What is an Estate Plan?
An estate plan is a legal document designed to ensure your wishes for your property and financial affairs are documented and respected after you pass away. Estate plans are especially important for those who have a disability, as they can help ensure that their needs and rights are protected. In Oklahoma, disability planning law is complex and requires the assistance of a qualified attorney to help create a legally binding plan. An estate plan will usually include instructions on how to divide up property, including the distribution of possessions and financial assets. It can also include provisions for caregiving, such as who should provide care for the individual with a disability. Estate plans can also include instructions on how assets will be managed after the individual’s death, such as the designation of a guardian or executor. Additionally, an estate plan can be used to establish trusts. Trusts are legally binding arrangements that allow trustees to manage the finances of the individual with a disability on their behalf. The individual with the disability is typically the beneficiary of the trust, which allows them to receive benefits and financial resources as designated by the trust. Oklahoma disability planning law is complex, which is why it is important for those with disabilities to consult with a qualified lawyer who can help create a legally binding plan that is tailored to their needs. An estate plan can provide peace of mind knowing that after they pass away, their wishes will be respected and their rights will be protected.
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