Lidia Law Firm, P.C.
Estate Planning & Business Law

Edmond Oklahoma Estate Planning Blog

What is the role of an executor?

As you prepare your estate, you will have to choose an executor. Understanding what the executor does will help ensure that you pick the right person for the job. According to Forbes, the main duty is for the executor to carry out your wishes. However, the job entails much more than that.

The executor essentially takes over your estate and manages it after you die. He or she holds personal responsibility for the choices he or she makes concerning the estate. If the executor mismanages the estate, he or she is personally liable for any loses. Because of this, you want to ensure you choose someone who is responsible and fiscally sound.

What is a special needs trust?

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.

Deciding if revocable trusts are right for you

Oklahoma residents who are going to become a grantor for a beneficiary will have a number of things to consider. The type of trust they want is one of the first things that should undergo consideration.

Taking a look at revocable trusts first, the American Bar Association defines them as a type of trust that can be changed while the grantor is alive. In a trust, there is the grantor, the beneficiary, and the trustee. The trustee is the one who handles the property in accordance with the trust, while the beneficiary is the one who actually uses the property in question. The grantor is the one who sets the trust up and provides the funds. "Property" in this situation can be anything being given to the beneficiary, but usually involves money.

What can you accomplish with an irrevocable living trust?

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.

It could be time to review your will

Happy occasions should be celebrated. Getting married, landing a new job or having a child are all milestones for which congratulations are in order. At Lidia Law Firm, P.C., we are proud to be part of these happy moments in our clients' lives. 

These are also times when it could make sense to think of the future. After your celebrations are over and before you fall back into your routine, it might be a good idea to review your will. Other times you might want to revisit this document include:

  • When you are planning to move out of Oklahoma
  • When your children get married or have children of their own
  •  When you or your immediate family members end a marriage

How to create a simple will

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.

Who can benefit from a trust?

In Oklahoma, there are different types of trust funds that can suit different and unique purposes. Lidia Law Firm, P.C., is here to help you as you determine which type of trust suits your needs and which will benefit your personal situation the most.

First, it's important to understand what a trust is. In essence, it's a financial relationship in which one person transfers a property - such as a sum of money - to another. Generally speaking, the trustor is the one who provides the property to the trustee, who then manages it for a third party, known as the beneficiary.

How to choose a trustee

If you’re setting up a trust in Oklahoma, selecting the right trustee can be a bit daunting. After all, you want to make sure that the person you choose is capable of managing your estate after you die. Accordingly, AARP recommends the following tips to help you find the best choice for your needs.

Keep Age in Mind

Estate planning a good idea for young adults

Young adults in Oklahoma may think they will not need an estate plan until they are older. However, it is a good idea to start creating an estate plan early on, even when someone has just graduated from college and is starting his or her first job.

One of the things young people usually need to consider is what will happen to their belongings after their death. U.S. News says that it is a good idea to write a will to ensure assets are distributed according to a person's wishes. Sometimes young adults may be unmarried but have a significant other. With a will, people can ensure that their partner receives certain items. Additionally, it is recommended that people make sure they have a beneficiary for their life insurance or workplace retirement plan.

The importance of estate planning for parents

If you are a new or expectant parent in Oklahoma, you may understandably be very focused on providing for your new baby. This can be a thrilling and enriching experience albeit a bit tiring at times. However, it is all too easy for new parents to get overly focused on the immediate needs of an infant and forget about the long term. While in most cases you will get to see your child grow up, you should have a plan in place just in case that does not happen.

For the sake of your child and anyone else who may help raise your child if you were to die or become disabled prematurely, NerdWallet recommends a thorough estate plan. This may include multiple documents one of which is a durable power of attorney. Another thing to consider is to establish a trust in which you can place your assets. Naming a trustee who you know to be financially responsible will be important as well.

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