Wills and Trusts create Peace of Mind.
When you hear words like a legal Will, Trust, Revocable Trust, or even Last Will and Testament the first thought that comes to mind might be taxes. However, legal instruments like Wills Trusts are about much more than just reducing taxes. Wills Trusts are about making certain that your assets are distributed according to YOUR wishes.
Your assets can be distributed by an Oklahoma Will, a Trust (revocable trust and irrevocable trust), and by beneficiary designations (life insurance & IRAs). The main difference between a will and trust is that the assets in your trust avoid probate (except in rare circumstances).
A last will and testament is a legal declaration by which a person names one or more persons to manage his or her estate and provides for the distribution of his or her property at death. After the person has died, a probate proceeding is usually initiated in a court of law to determine the validity of the will that the person may have created and to distribute their assets.There are six general steps in the probate process: First, all interested parties must be notified. Second, the court appoints a personal representative to oversee the estate administration. Third, all assets you owned at the time of your death must be accounted for. Fourth, the court will set a deadline for all creditors to file claims against the estate. Any claims filed after this deadline are generally barred. Fifth, the personal representative will file a final tax return. Sixth, after all the other steps have been completed the personal representative distributes any remaining assets to the beneficiaries.
A revocable trust may be amended, altered or revoked by its settlor at any time, provided the settlor is not mentally incapacitated. Revocable trusts are becoming increasingly common as a substitute for a will. A revocable trust can help minimize the costs associated with probate and provide centralized administration of a person’s final affairs after death.
The Cortes Law Firm can help you decided whether an Oklahoma Will or Trust is right for you.
Security for your loved ones!
You might also want to consider Trusts for Minors and charitable contributions. And, what do you want to happen if you become incapacitated?
An advance health care directive, also known as living will or advanced directive is a legal document in which a person specifies what actions should be taken for their health if they are no longer able to make decisions for themselves because of illness or incapacity. Legal instruments such as Durable Power of Attorney, Health Care Power of Attorney, Living Will and Advanced Directives can help in these situations.
Creating and maintaining a Will, Trust or Living Will is an ongoing process and should be reviewed regularly. You should not only execute a Will, Trust, Power of Attorney, Living Will or Advanced Directives; but also regularly review them to reflect your current financial and family situation.
If you’re a relative of a deceased loved one and believe a trust or will is not working as intended, or believe they were created when the loved one lacked capacity to know what they were doing, you could consider a will contest. If you’re in the El Segundo area, you might want to speak with Albertson & Davidson, LLP.
Oklahoma Will, Revocable Trust, Power of Attorney, Advanced Directive – the Cortes Law Firm
There is no better time to start than today to create a detailed estate plan.
Last Will & Testament
Durable Power of Attorney
Health Care Power of Attorney