Oklahoma Baptist Homes for Children

Neal Wooldridge

a word from Neal Wooldridge
Vice President for Planned Giving

Planning is for Everyone….

It’s always a good time to plan. Whether you are 18 or 102 years old, putting your financial affairs in order is very important. Okay, so maybe you’re not so excited about this aspect of financial planning. Most of us would rather have a tooth pulled than think about death or a debilitating accident or illness. Not knowing what the future holds is the best reason to plan ahead to protect your assets and your loved ones.

Teenage girl and her grandfather discussing financial mattersWhy You Need a Plan...

Would a close friend or relative be willing to step up to the plate and care for your children? Do you know who would be willing to manage your assets or make medical decisions for you if you were unable to do those things for yourself? If you’re married, your spouse may be able to assume some of these responsibilities, but what if your spouse is unable to manage financial affairs? Your assets could be quickly depleted in the hands of someone who is financially inexperienced. A spouse may not always be emotionally capable of making sound medical decisions during a crisis. This is where planning can help you prepare for the expected and the unexpected.

A Will is your most important planning tool. It names the person or persons who will receive your assets when you die and it appoints a guardian for your minor children. If you die in testate, or without a Will, the court will make the decision for you.

Your Will also appoints a personal representative to oversee the distribution of your assets and ensure that your final bills are paid. Because your personal representative may have to make decisions that affect your assets, you may want to appoint someone you trust and who has a financial background, or a financial institution like The Baptist Foundation of Oklahoma.

The Textbook Plan Beyond Just a Will...

You may want to consider adding three other important documents to your planning - a Revocable Trust, a Durable Power of Attorney, and a Living Will. A Revocable Trust is a document that will allow your estate distribution to occur without Probate. A Durable Power of Attorney will allow someone you trust to have the legal right to represent you and your assets if you become incapacitated and need a Guardian. A Living Will can be used to direct medical personnel not to take extraordinary measures to prolong your life if your condition is terminal. It may also state your wishes about organ donations.

Other Things To Plan For...

Another thing to plan for is the possibility that you may become mentally or physically incapacitated for a long period of time and require nursing care. Whether in the home or in a nursing care facility, this care could consume your life savings. A long-term care insurance policy can protect your assets while ensuring that you receive quality care.

Planning and Preparing for the future is a wise step. Please contact Neal Wooldridge, Vice President for Planned Giving at (405) 570-9836 or e-mail Neal Wooldridge.

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