Barrett Legacy Estate Solutions

What if I cannot find a beneficiary?

What if I cannot find a beneficiary?

When someone has named you as the executor (also known as a personal representative) of their will, or the trustee of their Oklahoma trust, you are obligated to distribute that person’s money and property according to the document’s terms to the designated beneficiaries. For convenience, let’s group together the roles of executor and trustee under […]

Consider These 2 Life Insurance Examples

Consider These 2 Life Insurance Examples

A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the beneficiary of the policy to ensure that the life insurance benefits will be available to the beneficiary when they die. Life insurance is an important financial and estate planning tool, but without […]

How to Avoid Estate Planning Scams

How to Avoid Estate Planning Scams

Imagine spending thousands of dollars on an estate plan to protect loved ones, only to find that no true protection exists. Unfortunately, this scenario happens on a regular basis to individuals who are victims of estate planning schemes. According to a report conducted by the U.S. Consumer Financial Protection Bureau of people ages 50 and […]

The Power of Charitable Giving in Estate Planning

The Power of Charitable Giving in Estate Planning

Estate planning is not just about protecting and distributing assets; it’s also an opportunity to leave a lasting impact on the causes and organizations that matter most to you. By incorporating charitable giving into your estate plan, you can make a lasting impact on organizations that promote education, healthcare, arts and culture, social services, and […]

Passing the Torch: Smart Business Succession Strategies in Oklahoma

Passing the Torch: Smart Business Succession Strategies

For many Oklahoma business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business succession planning ensures […]

Consider These Things Before Leaving Your Retirement Account to Your Minor Child

Consider These Things Before Leaving Your Retirement Account to Your Minor Child

Your retirement account may be one of the most valuable things you own. Many people consider naming their children as the beneficiaries of these accounts because they think it is a way of easily transferring their wealth if something happens to them. However, there are some factors that make this type of transfer more complicated […]

How to Maintain Control of Your Estate and Keep Spouse #2 Happy

How to Maintain Control of Your Estate and Keep Spouse #2 Happy

Estate planning for couples in a second or subsequent marriage can be tricky, especially if their estates are disproportionate. One solution for allowing the well-to-do spouse to maintain control of his or her property and wealth–but to also maintain marital harmony–is the “Lifetime QTIP Trust.” In the estate planning world a “QTIP Trust” (qualified terminable […]

Cryptocurrency and Your Oklahoma Estate Plan

Cryptocurrency and Your Oklahoma Estate Plan

In today’s digital age, many individuals hold significant assets in the form of cryptocurrencies. While these digital currencies offer unique benefits, they also present unique challenges when it comes to estate planning in Oklahoma. It’s important to address the following factors to ensure your digital assets are protected and accessible to your heirs: Assignment of […]

I’m a Survivor… and Now I Have My Own Trust

I'm a Survivor. . . and Now I Have My Own Trust

Many married couples share almost everything, including finances. This may be reflected in their Oklahoma estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: […]

What to Do When a Disability Throws Your Oklahoma Estate Plan into Chaos

What to Do When a Disability Throws Your Estate Plan into Chaos

As poet Robert Burns mused centuries ago, the best-laid plans of mice and men often go awry. Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency in life. A car accident, sudden illness, workplace injury, or chronic medical condition can force you to reevaluate the core assumptions you used to plan […]