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

Trusts Archives

How and why should I create a pet trust?

Like any pet owner in Oklahoma, you consider your pets a part of the family. However, as you may know, the courts do not have the same opinion. Animals are legally considered property. As such, you cannot simply leave money or property to your pets in your will, but you can take several actions to ensure your pets do not become homeless if you die before them or become incapacitated.

Updating your trust after a divorce

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.

How do trustee fees compare to will executor fees?

You probably already know by now that wills and trusts have different roles to play, and while every situation is different, you may find it helpful to incorporate each into your estate plan in Oklahoma. Even if you believe that a trust may be potentially beneficial in your particular circumstances, you may be reluctant to start one because of the cost involved. If that is the case, it may surprise you to know that, according to Bankrate, the fees to engage a professional trustee for your estate are lower than the fees paid to a professional executor of a will. 

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.

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.

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.

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.

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.

Asset planning for remarriages

Oklahoma residents who are planning to get married for the second or subsequent time can benefit from stopping to consider their unique estate planning needs and situations. In many remarriages, each partner brings their own biological children and even grandchildren into the family. Even if everyone gets along well, issues may arise when one of the spouses dies. Fidelity Investments recommends that couples have frank conversations with each other and even with their adult children about their future plans for their estates.

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