One of the biggest misconceptions is that you don’t need an estate plan, unless you are wealthy. That’s simply not true! Without proper estate planning, the state of Oklahoma will decide how your estate is distributed, after you pass away. Without an estate plan any heirs or beneficiaries will likely face long delays and a complicated probate court process.
Having an experienced Oklahoma Estate Planning Attorney can help ensure your estate is distributed according to your wishes. Wills and trusts give you control over who gets what from your estate, while saving your family from the financial burden of the probate process.
At Seda Law Firm, our Oklahoma Estate Planning Attorneys can help you decide whether to execute a will, establish a trust, or perhaps both. They can also help determine the necessity of a durable power of attorney and healthcare directives — which appoint a person to manage your assets and finances, and appoint someone for making medical decisions in the event you become disabled or incapacitated.
An Oklahoma Estate Planning Attorney at Seda Law Firm, can help you determine which plan best suits your needs.
No one lives forever. That’s why putting an Estate Plan in place while you are young and in good health is extremely important.
The laws for estate planning are established by the state in which you live. The state regulates the execution of wills and trusts, durable powers of attorney, and healthcare directives for medical and end-of-life preferences.
According to the Oklahoma Advance Directive Act “OAD Act,” an individual has the choice to forgo life-saving medical practices, including feeding tubes, artificial respiration, and other procedures. An Estate Planning attorney will not only help you navigate the OAD Act but also these additional Oklahoma estate planning components:
Estate Planning helps you determine who receives your assets and handles your responsibilities after you die or become incapacitated.
Your first step to a comprehensive estate plan is to inventory your assets. Next, determine how you want the assets distributed upon your death or if you become incapacitated.
Some assets, both tangible and intangible, to include in your estate planning are:
It is critical to identify all of your assets to ensure they are all transferred or conveyed into a trust or, alternatively, that title is held in such a way that probate may be avoided upon your passing.
Once you have an Estate Plan in place, you can adjust the plan whenever your financial and/or personal situations change.
Once you have developed and executed an estate plan, it is important to periodically review the estate plan to confirm that it still matches your end-of-life wishes. Over time, real property ownership changes, your family may have added another child, or you may have added other assets. These changes may require modification to your initial Estate Planning documents. The Estate Planning Attorneys at Seda Law Firm are here to help you through all the scenarios — ensuring your plan fits your situation.
To learn more about estate planning in Oklahoma, contact the Seda Law Firm at 405.759.0678 or fill out our Contact Form.
No, estate planning fees are generally not tax deductible.
Most people need a revocable Living Trust, Pour-Over Will, Durable General Power of Attorney (for financial decisions), Healthcare Power of Attorney (for medical decisions).
The best time is now—especially if you own property, have children, or want to control who makes financial and medical decisions for you. If you become mentally incompetent, you will no longer be able to sign your estate planning documents.
Think about your assets and how you would like to distribute them, debts, family needs, healthcare wishes, and how to avoid probate and minimize taxes. People should think of estate planning as a gift to their family to save them from strife and stress potentially resulting from going through the court system.
Anyone who owns real property, has more than $50,000 in personal assets, or wants to plan for incapacity or protect loved ones.
A will specifies how estate assets are distributed after death through the probate court process; an estate plan covers wills, trusts, powers of attorney, healthcare decisions, and probate avoidance.
Protecting assets, caring for loved ones, and reducing cost and conflict.
Other than the cost of the deed to transfer the home into the trust, there are no glaring downsides to doing so.
There is no legal minimum but trusts are most useful when meaningful assets are involved.
Beneficiary designations work for people who do not wish to invest in an estate plan while a trust provides more control, protection, contingencies, and probate avoidance. It is important to note that, in order to avoid probate, relying just on beneficiary designations means that account owners must update those designations when a beneficiary passes away. If not, this could cause non-probate property to become probate property once the grantor passes away.
A complete estate plan is comprehensive—it includes a will and other tools to plan for incapacity and death, avoid probate, and protect assets.
No. A will is a probate document that requires a probate court process for transferring property while an estate plan, includes a set of documents including a revocable living trust, that is set up to avoid probate and plan for incapacity.
Yes. A will alone doesn’t avoid probate or handle incapacity.
No. A will controls distribution of probate assets, but non-probate assets (trusts, beneficiary accounts) pass outside the will.
It requires probate, is public record, and does not protect against incapacity.
The testator names an executor, who manages and distributes the estate according to will provisions under court supervision.
Inventory assets, set goals, appoint fiduciaries, draft documents, fund trusts, plan for taxes, and review over time.
Often through a trust, which allows control, privacy, protection, and avoids probate.
Yes. In Oklahoma, unless waived, executors must report to the court and beneficiaries with a full accounting.
