One of the most popular estate planning tools in Oklahoma is the revocable trust, also known as a living trust. Estate planning is about protecting your assets, reducing legal complications, and ensuring your loved ones are taken care of when you are gone. Here’s what you need to know about a revocable trust. What Is a Revocable Trust? A revocable…
Whether you’re considering a revocable living trust or an irrevocable trust, it’s important to understand the basic rules that govern trusts in Oklahoma. A trust can be a valuable tool in Oklhaoma estate planning, but errors can be costly. This article explains the key legal requirements for creating and maintaining a trust, and why having a trust can protect your…
When a loved one passes away in Oklahoma, the question often arises: What is the purpose of filing a probate? For many families, the word “probate” sounds confusing or intimidating. But in reality, probate serves an important legal purpose—it’s the process by which a person’s estate is properly settled under Oklahoma law. What Is Probate? Probate is the legal process…
When planning your estate in Oklahoma, one powerful legal tool available to you is an irrevocable trust. Unlike revocable trusts, which you can change or revoke during your lifetime, this option is permanent once you create and fund it. This permanence offers distinct advantages in estate planning, asset protection, and tax reduction. What Is an Irrevocable Trust? An irrevocable trust…
Gun Trusts in Oklahoma are specialized legal tools created to own, manage, and transfer firearms in compliance with federal and state laws. These trusts simplify the process of acquiring and transferring ownership of firearms, while ensuring compliance with federal and state laws. In addition to regulatory compliance, gun trusts offer important asset protections and estate planning advantages, while addressing the…
In Oklahoma a Stepchild can only Inherit From a Stepparent under certain circumstances. Nearly a quarter of a million children in Oklahoma have a step parent in their life. This can become a significant factor in inheritance and estate planning. It is important to realize that step-children have a certain status that does not guarantee their inheritance if their step-parent…
In Oklahoma, a special needs trust (SNT), sometimes called a supplemental needs trust, is a legal tool designed to provide for the financial needs of a person with disabilities while preserving their eligibility for crucial government benefits like Medicaid and Supplemental Security Income (SSI). Setting up a special needs Trust requires that the estate plan is especially careful with the…
In Oklahoma, if you believe a will doesn’t truly represent the wishes of the deceased because of issues like fraud, lack of proper execution, or undue influence, you have the right to challenge it. This is a significant step, especially if you stand to be affected by the outcome. Initial Steps to Contesting a Will To start the challenge, you…
A no contest clause, also known as an “in terrorem” clause, is a provision in a will designed to discourage beneficiaries from challenging the will’s validity and delaying the distribution of assets. This clause is a stipulation included in a will that threatens to disinherit any beneficiary who contests the will. By including such a clause, the testator aims to…
Challenging a will for incapacity can be a complex process, but it is sometimes necessary to honor a decedent’s true intentions. Wills are tools that allow a person to make conscious and deliberate decisions on what happens to their assets when they die. However, extenuating circumstances can lead to someone not being in the right state of mind when they…