If you were to use a Last Will and Testament to serve as your primary asset transfer vehicle, you would name an executor to handle the administration tasks after you are gone. The executor would not be allowed to act independently without any type of government oversight. Under Oklahoma State laws, the will would be admitted to probate. The court would supervise the administration of the estate. And the executor would notify creditors and establish an estate bank account. Final debts are … [Read more...] about Why Do People Avoid Probate?
Probate Questions in Oklahoma
Steps That an Executor Must Take to Settle an Estate
If you are going to be the executor of an estate without any past experience, you are stepping into the great unknown. Whoever nominated you for this important responsibility has given you a JOB! With this in mind, we are going to share some simple steps that you will take when it is time for you to administer the estate. First Things First First, I will use the older term "executor" due to its long-time use. Today, many states refer to this person as the "personal representative". Now, to … [Read more...] about Steps That an Executor Must Take to Settle an Estate
What are the Rules for Intestate Succession in Oklahoma?
If you die intestate and do not have a will to provide instructions about your wishes, you will not have control over who inherits your property. Then, the state of Oklahoma will determine who should receive money and assets that you acquired over the course of your life. So, unless you want the state of Oklahoma to decide who get's your assets, it is important to create a will. That way you do not die intestate. Yes, when you create a will, you avoid the laws of instate … [Read more...] about What are the Rules for Intestate Succession in Oklahoma?
Is Probate Necessary When a Spouse Dies in Oklahoma?
If you recently lost your spouse, you are undoubtedly still grieving that loss. You may not even have considered the legal and practical ramifications of your spouse’s death yet. You may need to do so very soon. Your spouse may have owned assets individually or possibly jointly with you. These assets may need to be probated. You may be asking yourself whether probate is necessary when a spouse dies in Oklahoma and under what circumstances. The answer is not a simple one. Probate … [Read more...] about Is Probate Necessary When a Spouse Dies in Oklahoma?
Steps Involved in Contesting a Will in Oklahoma
The loss of a family member or loved one is never easy to accept. It can also be followed by a period of depression, denial, grief or other heightened emotions. There are also a number of practical steps that must be taken following a death, including the probate of the decedent’s Last Will and Testament if one was left behind. What happens, however, if you believe there is reason to question the validity of a decedent’s Will? What steps are involved in contesting a Will in Oklahoma and how do … [Read more...] about Steps Involved in Contesting a Will in Oklahoma
Probate Questions: Understanding the Probate Process and How It Affects You
Probate Questions: Understanding the Probate Process and How It Affects You from Larry Parman Living probate, on the other hand, deals with the estates or affairs of those who are still alive but who are unable to make decisions on their own. Because probate courts deal with legally incapacitated people, they also handle matters such as child adoptions, adult guardianships, and anything else that involves someone who is unable to make decisions on his or her own. Learn more about probate … [Read more...] about Probate Questions: Understanding the Probate Process and How It Affects You
What NOT To Do When A Trust Is The IRA Beneficiary
In a Private Letter Ruling (PLR ) on June 20, 2014, the IRS ruled that a surviving spouse who received proceeds from her deceased husband’s IRA through a trust could not roll over the IRA funds because more than 60 days had passed since their receipt. The PLR tells us what not to do when a trust is the beneficiary of an IRA. “Ben’s” IRA named a trust as beneficiary of his IRA. The trustees were his two children. Ben’s wife “Ann” was to receive 25% of the IRA. After Ben died, the … [Read more...] about What NOT To Do When A Trust Is The IRA Beneficiary