Estate Planning | Will & Trust
Wills, Trust, & Probate: We Can Help
Nothing seems to be more feared than probate. It gets a bad rap. Most probates and probate issues are very easy to manage with someone with experience. Probate procedure is codified in Title 58 and Wills in Title 84.
Trusts are mostly matters treated like contracts. It is important to have a Will, even if it is just a simple one, so that you can do things like nominate a Guardian for your children, dictate the distribution of your assets, or even pick who takes over your social media (which can be really hard to do without a provision in a will!). Wills protect you and your family from dealing with potentially difficult issues. If you don’t have a Will then your estate passes by rules called intestate succession.
We have a skilled team with a lot of experience that can walk you through making a Will or a Trust depending on your needs, handling a probate or trust administration, and preparing documents like advance directives for care, designation(s) of agent, and designation of medical agents to help manage your affairs.
Will
Wills can be VERY simple. In fact, a holographic will can be a document that is done in your handwriting, signed, and dated. This type of will can be very problematic though. A Will prepared by an attorney generally makes sure that you address all the things you have to (like making sure there is a provision or specific disinheritance for your children) in order to make your wishes enforceable. Additionally, they require witnesses and a notary which helps people feel comfortable relying on it. Failure to properly execute a will or provide for everyone required in a will or to not have one at all is where the fear of probate comes from. Probate is easy if you are prepared properly.
Trust
Trusts can be a useful tool for people who have large estates or operations that require some immediate continuity just prior to and immediately after their death. A trust is where a person or people transfer their assets to a new entity, the trust. The trust then manages the assets, usually for the benefit of the people who transferred the assets to it during their life, and then distributes those assets after the death of the original trust-ors or settlors. Farms and ranches benefit from these types of arrangements as so small family businesses that are not otherwise incorporated. Additionally, persons with large amounts of real estate or monetary resources may use a trust be more deliberate with their management. Trusts are also seen as a way to avoid probate and sometimes attachment of end of life expenses. Each trust is unique to the individual and requires a skilled drafter to be effective.
Designation Agent & Medical Agent
Designations of agent are relatively new to Oklahoma. We previously called these power of attorney or durable power of attorney. Title 58 beginning at section 3001 deals with the specifics of the designation of agent. Those statutes cover everything from execution to powers. These can be effective immediately upon execution (if you want someone to help with your affairs now) or made to be effective upon a certain condition like incompetency. These may be revoked so long as the grantor is competent to do so. You should be careful who you give this authority to also make sure they know and are willing to take it on. Medical agents are people who help make or effectuate premade medical decisions. You can choose to fill out forms like advance directive for healthcare that state what kind of treatment you want or DNR – do not resuscitate instructions for how to handle specific issues. But if you are incapacitated and need someone to make care decisions, it is important that you designate an agent for that.
Visit our law offices today
Come in and let us listen to your concerns and develop a plan that will put your mind at ease and some certainty to your family’s future.