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Oklahoma County OK Estate Planning

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Nicholas Farha Attorney

Edmond, Oklahoma County, OK, Estate Planning

Estate planning is an essential legal process for individuals and families in Edmond, Oklahoma County, who are looking to protect their assets, provide for their loved ones, and make sure their wishes are honored if they become incapacitated or after their passing. Whether you need a will, trust, power of attorney, or the whole suite of estate plan documents, it’s important to work with a skilled lawyer who understands Oklahoma’s estate planning laws.

Contact Farha Law, PLLC, for a free consultation with our estate planning attorney serving Edmond. We’ll review your existing estate plan if you have one, go over your goals, and explain some of the estate planning tools we can use to help you achieve those goals.

What Is Estate Planning?

Estate planning is the legal process of planning for the distribution of your assets after you become incapacitated or die. These plans include various important documents, including wills, trusts, powers of attorney, and advance directives.
A well-crafted estate plan has several key benefits, including making sure your assets go to the right beneficiaries, minimizing taxes, and reducing the likelihood of inheritance disputes. Through an estate plan, you can also appoint trusted individuals as guardians for your minor children or dependents and make decisions on your behalf if you become unable to do so.

Estate Planning Services We Provide in Edmond, Oklahoma

At Farha Law, PLLC, we provide various estate planning services to residents of Edmond, Oklahoma. The services we can tailor to meet your and your family’s unique needs include drafting and updating wills, trusts, powers of attorney, and advance directives.

Wills

A will is the foundation of any good estate plan. It outlines how you wish your assets to be distributed after your death, allows you to name an executor to oversee your estate, and grants you the authority to appoint a guardian for your minor children and other dependents. Without a will, your assets will be distributed according to Oklahoma’s intestacy laws, which may not align with your wishes.

Trusts

A trust is a legal tool that allows you (the grantor) to place your assets under the management of a trustee. There are various kinds of trusts, each with unique properties to fit different situations. However, a common thread among trusts is that, upon the grantor’s death, the assets within the trust pass to the beneficiaries without going through probate.

Trusts provide many benefits, including flexibility in terms of asset distribution, privacy for your family, asset protection, and more control over your estate.

Powers of Attorney

A power of attorney allows you to appoint a trusted individual to make financial, legal, or medical decisions on your behalf if you cannot do so. There are a few types of powers of attorney, each authorizing the person of your choosing to make different decisions. These documents can streamline the decision-making process if anything happens to you and ensure that the choices you would prefer are made.

Advance Directives

Advance directives like living wills and healthcare proxies allow you to specify your medical treatment preferences in case you cannot communicate them. A living will outlines your treatment preferences, while a healthcare proxy is a person designated to make sure your preferences are adhered to. These documents can prevent your family from having to make medical decisions on your behalf.

What Happens If I Die Without an Estate Plan?

If you die without an estate plan in place, your assets will go through probate and be distributed to your heirs based on Oklahoma’s intestate succession law (84 OK Stat Section 213). Under intestate succession, your assets will go to your family members in the following order of priority:

  • Your children, if you have no spouse
  • Your spouse, if you have no children, parents, or siblings
  • Your spouse and children
  • Your spouse and parents, if you have no children
  • Your spouse and siblings, if you have no children or parents
  • Your parents, if you have no children or spouse
  • Your siblings, if you have no children, spouse, or parents
The percentage of your estate each person receives through intestate succession is also outlined in the law, which means your assets may not go to those you intended. The best way to make sure your heirs and beneficiaries receive the assets you want is to have a comprehensive estate plan.

Benefits of Estate Planning in Oklahoma County

Estate plans offer various benefits aside from helping avoid or streamline the probate process. Some of the most essential benefits of estate planning in Oklahoma County include:
  • Avoiding Disputes: An estate plan reduces the likelihood of conflicts between family members over inheritance and other important matters by clearly outlining your wishes regarding asset distribution, guardianship arrangements, and healthcare decisions. Without a plan, your heirs may end up in costly legal battles that can tear family relationships apart.
  • Reducing Estate Taxes: While Oklahoma doesn’t have an estate or inheritance tax, significant estates may reach the threshold for having to pay the federal estate tax. For 2025, this threshold is $13,990,000. Through an estate plan, you can minimize or eliminate the federal taxes that may otherwise impact your estate and the assets your heirs receive.
  • Protecting Assets from Creditors: Certain estate planning strategies, such as placing assets in trusts, can protect your assets from creditors, lawsuits, divorce, and other financial risks. By using all the estate planning strategies at your disposal, you can make sure your assets can go to the beneficiaries you intend to receive them.
  • Providing for Dependents: If you have minor children or dependents who are unable to provide or care for themselves, such as adults with special needs, estate planning can make sure they continue receiving financial support even if something happens to you. You can set up trusts to provide them with a steady stream of income, designate someone to be their guardian, and outline your wishes for their long-term care.
The percentage of your estate each person receives through intestate succession is also outlined in the law, which means your assets may not go to those you intended. The best way to make sure your heirs and beneficiaries receive the assets you want is to have a comprehensive estate plan.

When Should I Update My Estate Plan?

In general, you should update your estate plan every time you experience a significant life event and check it every few years to make sure it still aligns with your wishes. Some of the most common significant life events that necessitate updating your estate plan are:
  • Marriage or divorce
  • Birth or adoption of a child
  • Death of a beneficiary or executor
  • Changes in financial situation
  • Purchase or sale of significant assets, like a house
  • Relocation to another state
An experienced estate planning attorney can help you update your estate plan by adding new documents, amending existing ones, or revoking old ones that no longer match your goals.

Contact Our Estate Planning Attorney Serving Edmond, Oklahoma County

It’s never too early or too late to start creating your estate plan. Everyone can benefit from having a robust estate plan in place. Just in case something happens to you, an estate plan can provide you with peace of mind, knowing that your family will be cared for.

If you need help creating or updating an estate plan in Edmond, OK, contact Farha Law, PLLC, for a free consultation with a skilled estate planning attorney. Our attorney can help you determine what estate planning tools can best achieve your goals and create a comprehensive plan that will provide for your family after you’re gone.

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