Our Oklahoma Family and Oklahoma probate attorneys are experienced with all phases of estate planning in Oklahoma. If its a last will and health care directive, or complex trust our Tulsa Wills and Trust attorneys can help to make sure that your end of life intent for the distribution of your property and assets is carried out your specific instructions. Our Estate Planning and asset protection attorneys provide comprehensive legal support in the following areas:
1. Powers of Attorney . A power of attorney is a legal document that you sign, and do so when you are competent, which authorizes a third party to act on your behalf. Although a power of attorney may be limited to a specific authority two of the most common authorities are, Financial and Health Care powers of attorney. The person to whom the power is granted is considered to be you attorney in fact for the purpose set out in the power. A power of attorney is in effect until you, the grantor, revokes it or until you die.
2. Probate and Probate administration. Probate in Oklahoma is the court supervised method by which you pass your assets to your heirs upon your death. Probate in Oklahoma is used for several reasons a few of which are, prove the validity of a will, appoint administrators, determine heir-ship, inventory and dispense with estate property Etc. In general probate is broken down in to small estate and large estate probate with the former shortening the time needed to get through the process. There are ways to avoid to probate and those will be discussed throughout this Oklahoma Family Law Blog.
3. Trust Administration. A Trustee is that person who the trustor sets out in the trust with the responsibility of administering the trust. The trustee is under a legal duty to administer the trust as it is set out in the trust. The trustee acts in a fiduciary capacity owing specific legal duties to the beneficiaries of the trust instrument. The duties of the Trustee are determined from the language of the trust instrument itself, from statutory law and other precedents as set out by the courts in the jurisdiction.
4. Health Care Directives. Also called an advanced health care directive, gives you the power to control what if any health care you receive in the event you become incapacitated as a result of your sickness. In essence the directive sets out in advance what health care you want to receive or the person you want to decide for you in said matters at the end of your life. This directive is helpful in removing such end of life decision making from your loved ones or your treating physician.
5. Wills. By drafting your will with the help of an Oklahoma Wills attorney you can ensure that your estate will be distributed to who you want in the fashion and amount you want. It is critical that the person drafting the Oklahoma will does not do so without fully implementing the legal procedures required in the State of Oklahoma. Do it yourself wills may seem inexpensive but do not ensure that the formal witnessing and beneficiary requirements have been met in creating a valid will.
6.Living Trusts. Most people are interested in creating a trust as a means of avoiding probate because they believe there is a tax benefit or that the process is easier. Although this may be true creating a trust although a valuable tool for estate planning in Oklahoma may not be right for everyone. It is true that a trust unlike a will is a private document and that it may be a valuable way of preserving assets. It is also necessary that you consult a skilled Oklahoma Trust lawyer who can help you make that determination and who can guide you on how to prepare trust documents and fund the trust.
7. Revocable and Irrevocable Living Trusts. Both irrevocable and revocable living trusts allow you to effectively manage your financial affairs and may afford the trustor certain tax advantages as well as asset protection. The primary difference between the two is that once drafted and funded the irrevocable living trust is said to be beyond the control of the trustor and cannot be changed. There are certain reasons this is done and can be explained to you and fitted to you particular estate planning need by an experienced estate planning attorney in Oklahoma.
8. Will Substitutes. This is a means of estate planning that seeks to avoid wills and trusts altogether. In Oklahoma Estate Planning, a will substitute may be a certain beneficiary you choose in your insurance policy or the way you title your house. There are several will substitute available in Oklahoma and your Estate Planning lawyer will help you decide which option is best for you.
9. Asset Protection.