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
Whenever an attorney creates a Revocable Living Trust for a client, the trust needs to be funded. "What does it mean to fund a trust?" is a common question that our attorney at the Skillern Law Firm gets from clients. It is a very important step in the estate planning process. To see what a Revocable… Continue reading Funding A Revocable Trust
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
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?
One common scenario that estate planning attorneys encounter is clients who believe that deeding their home to their children solves the problem of avoiding probate. Most retired individual's main asset is their home, which many have paid their mortgage off. Such a situation is common for many of our clients, and the attorneys at Skillern… Continue reading A Common Error to Avoid Probate
Most people know that Revocable Living Trusts are a great way to avoid probate. And if you don't, please read a previous blog about probate and how a trust can help here. On today's blog post, Skillern Law Firm is going to discuss other ways to avoid probate if you already have a trust, or… Continue reading Simple Ways to Avoid Probate