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?
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?’”
These types of assets are referred to as digital assets. Digital assets are your personal e-mail accounts, online bank and brokerage accounts, frequent flier accounts, Facebook accounts, and other social media websites. There are four main categories of digital assets: Personal assets Social media assets Financial assets Online business accounts While you may not… Continue reading Estate Planning for Your Facebook Account?
An Affidavit of Heirship is a sworn statement that can be used by heirs as an alternative way to transfer property and establish ownership when the original owner dies intestate or without a will. Affidavit of Heirships allow for heirs to take possession of the estate without going through probate. The Affidavit of Heirship outlines the deceased… Continue reading Affidavit of Heirship – An Alternative to Probate?
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. The 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?
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
As an estate planning attorney, most of my clients are meeting with me to help avoid probate as much as possible. I have written previous posts all about how to avoid probate. However, sometimes, probate can be beneficial in certain circumstances. A lot of estates go through probate, which is the court process to distribute… Continue reading Reasons to Choose Going to Probate
Oklahoma permits the distribution of a small estate without probate, if the estate is worth $50,000 or less in total. There are two ways to avoid probate using affidavits in Oklahoma - one for financial accounts, one for personal property. The first type of "Small Estate Affidavit" allowed in Oklahoma is one for financial accounts… Continue reading Oklahoma Small Estate Affidavit