Regardless of your age, you must plan for the eventuality of your death. It isn't something we often talk about or even want to talk about, but it is something we all must face at some point. I know the importance of considering this matter and tackling it head-on. Ask yourself, "Upon my death, what will happen to my assets? Who will get them? What will it cost to distribute them?" These are questions that should be considered by all of us at some point in our lives. Fortunately, there are answers.
Almost everyone is familiar with the concept of a will, but not everyone understands their purpose. Having a will is important to protect your assets and outline your wishes for how they should be managed after your passing. If you do not have a will in place, your assets will be distributed at the discretion of a judge. A judge will normally distribute your assets equally amongst your heirs by following the statutes of Oklahoma law.
Perhaps you don't want your assets distributed equally. Maybe you prefer that some of your assets are distributed to a charitable organization or religious institution. If you have any preferences at all for the distribution of your assets, you should work with an experienced estate planning attorney to create a will. When you have a will, upon your death, a judge will distribute your assets according to the decisions that you have made.
You may also want to consider writing a living, or revocable trust. I have many years of experience in the area of estate planning and am a strong proponent of living trusts. A revocable trust allows you to transfer all of your property into the trust during your lifetime. While living, you will act as your trustee, and all of your property is allocated to a trust which you have complete control over. Upon your death or mental incapacitation, the successor trustee (which you designate) takes over the trust and distributes the assets according to your wishes as spelled out in the trust agreement.