Dealing With Creditors’ Claims Through Probate
For many Americans, debt is a necessary part of life. Aside from the most fortunate among us, without borrowing money, we would not be able to afford our houses, our cars or our children’s college education. So what happens if you pass away leaving unpaid bills? Oklahoma’s probate laws provide a process to deal with […]
Avoiding Probate With Transfer-on-Death Deeds
In my opinion, a revocable living trust is the best estate planning tool available to avoid probate, maintain the privacy of your affairs and provide for incapacity or disability. However, for some people, a revocable living trust may not be the right fit. In these instances, it makes sense to consider a transfer-on-death deed, which […]
Choosing a Trustee for Your Revocable Living Trust
Selecting a trustee for your revocable living trust is a very important decision. But who should you choose? In most cases, the initial trustee is the person or persons who created the trust. So, what we are really talking about is the successor trustee. The successor trustee is responsible for the trust after the initial […]
Selling Property in Probate
Last week, I was at the probate docket at the Oklahoma County Courthouse in Oklahoma City. There, I watched as the judge took to task a personal representative for attempting to sell property without supervision of the court. It got me thinking about a common misconception I frequently hear, which goes something like this: “Mom […]
Why Won’t the Oil and Gas Company Pay Me?
“Why won’t the oil and gas company pay me?” This is a question which clients frequently ask me. I find that the answer usually involves a missing probate in the chain of title or incomplete funding of the client’s revocable living trust. “Probate” refers to the court-supervised process of distributing the property and assets of […]
3 Little-Known Factors That Could Disrupt Your Estate Plan
If you have estate planning documents in place such a last will and testament, durable power of attorney, trust and Advance Directive for Health Care, congrats! You’ve taken a big step toward achieving peace of mind and easing the burden on loved ones after you are gone. Unfortunately, however, your work doesn’t end whenever you […]
Ancillary Probate
The term “ancillary probate” refers to a probate case which occurs in a state other than the state where the deceased resided at the time of death. Ancillary probate is necessary because probate courts have jurisdiction only over property located within their borders. Therefore, if the deceased was a resident of Nebraska at the time […]
Estate Planning for Blended Families
The days of “Leave it to Beaver” are far behind us. According to the Pew Research Center, just 46% of children live in a household with two married heterosexual parents in their first marriage. In 1960, 73% of children fit this description. In 1980, the number was 61%. The rise of so-called blended families — […]
Wills vs. Trusts
Wills vs. Trusts: which estate planning tool should you choose? That is the subject of a column I wrote for the Norman Transcript, which appeared in the paper’s business section on Sunday. Check it out by clicking here.
Investing in Estate Planning
“The cost is more than I expected.” I’ve heard this on several occasions during estate planning consultations, which is understandable. You’ve got a mortgage and other bills to pay, a family to support. Many people think of estate planning as a luxury: sure, it’d be nice to have, but it’s not something you absolutely need. […]