You can make final arrangements in advance
When you plan your estate, you should take a comprehensive view. You can also ensure that your true wishes are carried through on all levels when you plan your legacy. Final Arrangements: Make Your Choices
After giving the matter some serious thought, and coming up with a vision of how you want to be laid to rest, you can leave instructions. This can be done in a document called a letter of last instructions.
The letter can express whether you want to be cremated or buried. You can also include all the details about a viewing, wake, or memorial service. From a psychological standpoint, the gradual steps leading up to the last goodbye can help loved ones cope with the loss. This being said, this is a personal matter, and you would do well to assert your own choices in advance.
Financial Considerations
You can make sure that funds are set aside to cover the final expenses. Many people use the proceeds of life insurance. You can also create a bank account with a beneficiary (POD account) that can be trusted to use the funds to pay for your last expenses.
There are prepaid funeral plans that are offered by different entities. You should tread carefully when you enter this area. We are not going disparage the industry, but we will caution you to proceed with caution. Of course, if you have an existing relationship with a funeral home director that has served your family well in the past, you may feel confident paying in advance.
Trust Administration
While we are on the subject, we should share some other things to think about when you are creating your letter of last instructions. This letter is usually addressed to the executor who will act as the administrator when you pass away. Pour-over wills can be included in a trust to facilitate the transfer from personal assets into the trust. You can also name a guardian for dependent children in a will, and you cannot do this in the trust.
Additional Details
The administrator will need to know the location of important hardcopy documents and keys to property and storage units. Most people conduct a lot of business online, so you should list your accounts and provide the appropriate login information.
Your letter of final instructions can address your social media accounts and any blogs and websites that you may have. You should also share contact information for people that should be notified about your passing.
These are a handful of details that can serve as a framework, but you can simply apply common sense when you are composing your letter of last instructions.
Attend a Free Educational Program!
We are conducting a series of educational events over the coming weeks that will cover the most important estate planning topics. You should definitely carve out some time to join us, and there is no charge, so this is a great opportunity to build on your knowledge.
The dates are posted on our events page. Need Help Now?
If it’s time to work with an Oklahoma City Estate Planning Attorney to put a plan into place, we can help. You can send us a message to request a consultation appointment, and we can be reached by phone at 405-843-6100.
We also have an office in Tulsa, and the number there is 918-615-2700.
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors Read More! Latest posts by Larry Parman Attorney at Law,
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