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Estate Planning in Norman, OK

When many people start to create a succession plan, they often think most about how they will distribute their assets. But there is another aspect of your estate plan that also deserves special attention and decision making: selecting people will speak for you (or your estate) after that you cannot speak for yourself.

Estate planning can certainly be overwhelming and it is tempting for many people to keep putting it off, but it is very important that everyone gets some documents in place before a disaster occurs. Even if you are worried about not being able to afford the perfect plan, it is always better to at least get the basics in place, and then you can revise and replace things in the future as circumstances change.

Many of your estate planning documents contain provisions under which they appoint someone who will speak for you when you cannot. Your will names and appoints someone willing to serve as executor of your estate. This person will handle the distribution of all of your assets after your die. Your living trust appoints a trustee who has a multifaceted role. Your successor trustee, as executor, may be required to distribute assets (in this case, assets of the Trust) after your death, but can also take over the management of the affairs of your trust while you are alive if you become mentally incapacitated. Your proxies create agents to run your business and your living will name someone who will speak for you regarding the medical treatment of end of life. For more information check with Rick Dane Moore & Associates Law Firm, PLLC.

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