Understanding Estate Planning: Wills vs. Trusts – Key Insights
Hi, I’m Oklahoma Attorney Meg Prestidge and I want to talk to you today about the last will for an individual versus entering into a trust for estate planning purposes. The difference between a will and a trust is significant, especially when it comes to managing your estate after your passing.
In your will, you name your heirs and designate an executor for your estate. Upon your death, the executor will file a probate for your estate and submit a copy or the original of the will to the court. However, one of the main concerns many individuals have is that their private assets become public record during this process.
The Risks of Wills: Contesting and Legal Fees
Another issue that can arise is the potential for family members to contest various portions of the will. This can turn what should be a straightforward process into a heated contest, adding stress and emotional turmoil for your loved ones. Moreover, the legal fees associated with prolonged disputes can significantly diminish the inheritance intended for your beneficiaries.
Many people opt for a will because they believe they lack the assets necessary to justify the expense of preparing a trust. While wills can be satisfactory for some, they may not always be the best option for everyone. There are different types of wills to consider, and I often hear questions about the validity of holographic wills in Oklahoma; the answer is yes, under certain circumstances.
Exploring Your Options for Estate Planning
If you want to discuss anything with a Oklahoma City estate planning attorney regarding your estate planning or your options, please don’t hesitate to reach out. Understanding the implications of choosing a will versus a trust can greatly influence how your estate is handled and how your loved ones are impacted after your passing.
Get a Low-Cost Consultation Today
To learn more about how to protect your assets and ensure your wishes are honored, call a Oklahoma City attorney today at 405-888-5400 for a low-cost consultation. Let’s work together to create a plan that suits your needs.
