Tulsa Estate Planning Attorneys

Place Your Future in Caring Hands

A common assumption is that estate planning legal services are only for those who are either ready to retire or have significant wealth to manage and eventually distribute. The truth is that nearly every adult can benefit from a solid estate plan regardless of age, income, or personal net worth. Whether you are a couple just starting out or a business owner about to retire, the Tulsa estate planning lawyers at Hensley and Associates, PLLC can put together an online estate planning strategy that protects you, your wealth, and your legacy.

Wills

Without a validly executed will, your estate will be passed onto your heirs in accordance with Oklahoma’s laws of intestate succession. This could result in family disputes and your property being distributed in ways you never intended.

With a will, you can:

• Ensure that your property is passed on according to your wishes
• Name a legal guardian for any minor children
• Appoint a Personal Representative
• Support your favorite charities or causes

Creating a will is one of the best ways to take care of your loved ones when you are no longer able to do so or after you pass. We can prepare a legally valid document that reflects your current wishes and update it as your circumstances change.

Trusts

Trusts are an effective way to preserve your assets. They allow you to reduce and even potentially eliminate state and federal estate taxes, help your beneficiaries limit the often-significant costs of probate, and enable you to qualify for Medicaid when you need it.

Examples of trusts include:

• Living trusts
• Revocable and irrevocable trusts
• Asset protection trusts
• Special needs trusts
• Charitable remainder trusts

Hensley and Associates, PLLC’s estate planning lawyers in Tulsa can prepare and administer trusts that meet your future goals.

Probate

After you pass away, your property and assets must be dealt with and your estate settled, regardless of whether or not you left a will. This process can be complicated and require considerable knowledge and an insider’s understanding of Oklahoma estate law. That is why Hensley and Associates, PLLC, offers probate administration services to properly and respectfully settle your estate administration.

We can:

• Carry out an inventory and appraisal of all assets
• Pay any debts you owed
• Collect all outstanding benefits and financial obligations owed to you
• Notify your beneficiaries of how the assets will be distributed
• Settle disputes about your will

Although many of these duties are technically the responsibility of your executor, we can minimize any confusion or stress they experience while carrying out your final wishes.

Common Estate Planning Mistakes

When planning your estate, it's easy to overlook critical details, leading to unintended consequences for you and your heirs. Here are some common mistakes people make:

• Not Having an Estate Plan: Many people delay creating an estate plan because they believe they don't have enough assets or that it's unnecessary until they're older. This leaves them vulnerable to state laws dictating how their estate is managed and distributed.
• Failing to Update Your Plan: Life changes such as marriage, divorce, the birth of a child, or the acquisition of significant assets necessitate updates to your estate plan. Failing to review and amend your plan can result in outdated instructions that do not reflect your current wishes.
• Neglecting to Plan for Incapacity: While many focus on what happens after they pass away, it's equally important to plan for potential incapacity. Without provisions like a durable power of attorney or healthcare proxy, your loved ones may face legal hurdles in managing your affairs or making medical decisions on your behalf.
• Overlooking Tax Implications: Without proper planning, a substantial portion of your estate may be lost to state and federal taxes. This can significantly reduce the inheritance your beneficiaries receive.
• Ignoring Digital Assets: In today's digital age, your online accounts and digital properties need to be included in your estate plan. Failure to do so can lead to difficulties in accessing and managing these assets after your death.

Working with an estate planning attorney can help you avoid these pitfalls. An experienced lawyer can provide tailored advice and create a comprehensive plan that reflects your unique circumstances and wishes. They ensure all aspects of estate law are considered, from executing valid and up-to-date documents to addressing tax implications and including digital assets. By consulting with an estate planning attorney, you can achieve greater peace of mind knowing that your estate is well-managed and your legacy protected.

Basic Estate Planning Package for Couples

Hensley and Associates, PLLC offers estate planning basics that include:

• Wills: We offer individual and joint will services.
• Living wills: Allow you to indicate what medical treatment you do and do not want in specific situations should you be unable to communicate your wishes. A living will also designates who may make medical decisions on your behalf in the event you cannot do so yourself.
• Durable power of attorney: Enables you to authorize your spouse to make all medical decisions for you except for end-of-life decisions (which require a living will) as well as act on your behalf in financial matters such as signing checks and transferring real estate titles.

At Hensley and Associates, PLLC, we will review your personal situation and advise you on what estate planning instruments are recommended to protect your assets and ensure that your wishes are honored when you cannot express them yourself.