Edmond Oklahoma Estate Planning Blog

Going through a divorce can be extremely overwhelming. Not only are there are host of emotions involved, but there are many issues that must be negotiated when dealing with the divorce decree. One matter that must be considered is that of the estate plan. Whether you have already created an estate plan or you have yet to organize your estate, it is important to keep in mind a few factors when dealing with divorce.

One way to ensure your property and assets are given to your desired beneficiary, it to set up an irrevocable trust. When a trust is in place, the estate may avoid probate and go directly to the beneficiaries. Furthermore, you will want to clearly distinguish what is marital property and what is separate property. While marital property is eligible for division in the divorce settlement, separate property may stay with the original owner in some cases. This will help you know what to include in your estate plan.

When a marriage is brought to an end, life can be tumultuous in many ways. Custody, property division and other family law matters can be incredibly challenging, but there are other responsibilities and stressors that may arise. For example, someone who has a trust may need to make changes to their estate plan following the end of their marriage. For some people, this can be difficult because the divorce process is stressful and time-consuming in and of itself. However, by taking care of these issues promptly, moving forward and finding a sense of peace may be easier.

A trust may need to be revised for different reasons. For example, a former spouse may be listed as a beneficiary, and it may be necessary to revise the trust in order to make sure that one's former marital partner does not receive any assets from the estate. A former spouse may have also been given authority in an estate plan, and it may need to be revised to reflect these changes. Some people may even find themselves in a new marriage after their divorce, which may also necessitate making revisions to their existing estate plan.

As Oklahoma couples move through their lives, they may realize they need a will. There are many reasons people should write a will and as they begin to explore the process, people may quickly feel overwhelmed when they see how many options they have. One option some couples may want to consider is a joint will.

According to FindLaw, a will allows people to leave instructions about their children's care if they die while the kids are still young. A will can also help ensure that surviving family members receive their part of the estate sooner. Additionally, people can decide in advance which of their family members will inherit particular assets. Couples may write a will together or they may choose to write one for each spouse.

When you set up a revocable trust in Oklahoma, you arrange for a trustee to hold some assets aside for distribution to one or more parties after your death according to the terms you stipulate. A revocable trust is also sometimes called a "living trust" because as long as you are still alive, you have the option of making changes to it as circumstances warrant. 

If you already have a trust in place, you may wonder if you also need to make out a will. According to Bankrate, the answer is yes; although a trust functions similarly to a will in some ways, particularly as it relates to the distribution of assets after your death, there are some things a will can do that a trust cannot.