As parents, one of our top priorities is ensuring our family’s long-term financial security. With the right planning and expert guidance, it’s possible to alleviate potential financial and legal challenges that arise when unforeseen events occur.
The attorneys at Lai & Turner Law Firm, PLLC in Oklahoma City specialize in helping families with comprehensive estate planning.
As law partner Jimmy Lai explains: “Estate planning is essentially an ‘asset protection plan’ that safeguards your assets in the event of death, incapacitation or other circumstances. It’s crucial for your family’s financial well-being. Without a trust, your assets are not secure from government interference and public scrutiny.”
Lai, his law partner Braden Turner and their team work closely with clients to create personalized plans that will protect all assets — money, property, businesses and minor children, for example — exactly as directed by their clients.
What is the difference between a will and a trust?
“With a family trust, you will avoid the often time-consuming and expensive probate process,” says Turner. “A trust can be tailored to protect all family assets, ensuring your estate is managed and distributed according to your wishes.”
Unlike a will, a trust offers broader protection and flexibility. A comprehensive trust package allows parents to designate individuals to make healthcare and financial decisions on their behalf if they become unable to do so, while also appointing guardians for children if necessary.
Privacy is another important benefit for many families who select a trust over a simple will. A will is always subject to probate. Moreover, the estate becomes public information, which can be how nosy neighbors and opportunists learn all about a family’s private affairs.
Finally, what happens to minor children when tragedy strikes? This becomes an even more important decision when blended families are involved. A will may not ensure minor children will be taken care of according to the parents’ wishes, but a family trust does.
The experts at Lai & Turner are dedicated to guiding families through the estate planning process, ensuring assets are protected and loved ones enjoy peace of mind. Contact them to create the best possible asset protection plan for your family.
Lai & Turner Law Firm, PLLC
2000 N Classen Blvd, Ste A230, OKC
405-294-1066
