The one estate planning document that everyone has heard of is the simple will that you can use to state your wishes with regard to the distribution of your assets. You may also designate a guardian for your dependent children if you execute a will. Many people are surprised to hear that this is just one of a number of different types of wills that are used in the field of estate planning. In this post, we will look at these different documents so you can go forward with a better … [Read more...] about Are There Different Types of Wills?
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 Overland Park estate planning attorney at Parman & Easterday offers tips on … [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
Although a Last Will and Testament remains the most common estate planning document, a trust is not far behind in popularity. If you decide to add a trust to your estate plan, you will have to decide which type of trust to create. An Overland Park trust attorney at Parman & Easterday explains some of the many advantages to revocable trusts. Trust Fundamentals A trust is a relationship whereby property is held by one party for the benefit of another. A Settlor (also referred to as a … [Read more...] about Revocable Trust Advantages
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?
Today our blog focuses on understanding estate planning in Oklahoma and Kansas. We are going to look at the Letter of Instruction. In an earlier discussion, we looked at the role an executor plays in the managing of your estate, and in protecting the decisions you have made through your estate plan. Choosing the right executor is vital to protecting your estate planning interests. Simply choosing the right executor is not the end of the process, however. To get the most out of your plan, you … [Read more...] about Understanding Estate Planning – What is a Letter of Instruction?