Creating a trust in Oklahoma isn’t as hard as many people think. When developing your estate plan, you have the option to incorporate trusts as part of your strategy. Trusts can serve as valuable tools to ensure your assets are distributed according to your wishes, while potentially avoiding the probate process. Understanding the process of creating a trust and the…
When someone in Oklahoma dies with no will, state laws are in charge of distributing their belongings. This process is known as intestate succession. It can be complex and confusing, and understanding the different steps that occur can help you make informed decisions about your own estate planning or that of a loved one. This article will explain more about…
In Oklahoma estate planning, the Uniform Transfers to Minors Act (UTMA) and the Uniform Gifts to Minors Act (UGMA) are both crucial pieces of legislation. This legislation is a great benefit to citizens because it allows adults to transfer assets to minors without having to create a formal trust. These tools are essential for estate planning. This is because they…
There are circumstances where an ex-spouse can contest a will drafted by a former spouse. When dealing with the delicate matters of wills and estates in Oklahoma, it’s important to understand the specific legal avenues available. This is particularly relevant if you’re an ex-spouse wondering if you have the standing to contest a former partner’s will. Oklahoma law provides clear…
When your spouse dies intestate, receiving property without a will might seem tricky. In Oklahoma, an individual who dies without a will has the distribution of their property determined by intestate succession laws. These laws serve as a default will for the deceased, establishing a hierarchy of beneficiaries based on familial relationships. This article dives into the nuances of these…
In Oklahoma having the right documents included in an estate plan is key to its success. An estate plan is a crucial tool for protecting your assets, providing for your loved ones, and ensuring that your wishes are carried out both during your lifetime and after your death. A well thought out estate plan typically consists of several key documents,…
In estate planning and probate law in Oklahoma, a unique situation arises when dealing with a pretermitted child. This is a child that is unintentionally omitted from a will. Some reasons might be because they were born or adopted after the will was made. The following information clarifies whether a pretermitted child in Oklahoma can challenge a will, and if…
There are several concerns regarding estate planning and inherited IRA accounts in Oklahoma. An Individual Retirement Account or IRA is an investment account that holds retirement savings with certain tax advantages. This is as long as the money you deposit in a qualifying IRA is held until retirement age. Then, the account holder doesn’t pay any taxes, whether income or…
The executors role selling a house is strictly guided by Oklahoma probate law. When someone appoints you as an executor of a will, you will face many responsibilities. Among those might be selling a house. This can be challenging and confusing, especially if it’s your first time handling an estate’s affairs. To help guide you in this process, we have…
The responsibility of caring for a loved one in need is both an honor and a challenge. In the state of Oklahoma, two primary legal avenues can be utilized to assist those who cannot independently manage their personal and/or financial matters due to illness, disability, or age: Power of Attorney (POA) and Guardianship. Below, we will delve deep into both…
Children of deceased parents in Oklahoma are not directly responsible for the debts of their parents. In the midst of dealing with the loss of a parent, a question that often arises is, “Does a child have to pay their deceased parent’s debts?”. This issue can be confusing. Its filled with legal nuance and fraught with emotions. While the death…
Selling a home during probate is often seen as a daunting task, full of legal complexities and emotional turmoil. But for Oklahoma residents, understanding the probate process and Oklahoma probate laws can simplify the ordeal and make it manageable. So, if you find yourself asking, “Can I sell a home while it’s in probate?” the short answer is yes. But…
If you are married without children who gets one if you die depends if you have a will or not. In Oklahoma, the government has a default will for you if you die without one. This process of using the government’s will for you is called intestate succession. Your estate may go through probate court, and a judge will help…
In Oklahoma you can name a minor as a beneficiary of your will or insurance policy. In estate planning, people may want to give money or valuable property to a minor child, whether their own child or a grandchild or a special niece or nephew. They leave this money either in a will or as the beneficiary of an insurance…
Business Succession is an important part of well imagined estate planning. Life can change in the blink of an eye. One minute your life is excellent and exactly how you thought it would be. The next moment, you or a loved one needs immediate medical attention and may be recovering from a significant unplanned operation; you may be left to…
A special needs trust In Oklahoma is a part of a well planed estate. It is crucial to have an estate plan to help ensure that your belongings and assets go to the people you want them to after you’ve passed away. When considering what documents you’ll need to execute as part of your estate plan, it is essential to…
Estate planning and probate in Oklahoma is governed by state law statutes. Its designed to help people distribute their assets when they pass. As a society, we respect the wishes of the deceased. As a result, the law requires us to engage in the probate process when a friend or family member passes away. During this process, someone is appointed…
