If you do not have a Revocable Living Trust, your estate will need to be probated or be small enough for a simple affidavit. Probate is the legal process required for estate administration and asset distribution. To read more specifically about what probate is, read our previous post "what is probate." One important thing about… Continue reading Oklahoma’s Simplified Probate
Most, if not all, timeshare owners will have to decide, at some point in their life, who they want to receive their timeshares after they pass away. Most timeshares are real property interests, that are deeded into the owner(s)'s name(s). If a timeshare is held in an individual's name at death, just like any other piece of… Continue reading The Importance of Placing Your Timeshares Into A Trust
Most people that come into our office expect to need a "simple" estate plan. Usually, they mean a will, power of attorneys, and a living will. No trust, no tax planning, and no trust provisions for their children or other family members. Perhaps the initial motivator for this is the lower cost, but also the… Continue reading Should I Get A More Complex Estate Plan?
Most people know how to put beneficiary designations on their accounts to skip that asset from going to probate. Most of the time, it is a one or two page form that the financial institution provides you. (See more about that at our post about Beneficiary Designations). However, one type of asset that is often… Continue reading How to Handle Titled Transportation Vehicles to Skip Probate
What does the fiscal cliff agreement mean for my estate? The estate tax was a bit of a mixed bag – the $5 million dollar per person exemption was kept in place (and indexed for inflation continued) however the top rate is increased from 35% to 40% – effective yesterday. Other good news for estate… Continue reading What does the Fiscal Cliff Agreement mean for my estate?
Most couples, especially married couples, get their estate planning done together and draft them accordingly. Most of the time, married couples will get a Family Trust, rather than two individual Trusts, and all the beneficiaries/executors/trustees are listed as each other. After the unfortunate event of a divorce, it is extremely important to get your estate… Continue reading It’s Important to Update your Estate Planning After A Divorce
One of the most common questions I receive from clients is the question of beneficiary designations and how they relate to their Will or Trust. One important thing that must be said is that beneficiary designations, including IRA's, life insurance, annuities, bank accounts, etc., go outside probate and the trust. What is said in the… Continue reading Beneficiary Designations
Many people who create a Revocable Living Trust fail to understand what happens to the trust after they are gone (for more information about types of trusts, see Let's Talk Trusts). One of the most common misconceptions is what happens to a Revocable Living Trust after the trustmaker or "trustor," or the person who created… Continue reading What Happens To My Trust After I Pass Away?
A lot of clients seem to be under the misconception that, if your will is valid, self-explanatory, and clear as to your intent, then it does not need to be probated. However, your Last Will and Testament is not effective until it goes through probate. It does not matter if it is clear and unambiguous!… Continue reading Why Does My Will Need To Be Probated?
When creating any type of trust, the creator of the trust (called a "trustor" or "settlor") needs to nominate someone or an organization to be their trustee. Usually the Trustor nominates himself or his spouse to be the original trustees, but some may nominate their bank, attorney, financial planner or children to be a trustee.… Continue reading Duties of a Trustee
