Many people don’t think about estate planning until it’s too late, but experts say getting those documents ready now will save your family a lot of trouble, and money, in the long run.
Amber Guipttons is the director of the City of Tulsa’s Office of Financial Empowerment and Community Wealth. She oversees a new program helping Tulsans with legacy planning documents, such as a living will, last will and testament, power of attorney, HIPAA authorization and guardianship plans — at no cost.
“We’re really kind of bridging the gap to ensure that our residents are taken care of in some of the most vulnerable times of their lives,” Guipttons said. “Now they can make sure that that funding, that money, those assets, that grandma’s home can be passed on to the family.”
This new program is an extension of the Tulsa Financial Empowerment Center’s other services, which aim to increase credit and savings and reduce debt. Guipttons says helping residents save assets and wealth is the next step. So, they launched the legacy planning program in October.
Tulsa estate attorney Melissa Bell says Tulsans could risk losing thousands of dollars in court battles if they don’t plan their estates. That includes making plans for things like your car, your house and your bank accounts.
“Either do it your way or you can do nothing and it will be the state’s way,” Bell said.
Estate planning isn’t just about death, Bell says. It’s about what happens during your life, too. That’s why she says you should start thinking about estate planning when you become a legal adult at 18 years old. You never know what might happen, she says, and it can become expensive when people start fighting over assets.
Here’s how Bell describes five key documents covered during the estate planning process:
- Living will: “It’s where you decide whether or not you want life-sustaining treatment or artificially-administered nutrition or hydration, which is a feeding tube, ventilators, those kinds of things.”
- Last will and testament: “That’s the document that advises the probate court of your wishes. It allows you to decide who gets your stuff, who receives your assets and who is in charge of administering your estate.”
- Power of attorney: “That allows someone to basically step into your shoes and make decisions for you when you’re unable to do them yourself. It can either be because you’re incapacitated and really just can’t, or sometimes it’s for convenience.”
- HIPAA authorization: “That’s to allow people that you want to have access to your medical records and discuss your care and your medical condition with doctors.”
- Guardianship: “If you don’t have powers of attorney, then sometimes the court has to name somebody to take care of you. Basically, that’s what guardianship is.”
While you can start the process with the Tulsa Financial Empowerment Center, they cannot create legal documents, so you will likely need to find an attorney after attending a legacy planning session.
Signing up for a session is easy — you just have to create an account on the Tulsa Financial Empowerment Center website. You can also schedule one by calling Goodwill or Tulsa Responds directly. You must have an ID and be over 18 years old. The more financial documents you’re able to bring, the more comprehensive your plan will be.
- Goodwill Industries of Tulsa | (918) 802-7279 | 1667 S. Yale Ave.
- Tulsa Responds | (918) 900-0918 | 2174 S. Sheridan Road
Tulsa is one of less than 30 cities across the country that provide this service, Guipttons says. The program is in partnership with the Cities for Financial Empowerment Fund, a national nonprofit that works to improve the financial stability of low- and moderate-income households.
“The reality is that financial planning is for everyone,” Guipttons said. “It’s your ability to care for your loved ones and make sure that they can start a little bit further ahead than you did.”
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