In Oklahoma and many states across the United States, the state legislature has provided a way for families with loved ones who have recently passed away to move some of their assets without needing to go to probate court if they meet certain characteristics. These forms are sometimes called Small Estate Affidavits in Oklahoma estate planning. It is called an…
Paying estate debts In probate in Oklahoma comes out of the estate itself. If funds are available they are paid by the executor as part of their probate duties. Oklahoma’s Probate Code details the procedure for paying the creditor claims of a decedent. A question often asked by someone who is faced with going through probate on behalf of a…
How Long Does Probate Take in Oklahoma; The average time varies greatly depending on the assets and liabilities of the decedent and can take anywhere between four months to over a year. In Oklahoma, probate is required when a person dies as the sole owner of real estate or fails to name a designated beneficiary on their insurance policies, investment…
Oklahoma has certain guardianship requirements for those seeking a guardianship of another person. There are some unfortunate situations in life that might result in a person becoming unable to make their own decisions. Legally, this is known as being incapacitated. When someone becomes incapacitated and cannot handle their affairs, they can have a guardian appointed to them who will step…
You can remove an Executor in a probate case In Oklahoma but there are things that must be done first. Imagine this: your loved one dies and leaves behind a will. The will named a specific person to be its executor. However, you and other relatives begin questioning the integrity of this executor. You believe that this executor isn’t fulfilling…
A living Will is part of any well prepared estate plan in Oklahoma. Are you interested in estate planning but completely lost on where to begin? Are you confused as your try to piece together all the legal jargon and make sense of what everything means? If so, don’t worry. You’re not alone. As people acquire more wealth and age,…
Oklahoma intestate law is what takes over by default. Creating a will is so important because if you don’t have one in place when you die, the state will decide what happens to everything you own. A will or a trust is a legal document that explains what to do with your property after death, among other things. You die…
Executor duties in Oklahoma probate consist of much more than we normally think. Losing a loved one is painful. And now your loved one’s estate is going to probate court. There is all this talk about executors and administrators. Because you’re grieving, much of it is going over your head. Maybe you’re wondering whether there’s a difference between the two…
Probate in Oklahoma is the judicial process of determining who is entitled to receive the deceased person’s property. Whether the person died with a valid will or died without a will, their estate must go through probate in Oklahoma. This is an important process because it ensures that the person’s property is properly distributed to those who are entitled to…
A Transfer on Death Deed in Oklahoma Estate Planning is an instrument to transfer or convey real property upon the death of the owner. This allows the owner to transfer their home upon death. They do this without the need of an Oklahoma will or intestate distribution. People have different reasons for using Transfer on Death Deeds in lieu of…
In Estate Planning people often turn to trusts as a way of passing assets to avoid probate. One of the many trusts available is the Irrevocable trust. Irrevocable Trusts are trusts that cannot be altered or ended once they are executed. Unlike revocable trust, they don’t allow for modification and termination if the trust creator has to make changes. Although an irrevocable trust…
Sometimes a person wants to donate money to a charity in the event of their death. In fact, about 5% of Americans choose make charitable donations in wills and trusts. The law provides several ways for this possibility. This article will explain a few and what the perks are in donating this way. Charitable Donations in Wills and Trusts When…
Step Children and Estate Planning for after you die require certain things be done. Blended families and step-children are a common occurrence in American families today. This makes up over a quarter of a million families and children who are living with non-biological parents. With these statistics in mind, it is important to know how the law affects step-children and…
Holographic Wills in Oklahoma are valid if done correctly. Life expectancy in Oklahoma is 73 years old. A large percentage of people over the age of 65 do not have a valid will or trust in place. Sometimes, a will is put in handwriting before a person’s death though. This is legally a holographic will. Oklahoma recognizes holographic wills in…
Revoking a Tulsa will with Oklahoma divorce is one way to revoke a will. As we go through life and acquire more assets estate planning becomes more important. More importantly then acquiring more assets is the need to protect our family members even after we’ve left this earth. An important part of estate planning and probate in Oklahoma is understanding…
Planning for incapacity is never a pleasant task. But there is significant risk in delaying the development of such a plan if you should become incapacitated. Most people associated this type of prolonged loss of consciousness may be elderly people suffering from mental ailments. However, young people can suffer the same type of incapacity. It is impossible to prevent temporary…