Wills, Estates and Trusts

Tulsa, Norman, Edmond, Oklahoma City, and McAlester, Oklahoma

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ills, estates, and trusts is the area of law that governs the distribution of your property and assets. An estate planning attorney handles the following issues:

Creation and probate of wills and trusts
Gifts
Annuities
Charitable bequests
Powers of attorney

You have two main options for protecting your assets and providing for your family after you die: wills and trusts.

Wills

A will is a document that provides for the distribution of your estate when you die. It enables you to control who will receive your assets. If you do not have a will when you die, your estate will be intestate, and the distribution of your assets will be determined by state laws governing this process.

It is a good idea for everyone to have a will. It is a very inexpensive way to ensure that your loved ones receive your assets and property, and to ensure that your assets are distributed by someone you trust.

By drawing up a will, you will also save money on estate managing fees. If the state has to appoint someone to manage and distribute your assets, you will be charged a fee for this person’s services. However, if you have a will that establishes an executor to govern your assets, you can waive this fee, enabling your heirs to inherit a larger percentage of your estate.

Trusts

A trust enables you to protect your property and assets from the taxes involved in probate. Probate is the process where the court determines the validity of your will and supervises its execution. Trusts are generally created in situations where an estate is very large and the accompanying inheritance taxes would be very high.

Federal law states that your heirs can inherit up to $3.5 million in 2009 without paying a federal inheritance tax. If your estate is larger than $3.5 million dollars, you will not qualify for this exemption, and your estate will be subject to federal and state taxes. Establishing a trust will help you avoid these fees.

A trust will hold and invest your property for the benefit of someone else, and can be created instead of or in addition to a will. There are several different types of trusts that you can put your assets into:

Revocable Trust – allows you to maintain ownership and control over your assets. You may change the terms of the trust at any time, provided that you are still mentally fit.
Irrevocable Trust – you give up control over your assets. You may not change the terms of the trust once it is created.
Testamentary Trust – a trust that is established after your death, through a will.

The attorneys at Stipe, Harper, Laizure, Uselton, Belote, Maxcey & Thetford are highly knowledgeable in estate planning, and can assist you with the creation of your will or trust. Please contact one of our estate planning attorneys in the Oklahoma City, Oklahoma area today to schedule a consultation.

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McAlester Office
343 E. Carl Albert Pkwy.
McAlester, OK 74501

Phone: (918) 423-0421
or (800) 658-1596
Fax: (918) 423-0266

Oklahoma City Office
525 Central Park Dr., 101
Oklahoma City, OK 73105

Phone: (405) 524-2268
or (800) 299-7299
Fax: (405) 525-3231

Tulsa Office
2417 E. Skelly Dr.
Tulsa, OK 74170

Phone: (918) 749-0749
or (800) 798-2613
Fax: (918) 747-0751

Disclaimer: The information contained throughout this site is meant to generally inform the reader about our areas of practice, including accident injury. This information is not meant to be taken as legal advice and nothing on this site establishes a lawyer / client relationship. Our accident lawyers provide legal assistance in the Tulsa area including Oklahoma City, McAlester and Norman, Oklahoma.