Estate Planning FAQ
Answers from a Kingfisher & Stillwater Estate Planning Lawyer
The process of
estate planning can be complex without the proper representation by your side. At
Harrison & Mecklenburg, Inc., we can provide you with legal counsel needed to protect your family and
property. Our Kingfisher legal team will guide you through the processes
involved from start to finish. Whether it is drafting important paperwork
or making sure your wishes are reflected in your estate plan, our legal
firm is here for you. We have provided a list of frequently asked questions
about estate planning in order to give our clients a better understanding
of what is entailed.
Who should create an estate plan?
Everyone should create an estate plan. No matter how much property you
own or what your age may be, you can benefit from creating a well-drafted
estate plan with a Kingfisher attorney. We can reflect your requests into
a plan that best protects your family and assets. It can give you peace
of mind in knowing that your loved ones are safe and that your property
will get distributed exactly how you want it to.
What is the difference between a will and a trust in Oklahoma?
will becomes effective once the creator passes away. It specifies the name
of a personal representative to manage their affairs, the name of a guardian
responsible for taking care of their minor children, an individual to
manage the property for the minor children, and instructions in how to
properly divide the property. By creating a will with a Kingfisher estate
planning attorney, it can serve as a blanket over your entire estate and
include your exact wishes in how you want your affairs to be managed.
trust is created to protect and hold an individual's valuable assets. Unlike
a will, a trust becomes effective immediately and avoids the process of
probate. It specifies the name of a trustee to hold the assets and make sure they
are properly distributed to the beneficiaries once the creator passes
away. The trustee can step in when the settlor dies, becomes incapacitated
or no longer wants to manage the trust. It is important to understand
the assets must be personally transferred into the trust for them to be
included within the document. If not transferred by the creator, they
are then included within the terms of the will.
What happens if I die without a will?
If you die without a will in Oklahoma, you are identified as having died
"intestate." This means you are giving the probate court the
power to handle your affairs and appoint a representative to manage your
estate. The appointed representative must then distribute your property
to your closest relatives as identified within the intestate succession
laws. This may not be such a bad thing; however, it can cause estate disputes
between your loved ones, as well as leave your minor child under improper
care. Our Kingfisher and Stillwater estate planning attorney can help
you avoid these instances by creating an estate plan that caters to your requests.
What are the components of a proper estate plan?
A proper estate plan includes a last will and testament, a trust, a durable
power of attorney, and an advance health care directive. These important
facets ensure that not only do your loved ones and assets stay protected,
but that you stay protected in the event that you become incapacitated.
They serve as a safeguard against any unforeseen events in the future
as well as incorporate your wishes in correctly distributing your property.
What is a "self-proving" will in Oklahoma?
A "self-proving" will speeds up the process of probate. It becomes
authorized in the presence of a notary when you and two other witnesses
sign an affidavit. When you pass away, probate can begin immediately because
the self-proving will is already determined as valid. This also means
the witnesses do not need to come forth and authorize it. By creating
this type of will, you can make things easier for your loved ones.
Speak with an exceptional lawyer from our firm!
As an estate planning firm in Kingfisher, we can assist you with your legal
needs and see to it that you get the representation you deserve. We will
answer any questions that you may have as well as get your case started
in the right direction. Now is the time to get started in creating a proper
estate plan that best protects your family and estate.
Contact Harrison & Mecklenburg, Inc. to get started today!