As new parents, you likely want to spend every last second with your new child. That is understandable, yet you urgently need to set aside time to update your estate plan. In particular, you need to name a guardian for your child in case something happens to you. Why is it so crucial to do this n...
A spendthrift trust is created to preserve assets when your child or beneficiary has difficulty managing money. It is a tool that allows you to provide a secure financial future for your child. The trustee whom you appoint to oversee the trust will distribute funds to your child via incremental p...
When you make your will, you may find that dividing up your major assets among your heirs is the easy part. You can direct them to sell the house, liquidate the stocks and split the insurance proceeds and cash evenly. The hard part is figuring out how to divide smaller, more personal items. If yo...
Easements are a common type of real estate encumbrance – and they tend to create a lot of anxiety and confusion for both buyers and sellers. In essence, an easement allows someone other than the property owner the right to use the property (or a section of it, at least) for a specific purpose. Ho...
If you have life insurance that you want to pass on to your family, it's important that you understand exactly how to do so. This process can be easy, but even the smallest mistake can make things become very complicated. That is something you absolutely want to avoid, as your goal should be to p...
Many successful businesses proudly advertise themselves and family businesses. If you are in this group, your family can be a valuable component of your company's reputation and operation. However, without some prevention, issues with nepotism could trigger costly conflicts and legal setbacks. Wh...
When you talk to people about estate planning, you usually find out two interesting things. First and foremost, they understand that estate planning is important and they know that they will need at least a will to pass their assets on to their family. Second, you'll find out that they haven't do...
Powers of attorney serve a key role in someone's estate plan. They allow a testator to designate someone to fulfill certain obligations or perform certain actions in the event of their incapacitation. Some people feel an aversion to powers of attorney because they don't like the idea of giving up...
If you have heard of a revocable living trust before, now is a good time to go back over what it is and how it could help your family avoid probate if you pass away. A revocable living trust allows you to make changes to the trust during your lifetime. It offers you a way to assign assets to bene...
In your estate plan, you have many legal documents that will help protect you and the people you love in the future. Good estate planning minimizes taxes, passes on assets to heirs and even helps you qualify for Medicaid as a part of your long-term care planning. While much of estate planning doe...
As the owner, manager or executive of a business, contracts are part of your daily life. You need to sign new contracts, review existing ones and make sure that your company fulfills its obligations as outlined. Some people have an aversion to putting things in writing and will try to reach infor...
Trusts are estate-planning tools that are often misunderstood by those who are starting to plan their estate. When people misunderstand trusts, they may dismiss them as an option without appreciating the benefits that they could have. Moreover, they may use them without realizing that another est...
When a person dies, Oklahoma provides for the probate process by which the deceased person's property is subject to evaluation. The probate process can be a simple or complicated process depending on the number and types of assets a person owns. The probate court will assess the property values a...
There are many critical components of an estate plan. And it can be overwhelming to think about every one of them when you are starting to think about your wishes and your legacy – especially if you are young and healthy. That said, there are a few documents every adult should start with as part ...
Many of us have a plan in place for the future. Perhaps you have a savings plan for a future vacation. You may have retirement savings. Writing your will may have let you look prepare for a more distant future, providing for your loved ones, ensuring that your children have what they need and eas...
Your choice of business entity is the foundation of your company. There are various types of business structures, each with its advantages and disadvantages. Two of the more common entities are sole proprietorships and limited liability companies, or LLCs. Advantages and disadvantages of a sole p...
The baby room is ready for your new little bundle of joy. You have a stockpile of diapers, formula and cute outfits, and, of course, you have plenty of love to offer your newborn. Did you forget about estate planning? It is never too early to start preparing for the long-term future of your chil...
As a life insurance agent or finance professional, you speak with your clients about very sensitive matters. In today's society, people are often reluctant to speak about personal finances even with close family members. Young and middle-aged people tend to avoid the subject of death. Yet discuss...
Oklahoma residents often revise their estate plans when they have children, marry or divorce, but it may be prudent to revisit documents like wills, trusts, health care directives and powers of attorney on a regular basis and not just after major life events. The individuals chosen to act as exec...
As an Oklahoma business owner, you enter into multiple agreements with vendors and clients. Your company relies on these agreements to run successfully. But if you only use a handshake to seal the deal, the other party may not honor your terms. When you enter into any agreement, a written contrac...
Many Oklahoma residents are fans of director John Singleton's innovative filmmaking. Estate planning experts warn, however, that they should not emulate his choices when it comes to making a plan for the future. Many people put off writing a will or creating a trust because they see it as a matte...
Estate planning can be a difficult topic of conversation. People don't necessarily like to think about what happens when they pass away or the possibility of being incapacitated. As such, people might delay or decide against estate planning, which can be a big mistake. That said, it might be easi...
Adults in Edmond are advised to start the estate planning process early on in their lives. A central piece of any estate plan is one's will. In it, a person stipulates how (and to whom) they want their assets dispersed. Yet what happens if one dies without a will? Such a situation is certainly no...
If you and your spouse are among the Oklahoma couples who took the time to create a solid estate plan, you should feel good about that. However, if you and your spouse are now embarking on a divorce, your plan will need renewed attention as certainly the decisions you made as a couple will no lon...
When Oklahoma residents write their will or handle other estate matters, it is generally believed that they are getting across the exact message they want. Unfortunately, that isn't always the case. We at Lidia Law Firm, P.C., will explain undue influence and its potential signs. First, if anothe...