OKC Lawyer Protecting your Assets during Incapacity

probate law bookProtect your wishes and desires, regardless of what happens to your physical or mental state. There are many ways of preparing for incapacity – those events caused by serious illness, a tragic accident, or the days preceding your death.

In addition to your Last Will & Testament – the document that directs the court what to do after you die – you can take matters into your own hands in the event you are physically or mentally incapacitated while still alive. These documents include:

  • A revocable trust
  • Durable Power of Attorney
  • Medical Directive and Living Trust`

Create a Revocable Trust in Oklahoma City to protect your assets whether you’re alive, dead or incapacitated

A Trust is something you can create to control and operate your estate, whether you are living, dead, or incapacitated. When you create a Trust, you create something similar to a business entity that can own property and distribute income or benefits to certain recipients. Another way of thinking about a Trust is to think of it as a form of divided ownership; one party owns or is entitled to the benefit of the property, while another party controls it.

A revocable trust can be used to purchase real estate, and to pass it on to family members. A trust can be used to run your estate while you are alive. And it can be a wonderful tool for managing your affairs if you become incapacitated.

For a consultation to discuss the benefits of creating a trust for your estate, call (405) 724-8112 or send us an email.

Create a Durable Power of Attorney to delegate legal decisions if incapacitated

You may nominate a person to legally handle all of your affairs on your behalf. You may do this while you are living and of sound mind, or to take over your affairs in the event you are not.

Someone who has Power of Attorney is authorized to act as your “attorney in fact,” meaning they can make decisions regarding selling, transferring, disposing your assets; bringing or defending lawsuits on your behalf; and to make other decisions involving your rights.

You may limit the scope of the power you designate, and it is best to discuss with your Attorney at Law how to best draft a POA and what limitations to impose.

For more information on Power of Attorney designations in Oklahoma, call us at (405) 724-8112 or send us an email.

OKC Attorney can prepare Advance Medical Directives

Another part of estate planning involves delegating certain decisions that may come unexpectedly, such as medical decisions in end of life scenarios. In Oklahoma, an attorney can prepare an Advance Medical Directive on your behalf that ensures your wishes will be carried out, even if you are incapacitated.

With an Advance Medical Directive, you may specify to your medical providers how you want to be treated in certain end-of- life scenarios. You may also appoint a Health Care Proxy, someone to make decisions on your behalf in this medical scenarios.

You may hire an attorney to draft these documents for you, to ensure they are legally enforceable in court, should the need ever arise.

For more information on Advance Medical Directives in Oklahoma, call us at (405) 724-8112 or send us an email.