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Minor Children: Will v. Trust

One of the many complications one needs to think about when planning for the distribution of their estate is minor children. It is vital that parents make plans for their children should should they die prematurely. Typically however, a minor, any one under 18, is not legally able to inherit your estate and manage his… Continue reading Minor Children: Will v. Trust

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Decanting: How to “Open Up” an Irrevocable Trust

You've got an irrevocable trust, but our world and your life have changed dramatically. Maybe your family doesn't look the same as when you first created the irrevocable trust. Maybe the law has changed and it makes the administration of trust financially unreasonable or the distribution would now be considered financially wasteful. Maybe you simply… Continue reading Decanting: How to “Open Up” an Irrevocable Trust

Advance Directives, Estate Planning, HIPAA Authorizations, Legal News, living wills, National News, Oklahoma, Oklahoma News, Uncategorized

What are these new change to Oklahoma’s power of attorney laws?

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?

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I Already Had a Will Drafted, Do I need to do Anything Else?

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?

Divorce, Estate Planning, Holographic Wills, Intestacy, Legal News, Oklahoma, probate, Trusts, Uncategorized, Wills

“I Know What Will Happen to my Finances, but What Will Happen to my ‘Stuff?’”

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?’”

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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

Beneficiary Designation, Estate Planning, Family Law, Life Insurance, Oklahoma, Trusts

(Minor) Children in Your Estate Planning

When handling people's estate plans, I am often asked how life insurance, retirement accounts, and other “beneficiary” property should be handled with regards to the young children. More often than not,  people with children want some or all of the proceeds of these accounts to go to their minor children. For example, if a client… Continue reading (Minor) Children in Your Estate Planning

Beneficiary Designation, Estate Planning, Legal News, Oklahoma, probate, Trusts

Funding A Revocable Trust

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

Beneficiary Designation, Estate Planning, Oklahoma, Oklahoma News, probate, Trusts

The Importance of Placing Your Timeshares Into A Trust

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

Estate Planning, Oklahoma, Trusts, Wills

Should I Get A More Complex Estate Plan?

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?