Oklahoma City Estate Planning & Probate Attorneys
Creating an estate plan ensures your hard-earned assets are distributed according to your wishes. Many people mistakenly believe that they don't have an estate plan, but the truth is, they do. In Oklahoma, without legal planning, state law dictates the distribution of your estate, which may not align with your desired outcome. Consulting with legal experts, like those at Bennett Vernier, is crucial to guarantee that your wishes are respected and effectively executed after your passing. Take control of your legacy and secure your loved ones' future by contacting us today for a free consultation.
Should I Buy My Will or Trust Online?
There are many websites that offer cheap wills and trusts. Our advice is, “You get what you pay for. Buyer beware!” The will or trust you purchase online may or may not accomplish your goals. Our experienced legal team is here to guide you and ensure that your will and estate plans are tailored to your exact specifications. Contact us today to discuss your needs and have all your questions answered.
What is a Last Will and Testament?
Your last will and testament is just one part of a comprehensive estate plan. If a person dies without a Will they are said to have died “intestate” and Oklahoma’s laws will determine how and to whom the person’s assets will be distributed. Some things you should know about wills:
A will has no legal authority until after death. So, a will does not help manage a person’s affairs when they are incapacitated, whether by illness or injury.
A will does not help an estate avoid probate. A will is the legal document submitted to the court for probate, so it is basically an “admission ticket” to probate.
A will is a good place to nominate the guardians (or back-up parents) of your minor children if they are orphaned. All parents of minor children should document their choice of guardians. If you leave this to chance, you could be setting up a family battle royale, and your children could end up with the wrong guardians.
Keys Reasons to Consider Trusts.
Trusts come in many “flavors,” they can be simple or complex and serve a variety of legal, personal, investment or tax planning purposes. At the most basic level, a trust is a legal entity with at least three parties involved: the trust-maker, the trustee (trust manager), and the trust beneficiary. Oftentimes, all three parties are represented by one person or a married couple.
Depending on the situation, there may be many advantages to establishing a trust, including avoiding probate. In most cases, assets owned in a revocable living trust will pass to the trust beneficiaries (or heirs) immediately upon the death of the trust-maker(s) with no probate required. Certain trusts also may result in tax advantages both for the trust-maker and the beneficiary. Or they may be used to protect property from creditors, or simply to provide for someone else to manage and invest property for the trust-maker(s) and the named beneficiaries. If well-drafted, another advantage of trusts is their continuing effectiveness even if the trust-maker dies or becomes incapacitated. Reach out to our Oklahoma City law office to find out if you and your family could benefit from establishing a trust.
What is Probate and What Should I Know?
Dealing with the loss of a loved one is incredibly painful. It becomes even more challenging when you are left to navigate the complex probate system alone. At Bennett Vernier, our law firm understands the importance of reducing stress during this difficult time. If you need expert guidance and support, contact us today at (405) 787-9950 or schedule a free consultation. Let us help you during this challenging journey.
Probate is the court and process that looks after people who cannot make their own personal, healthcare and financial decisions. These people fall into three general categories: Minor Children (under age 18 in most states); Incapacitated Adults; and People who have died without legal arrangements to avoid probate. Probate proceedings can be expensive and time-consuming. Additionally, the court proceeding and associated documents are all a matter of public record. Many people choose to avoid probate in order to save money, spare their heirs a legal hassle, and keep their personal affairs private.
A personal representative must prepare and file an inventory and a list of claims after the court approves the representative. The timeframe for this necessary chore is set by statute. This inventory should detail all of the assets subject to probate (i.e., that did not pass outside of probate by operation of law or otherwise). The property must be valued and is sometimes required to be appraised. The claims include debts due and owing to the estate (not debts the estate owes to another party). The inventory provides potential estate beneficiaries and creditors with an idea of the estate’s assets and claims. One thing to realize if you are a beneficiary is that while you may be entitled to the assets, the inheritance is subject to the estate’s administration. The representative must settle the decedent’s debts and claims before they can distribute the assets. So, beneficiaries, do not go to Grandma’s house with a moving truck and start taking whatever you want. Additionally, the representative must give proper notices to creditors, including publication in the appropriate newspaper and sending written notice to known secured creditors. Along the way, the representative must also pay the estate’s taxes and file the estate’s tax returns..
The representative must keep the beneficiaries in the loop, including providing each with notice that the will has been admitted to probate and a copy of the will. In addition, the representative must inform the beneficiaries regarding any information that might affect their rights. For instance, beneficiaries have the right to ask for a formal accounting by the independent executor. The representative is responsible for the care and maintenance of estate property, treating it with even greater care than their own property. As you can see, being a representative is a big time job. If you need help probating an estate, call us today at (405) 787-9950 or send us an email.
What are Powers of Attorney?
A power of attorney is a legal document giving another person (the attorney-in-fact) the legal right to do certain things for you. A power of attorney may be very broad or very limited and specific. All powers of attorney terminate upon the maker's death and may end when the maker (principal) becomes incapacitated (unable to make or communicate decisions). When the intent is to designate a backup decision-maker in the event of incapacity, then one should consider a durable power of attorney should be used. But, Durable Powers of Attorney should be frequently updated because banks and other financial institutions may hesitate to honor a power of attorney over a few years old.
Health Care Documents: Advanced Directives & HIPAA Waivers
An advanced directive is a document that specifies the medical and personal care you would want should you lose the ability to make and communicate your own decisions. Anyone over 18 may execute an advance directive, and this document is legally binding in Oklahoma. Your advanced directive can specify who will make and communicate decisions for you. It can set out the circumstances under which you would not like your life to be prolonged if, for example, you were in a coma with no reasonable chance of recovery. A document that goes hand-in-hand with your advanced directive is authorization to your medical providers to allow specified individuals to access your medical information (“HIPAA Waiver”). Without this authorization, your doctor may refuse to communicate with your hand-picked decision-maker. If you or a loved one needs help with an estate planning issue, arrange a free consultation with one of our estate planning lawyers by calling (405) 787-9950 or by sending our office a message using our contact form.