By Sarah Stewart Legal Group
When people think of estate planning- wills, trusts, durable powers of attorney, advance directives for healthcare, and other documents- it can often bring to mind thoughts of death. Though planning for our assets after death is an important part of estate planning, estate planning is also used to plan for you and your family’s best life.
To draft a thorough and appropriate estate plan, professionals will walk you through your plan, asking what will happen if an heir divorces, if someone dies, if someone has a child, or other important life changes happen. They will also help you plan for illness and disability.
If you are an adult, over the age of 18, an important planning tool you will want to consider is a Durable Power of Attorney. A Power of Attorney will allow someone else to take care of your financial, and possibly medical, responsibilities if you are unable to do so yourself. You get to create this document any way that works for you and meets your goals and needs.
Another important planning tool for any adult is an Advance Directive for Healthcare. In Oklahoma, this is the only document that allows you to name someone to withhold life-sustaining treatment when you are unable to make decisions for yourself and other important criteria are met. These documents walk you through 3 situations and allow you to choose the life-sustaining treatment you want, or don’t want.
Under Oklahoma law, there is no automatic authority for a spouse, child, or parent to access a family member’s information and handle their affairs. Unless accounts are owned jointly, only a Durable Power of Attorney, or Trust where the person is named a Co-Trustee, will give companies the authority to deal with a spouse or family member on your behalf.
If you do not have a Power of Attorney and have not named an agent, your family will have to go to court to gain access to your accounts and information through a guardianship. This is a lengthy, costly procedure that invites the Court into your life indefinitely and requires the Court to approve decisions that you may not want them involved in.
If it is important to you to maintain privacy and/or name a specific individual to help care for your health and assets, or to reduce stress and costs for your family, a Durable Power of Attorney and Advance Directive for Healthcare are a great place to start to make a plan for emergencies in your life.
If you do not have a plan in place for your life emergencies, reach out to a professional to help you get started now!