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How Does The New Federal SECURE Act Affect Your Estate Plan for IRAs & 401(k) Plans?

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was signed into law on December 20, 2019 and became effective on January 1, 2020.┬áThe SECURE Act makes over two dozen changes to the law affecting retirement benefits and inherited IRAs (Individual Retirement Accounts). The revisions also apply to other defined contribution… Continue reading How Does The New Federal SECURE Act Affect Your Estate Plan for IRAs & 401(k) Plans?

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What is a Healthcare Power of Attorney?

A healthcare power of attorney (HCPA) refers to both a legal document and the person named in the legal document which empowers the named individual to speak with others and make decisions about your medical condition, treatment, and care. When you, the patient or creator of the HCPA, become to ill to communicate your wishes… Continue reading What is a Healthcare Power of Attorney?

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Always have an attorney make your estate plan

Like we have discussed before on a previous post, every adult needs a Last Will & Testament or a Revocable Trust in place. However, more than half of all Americans have no planning in place! For simple estates, or at least the bare minimum for everyone, a Last Will & Testament is a good start. A Will… Continue reading Always have an attorney make your estate plan

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Why You Cannot Wait to Get An Estate Plan

Today, let us tell you a cautionary tale: Recently, our attorney was hired to represent an heir in a probate here in Tulsa County, Oklahoma. The person who passed away was an 87 year old male who passed away unexpectedly. He was unmarried, had no children, no living parents, siblings, etc. His living heirs are… Continue reading Why You Cannot Wait to Get An Estate Plan

Beneficiary Designation, Estate Planning, Transfer on Death Deed, Trusts, Uncategorized

Oklahoma’s Transfer on Death Deeds

Before 2008, there was no way in Oklahoma for real property or mineral rights to skip probate except for a revocable trust. In 2008, the Oklahoma legislature passed 58 O.S. Section 1251-1258. This statute codified Oklahoma's Transfer on Death Deed ("TODD"), otherwise known as a "beneficiary deed." This allows the owners of real property, including… Continue reading Oklahoma’s Transfer on Death Deeds

Advance Directives, Estate Planning, Legal News, National News, Oklahoma News, probate, Uncategorized, Wills

Estate Planning in time of COVID-19

As most of you will be aware, the virus called COVID-19 or "coronavirus" has changed our everyday lives during this time. As of this post, more than 340,000 people in the United States have tested positive for the virus, and it has cause around 9500 deaths. Around the country, including in Oklahoma, courts are shut… Continue reading Estate Planning in time of COVID-19

Estate Planning, Intestacy, Oklahoma, probate, Trusts, Uncategorized, Wills

Never write on your original estate planning documents

I have many clients that come into my office that have written, scribbled, crossed-out, or marked all over their estate planning documents. This can be a big mistake with big consequences! What should you do if you have a Will or a Trust that you wish to change, amend or revoke? One thing people frequently… Continue reading Never write on your original estate planning documents

Advance Directives, Estate Planning, Oklahoma, probate, Trusts, Uncategorized, Wills

As your life changes, so should your estate plan.

Most of our clients come to us to help make their loved ones' lives easier - not more difficult. Many people will come in wanting a very simple estate plan because of the cost or because they believe their estate is not large enough to cause anyone any issues. However, often, very simple estate plans… Continue reading As your life changes, so should your estate plan.

Advance Directives, Estate Planning, living wills, Oklahoma, Uncategorized, Wills

Ways to Plan for Incapacity & Why It Is Important.

Estate planning is not just for after you pass away, it can also be very important for when you become ill or incapacitated during your life. ┬áThe attorney at the Skillern Law Firm can assist with the creation of a comprehensive incapacity plan, as well as your estate planning for when you are gone. It… Continue reading Ways to Plan for Incapacity & Why It Is Important.