act for you. It is "durable" because it continues beyond the time you become incompetent or lose capacity.
  17. 17. The reasons why •ChoiceChoice •SavingsSavings •Argument •Powers •ProtectionProtection
  18. 18. Advance Directive (Living Will) Instructs your doctor and other health care providers not to take special life continuation measures if death is likely to occur. It can can be tailored to each person's thoughts as to the extent to which life continuation measures are desired.
  19. 19. A couple of things to think about • You have an estate plan whether you know it or not • What a surviving spouse gets under Oklahoma law • The second marriage
  20. 20. A few times when it is critical to update your Will or Trust . . .
  21. 21. Someone named in your Will to act as your personal representative is no longer around or no longer wants to serve. Someone named in your Will who you left a large part of your estate to has passed away.
  22. 22. And . . . Your Children have grown up. There is death, divorce or remarriage. You changed your mind about what you want to do
  23. 23. You can find this presentation at . . . • www.shawnjroberts.com or • email me (shawn@resolutionlegal.com and I will email you a copy of the presentation)

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