Top Three Reasons to Consider an A-B Trust
Revocable living trusts enable one to avoid probate, resulting in greater privacy as well as decreased legal fees and costs. If structured properly, revocable living trusts also provide other benefits. To achieve these benefits, the client should execute an “A-B trust”. What is an A-B trust? Let us use a married couple to illustrate. In […]
Top 5 Reasons to Update Your Estate Plan
If you have an estate plan, congratulations: you are way ahead of most people in terms of protecting your legacy and giving your loved ones peace of mind. By some estimates, nearly half of all American adults lack even have a basic will. Consequently, millions of families every year will incur unnecessary taxes as well […]
Maintaining Family Harmony In Probate
The loss of a loved one is a very difficult time for all involved. Probate only compounds the stress. As a result, long-held feelings of disappointment, distrust and resentment between family members may surface. In every probate, my goal is to efficiently administer the estate while following Oklahoma probate laws. At the same time, I […]
Asset Protection in Revocable Living Trusts
Revocable living trusts are a wonderful estate planning tool. A fully funded revocable living trust avoids probate, thus enhancing privacy as well as saving your loved ones significant legal fees and court costs. Importantly, revocable living trusts can also offer asset protection to beneficiaries. Here’s how. If someone receives money outright under a will or […]
The Contested Probate: Should I Object?
In grieving the loss of a loved one, many are surprised to learn that wrapping up the deceased’s affairs is not as simple as they had assumed. If the deceased owned property in his or her name alone, a probate is necessary to pass the property legally to the heirs and beneficiaries under any last […]
Preparing the Estate Inventory: 3 Things Personal Representatives Should Know
In a probate case, one of the primary responsibilities of the personal representative is to collect, maintain and manage the assets of the estate. This includes filing with the probate court an inventory of the estate’s assets. Here are three things every personal representative should know about preparing the inventory in a probate case: What […]
3 Reasons Why Newlyweds Need Estate Planning
You’ve found your soulmate, your one and only. The wedding went great. The honeymoon was pure bliss. What now? For newly married couples, there is much to ponder. As you settle into your new life together, you might want to think about estate planning. Here are three reasons why: The In-Laws: Ah, the in-laws. Cue […]
Pet Trusts
During estate planning consultations, people often ask me: “What will happen to my pets?” It is a very good question. For many of us, our dogs, cats and other animals are an integral part of the family. In the past, one had to rely on informal promises or non-binding language in a last will and […]
You’ve Been Named Personal Representative in a Last Will and Testament: Now What?
A loved one has named you as personal representative in their last will and testament. Now what? In the immediate future, the answer is…nothing. That’s right: a last will and testament determines what happens to a person’s estate AFTER they pass away. While that person is alive and has capacity, he or she continues to […]
Three Reasons Living Trusts Aren’t Just for the Rich
Clients sometimes ask me, “Aren’t living trusts just for rich people?” Granted, a living trust is the foundation of many wealthy families’ estate plans. However, living trusts have numerous benefits — whether your net worth is $500,000 or $20 million. Here are three reasons why: Probate Avoidance – If a deceased person left property and […]