Passed by the legislature in the spring, House Bill 2548 established Oklahoma's new Uniform Power of Attorney act and went into effect on November 1st under Title 58. This act, which provides for more uniform power of attorney documents from state-to-state, mostly focuses on the financial power of attorney. Unfortunately though, through some drafting oversight, the… Continue reading What are these new change to Oklahoma’s power of attorney laws?
Many people are not concerned with doing estate planning because they think it is only for wealthy people. They think that because they have fewer assets the probate process after their death will be relatively straightforward, and that is not necessarily the case. There are earlier blog posts that address the "Small Estate Affidavit" for… Continue reading How Straightforward is the Probate Process?
The answer to this question is probably yes, but depends on your personal goals. A valid will tells the probate court how you want your assets distributed after you pass, but even with a will, an estate needs to go through the probate process and have the court approve the will before assets are distributed. This typically takes at least… Continue reading I Already Had a Will Drafted, Do I need to do Anything Else?
When individuals do estate planning, they traditionally plan for how their assets can help the next generation. But sometimes, those assets can be more of a burden than a blessing. An easy example of this is inheriting a house with an active mortgage. If this house is worth $200,000 and there is still $100,000 left to… Continue reading When I die, what will happen to my mortgage?
While estate planning is often done in consideration of a client’s family, it can be just as, if not more important for single people. An obvious issue is who will inherit a single person’s estate after they pass away? If a will is not in place, generally the estate will pass to children, and… Continue reading What Sort of Estate Planning Do I Need if I’m Single?
Estate planning is not a very glamorous subject, and some people may think they don’t need to do it at all. Maybe you and your spouse have two grown children, and you know that when you pass everything will be given to them, but often there is a little more to it than that. Yes,… Continue reading What Exactly Does Estate Planning Include?
While no one wants to envision a worst case scenario when it comes to their health, life does happen, and if you become incapacitated, either for a short time, or long term, giving someone the power to make decisions on your behalf can be difficult if a plan has not been implemented beforehand. Whether you… Continue reading “Who Can Handle My Affairs If I Get Sick or Injured?”
A common question in estate planning is: “How do I dispose of my ‘stuff?’” While bank accounts can have beneficiaries listed, and items like homes and vehicles can be titled over to a trust, passing on the jewelry, furniture, and antiques around our homes may be less obvious, but does not necessarily need to be… Continue reading “I Know What Will Happen to my Finances, but What Will Happen to my ‘Stuff?’”
Many young people incorrectly assume that estate planning is just for the elderly or the very wealthy. But no matter your age or net worth, it is important to have a basic estate plan in place. Estate planning is more than just having a will; creating an estate plan allows young people to distribute their… Continue reading Estate Planning is not just Death Planning – Why Millennials Should Create an Estate Plan.
There is a common misconception that estate planning is only for high net worth individuals, but establishing an estate plan and creating a trust can be the correct decision for anyone. Anything you have ever accumulated in your life is your estate. Having a plan to manage it is smart and often necessary. In essence,… Continue reading Estate Planning – Not Just for the 1%