Caring.com conducts surveys on an annual basis to gauge the estate planning preparedness of people in America. The results of the survey are broken down by age group. The survey suggest that only 44 percent of people that are 55 years of age and older had an estate plan in place in 2021. This is a reduction from the 60% seen in 2019 for individuals in the same age group. When this survey was conducted at the beginning of 2021, only 32.9 percent of all adults in the United States had estate … [Read more...] about Address These Questions to Create an Estate Plan Outline (Part 1)
Wills and Trusts
Probate Basics When an individual passes away, the law requires the assets that make up the decedent’s estate to be accounted for and ultimately passed down to the intended beneficiaries or heirs of the estate. Before assets are transferred out of the estate, however, debts of the estate – including gift and estate taxes -- must be paid. All of this occurs during the probate process. One of the first steps in the probate process, however, is the authentication of the decedent’s Will if … [Read more...] about Can I Contest My Husband’s Will?
If you recently learned that you were appointed to be the Trustee of a trust, and this is the first time you have served in such a capacity, you might be somewhat intimidated at the prospect. The best way to ensure that you do not make a costly mistake in your role as Trustee is to retain the services of an experienced trust administration attorney. You may also find the following trust administration tips to be helpful from a trust administration attorney at Parman & … [Read more...] about Parman & Easterday Trust Administration Tips
When most people contemplate the creation of their Last Will and Testament, they focus on decisions related to the gifts they will make within that Will. Consequently, appointing someone as the Executor of their estate is often an afterthought. In fact, failing to give sufficient thought to the choice of an Executor is one of the most common of all estate planning mistakes. To help you avoid making that mistake, an Oklahoma estate planning attorney at Parman & Easterday offers tips on how to … [Read more...] about Who Should I Appoint as My Executor?
Despite acknowledging the need for one, over half of all Americans do not have even a simple Last Will and Testament in place. If you are among them, there is no time like the present to get started on your Will. Toward that end, the Oklahoma City estate planning attorneys at Parman & Easterday offer questions to ask yourself when creating a Will. Last Will and Testament Basics Before you start thinking about creating your Will, it helps to understand some Will basics. A Last Will and … [Read more...] about Questions to Ask Yourself When Creating a Will
Distributing your estate assets can be accomplished using either a Will or a living trust. Because of the additional benefits a trust offers, many people choose to rely on a trust as the primary vehicle for distributing their estate assets. That does not mean, however, that a Will is no longer necessary. An Oklahoma City probate attorney at Parman & Easterday explains why you still need a pour-over Will if you are counting on a trust to distribute your estate assets. What Can a Basic Last … [Read more...] about What Is a Pour-Over Will?
If you do not yet have at least a basic Last Will and Testament in place, there is no time like the present to execute one. When you do decide to create your Will, you may wonder if you need an estate planning attorney to assist you. An Oklahoma City estate planning attorney at Parman & Easterday explains why you do not want to try and create a Will without the help of an attorney. Why Do I Need an Attorney to Create a Will? You have undoubtedly been bombarded with advertisements on … [Read more...] about Do I Need an Estate Planning Attorney to Help Me Create My Will?
For most people, executing a properly drafted Last Will and Testament ensures that all their estate assets will be distributed according to their wishes when their estate is probated. In some cases, however, a Will executed in the United States is not enough. An Oklahoma City probate attorney at Parman & Easterday discusses when a second Will might be necessary. Do You Own Property in Another Country? If you own property outside of the United States, estate planning can become both … [Read more...] about Do You Need a Second Will?
Although every estate is unique, one of the motivations for creating an estate plan is so that loved ones aren’t faced with any real surprises during the probate of an estate. What happens though if you learn that a recently deceased loved one made a death bed Will at the last minute that changed the terms of his/her previous Will? Is that Will valid? Can you contest the deathbed Will? An Oklahoma City probate attorney at Parman & Easterday discusses contesting a deathbed Will. What … [Read more...] about Contesting a Deathbed Will
For many people, a primary motivation for creating their estate plan is so their loved ones are provided for in their absence. That said, simply gifting a beneficiary money, or other assets, isn’t always an ideal plan. If your beneficiary is a spendthrift, you probably will want someone to control how the assets you gift are used. An Oklahoma City estate planning attorney at Parman & Easterday explains how a spendthrift trust may help you maintain the control you need over the assets … [Read more...] about Is a Spendthrift Trust Right for My Estate Plan?