Edmond Oklahoma Estate Planning Blog

When someone dies in Oklahoma, many people may think they can simply take the belongings of the deceased. However, most of the time, a person's estate needs to go through probate. 

The Motley Fool says that probate determines whether a will is valid. The executor of the estate typically needs to make a list of the assets and debts the deceased has and take these to court with the will. The court usually considers the will's validity and tells the executor how to manage the assets before they are distributed to the beneficiaries. While some people might think it will not take long to show that the will is valid, probate can be a long process. Sometimes it may take several months for a court to rule that the assets can be handed out to family members.

As a business owner in Oklahoma, you've put monumentous effort into growing your company from the ground up. Naturally, you want your business to continue flourishing even after you pass. Lidia Law Firm is here to help ensure that your business is passed on according to your wishes.

Business and estate law do tend to intersect when it comes to family or self-owned businesses that you wish to pass down to someone else. In some cases, you might want to leave it to one or multiple members of your family. In other cases, you might prefer leaving your share of the business to a trusted business partner, even if they aren't related. It's up to you to first decide who you want your business assets to go to.

Many Oklahoma residents feel apprehensive about setting up a Trust; others feel that it simply is not worth the time. Wherever families may lie on this spectrum of opinion, many are confused about the meanings of a will or Trust altogether. Below are some accessible facts about a Trust specifically, and how having one may prove advantageous.

First, an article in Forbes explains that, as a whole, a Trust is a group of assets prepared for beneficiaries. Overseen by an appointed Trustee, the management of a Trust involves directions on how assets are to be distributed -- these can include cash, property and other important belongings. A will and a Trust each have a number of benefits, but Forbes points out that Trusts can help one avoid probate, and can even prove more flexible than a will. Although potentially more costly, some families may benefit from Trusts more than others. For instance, those with minor children might want to consider Trusts, since a Trust could allow more control over when, exactly, a child receives money. In addition, Trusts can allow parents to categorize where money will go, such as education or other major life expenses. 

When Oklahoma residents put their estate plan together, it is important for them to think carefully about the person who will serve as their executor. According to FindLaw, the executor is usually in charge of the administrative and legal duties associated with your estate, and it is important to pick someone who can capably fulfill these duties.

When people select an executor, they should typically consider where someone lives. It can sometimes be beneficial to have an executor who lives in the area so he or she can maintain the property and appear in court as necessary. Additionally, it is important to consider family dynamics. If people pick a favorite child as the executor of their estate, their other children may sometimes be more likely to challenge the will or argue about the assets they will inherit. People should also make sure that someone is willing to be the executor.