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
The COVID pandemic has caused many people to prepare for the worst and encouraged them to get their affairs in order. A major part of this has been estate planning and. in a time where social distancing is being encouraged, meeting an attorney at his or her office may sound less than ideal, many people are… Continue reading Do I Really Need an Attorney, or Can I Draft My Will Myself?
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?
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?
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?
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 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