Stillwater Estate Planning Lawyer

What is the Difference Between Estate Planning and a Will?

A will is a component of an estate plan, but an estate plan is much more comprehensive than a will. A will names the beneficiaries of assets and instructs how to care for any dependents, but an estate plan will cover additional matters such as creating trusts and taking steps to lower estate taxes and fees.

With Campbell Law Office, PLLC on your side, you can trust that your present and future needs will be met. Backed by years of legal experience, our Stillwater estate planning attorney can help you secure your future and the future of your loved ones through careful planning. At our firm, we are passionate about providing personal legal service at affordable rates. We take the time to understand your specific circumstances and help you find a solution that meets your goals. Throughout the process, we remain straightforward and communicative about what you can expect.

Your Options for Estate Planning

When it comes to planning your estate, there are several different methods you can rely on to ensure that your assets are divided according to your wishes after you pass away. Our attorney can make sure that you fully understand every available option so you can make an educated decision that meets the needs of you and your loved ones.

• Wills - Even if you have verbally told your family what you wish to have done following your death, you must have these wishes written down, signed, and witnessed for them to be legally binding. If you have children under the age of 18, it is also important to appoint a guardian for them in your will otherwise the decision will be left up to the court.
• Powers of Attorney and Advance Directives for Healthcare - Essentially, an individual who is named in a power of attorney is allowed to make important financial or healthcare decisions for you if you become incapacitated. Without these responsibilities officially given to someone, the power to make those decisions often will go to court or to healthcare professionals.

What Does an Estate Plan Cover?

Anyone who wants their assets to be transferred to a specific place or person will want to consider creating an estate plan. This allows individuals to determine what happens to their estate once they pass. Without an estate plan, the courts will determine what happens to the estate through the probate process.

An estate plan will cover the following:

• What to do with an individual’s assets after death or if the individual becomes incapacitated
• This includes creating a will, setting up trusts, making donations to lower estate taxes, appointing an executor and beneficiaries, planning a funeral, etc.
• Appointing a guardian for dependents
• Updating plans such as life insurance, 401(k)s, IRAs, etc. to include desired beneficiaries