Edmond Oklahoma Estate Planning Blog

A common misconception that many in Edmond may have regarding estate administration is that it is a singular event. While that may be true in certain cases, many times estate administration can be a process that plays out over several years (even decades). This is especially true in the case of those who own properties that are put out for public consumption. Executors and personal representatives in these cases are tasked with ensuring that any intellectual or artistic properties belonging to an estate are not used without authorization (or if they are, that the estate is duly and adequately compensated for their use). 

Oftentimes, people will use protected properties without even knowing that they need such authorization. Such appears to have been the case in the making of the film (which itself is a remake of a classic Italian film). The movies director admitted that the images he used in many of the film's dream sequences were inspired by the works of popular feminist artists. Two such images apparently came to close to resembling two actual works of art produced by a renowned Cuban-American artist. Representatives of her estate took note of this and sued the film's production company. The lawsuit was settled for an undisclosed amount, and the images were removed from the film's theatrical version. 

If you are the parent of an Oklahoma special needs child, you undoubtedly do everything in your power to see to it that your child receives the care and services (s)he needs. But you also likewise worry about who will care for your child if (s)he outlives you and if the money will be there to provide that care once you are no longer around.

It may surprise you to learn that establishing a special needs trust for the benefit of your child could relieve both your worries. As FindLaw explains, a special needs trust names your child as trust beneficiary, lists the trust assets, designates you as trustee, plus your choice of successor trustee in the event of your incapacity or death, and specifies who you want to care for your disabled child once you can no longer do so yourself.

As a resident of Oklahoma who is looking to get your affairs in order, you may be giving some thought to how to make the best use of your assets after your passing. You may, too, be considering what methods you might use to preserve as much of your wealth as you can for your loved ones, and the term “irrevocable living trust” may come up during the process.

Just what is an irrevocable living trust, and would it benefit you to establish one? Per the Motley Fool, an irrevocable living trust is a fiduciary arrangement that can come with many benefits, although it does require that you give up some power and place it in the hands of a trustee. This type of trust, as the name implies, is not one you can change once you create it, but if you are able to accept that, know that there are many ways in which it can work in your favor.

When Oklahoma residents begin to create their estate plan, one of the first things they might decide to do is write a will. There are many different kinds of wills. However, many people may find that a simple will is all they need.

Simple wills can be a good option for people who have a small estate. According to FindLaw, a simple will usually explains how property should be distributed. If people have children, this document also names a person who will take care of the children's finances and act as their guardian. Some people may be surprised to learn that their will might need to go through probate. This is why it is important for people to make sure they name an executor of the estate in their will.