Edmond Oklahoma Estate Planning Blog

Factors to consider when appointing an executor

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.

Understanding different kinds of trusts

When Oklahoma residents set up their estate plans, they have many options to choose from. One of these options is a trust. Because there are many kinds of trusts, it is important for people to understand the differences so they can set up the kind that will be best for them.

The kind of trust that most people may be familiar with is an irrevocable trust. FindLaw says that this type usually cannot be changed once someone has set it up. One benefit of an irrevocable trust is that the assets usually cannot be removed once they have been placed inside the trust. If people want the option to change a trust as their circumstances change, they may want to consider a revocable trust. This type can also keep assets from being subject to probate. Sometimes people may want a portion of their assets to benefit a certain charity after their deaths. In this case, they may want to establish a charitable trust.

Having a will is beneficial at any age

No one likes thinking about their own death, regardless of their age. For younger individuals, it may seem like there is plenty of time to put off those awkward conversations and emotional decisions. Unfortunately, anything can happen and it’s best for adults with assets of any size to be prepared for a tragedy.

Here are some key reasons writing a will is a good idea at any age.

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Lidia Law Firm serves clients throughout Oklahoma, including Oklahoma County and the cities of Edmond and Oklahoma City.