The consequence of not having an estate plan in place can prove to be disastrous for your loved ones.  The lack of planning may result in the State deciding who gets your properties. Even worse is if your property passes on to someone other than the person of your choice.

There is a common misconception that estate planning is only for the wealthy.  This couldn’t be farther from the truth. Estate plans don’t always comprise complex trust and tax planning.  It can be as simple as executing a will or appointing an agent through a power of attorney document.

If you have any estate planning needs, whether small or large, we are here to help.  We also provide probate assistance in Oklahoma.  After gathering enough information, we will analyze your circumstances, and recommend the best estate planning tools that suit your needs.  Contact us online or by telephone to get in touch with an OKC wills and trusts lawyer for legal support for estate planning.

Wills

If you pass away without a will, then you are said to have died intestate.  The disposition of an intestate estate is done according to the Oklahoma laws for descent and distribution.  This means that the State law will govern who gets what from your estate.  Having a will in place gives clear directions on who gets what after your death.  Additionally, you may also make provisions for disabled or underage beneficiaries in your will.  For instance, you may elect to leave an underage beneficiary’s portion in trust until he or she reaches a certain age.  Don’t leave a mess for your loved ones to handle, instead secure your family’s future with a professional will drafting.

Trusts

This estate planning tool may not be beneficial in every case, but it offers a plethora of benefits.  If probate avoidance, privacy maintenance, or shortest property conveyance time are your estate planning goals, then a living trust may be a good fit for you.  A living trust is created during the lifetime of the creator as opposed to a testamentary trust, which comes into being upon your death.  The essential elements include a trustee, trust assets, and beneficiaries.  You, as a trust maker, may retain control over the trust during your lifetime by appointing yourself the trustee.  After your passing, the successor trustee will take on the trust responsibilities.

Probate

The decedent’s assets that pass on via a will or the laws of intestacy must go through a probate process.  Probate is a court-supervised proceeding that’s generally devised to confirm the validity of the will and to ensure property distribution according to its instructions.  For instance, your brother leaves his house to you in this will.  This conveyance must go through probate before you can have the title to the house.  Probate proceedings can take from a few months to years depending on its complexity.  Having a will does not avoid probate.  However, there are a few different estate planning tools that can help you achieve this result.  If you are left with the responsibilities and are seeking counsel, contact Niroula Law online or via telephone for probate assistance in Oklahoma.