One of the most common additions to the average estate plan is a trust. One reason for this is that trusts can help achieve a multitude of estate planning goals from staggering an inheritance to your children over a period of time to planning for Medicaid eligibility. One thing that all trusts have in common is the need to a appoint a Trustee to administer the trust. If you are unfamiliar with trusts, you may be curious about Trustee compensation. To help you better understand how a trust works, … [Read more...] about Is a Trustee Entitled to a Fee?
Wills and Trusts
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?
Losing a loved one is bad enough; however, losing a loved one and then deciding that you need to challenge the Will presented to the probate court can be overwhelming. However, if you seriously believe that another person unduly influenced the decedent, contesting the Will is the only way to determine if your suspicions are well-founded. You do need to know what you will have to prove to get a judge to agree with your concerns and invalidate the Will. Toward that end, an Oklahoma City … [Read more...] about What Constitutes “Undue Influence” in a Will Contest?
Although a Last Will and Testament remains the common addition to any estate plan, another very popular estate planning tool is a trust agreement. If you choose to include a trust in your comprehensive estate plan you will need to appoint a Trustee to administer the trust. An Oklahoma City trust attorney at Parman & Easterday offers some suggestions for how to choose the right Trustee for your trust. Trust Basics A trust is a separate legal entity that owns and holds property for the … [Read more...] about How Do I Choose the Right Trustee for My Trust?
If you plan to gift assets to a minor, either while you are alive or after you are gone, care must be taken to ensure that those assets are protected and properly managed while the beneficiary is a minor. There is more than one way to do that. The Uniform Transfer to Minors Act (UTMA) was created specifically to provide one option while creating a trust is another possibility. To help you better understand your options, the Oklahoma City trust attorneys at Parman & Easterday explain the … [Read more...] about What Is the Uniform Transfer to Minors Act?
Making a will is something virtually everyone needs to do. If you have any family or any property, you need a will. You can use the will to dictate what is going to happen to your children and your property after your death, as well as to provide instructions for your funeral. Your will is an opportunity to control your legacy and make sure the causes you care about and the people you love are provided for with your assets after you are gone. Unfortunately, while many people know they … [Read more...] about Avoid These Mistakes When Making a Will
Deciding who to leave your estate to is usually not difficult. Deciding how to leave it, however, can be complicated. This is particularly true if you have an intended beneficiary who cannot be trusted to manage her own money. If you find yourself in that position, a spendthrift trust may be the solution. If you are unfamiliar with the concept, the trust attorneys at Parman & Easterday explain a spendthrift trust below. Trust Basics At its most basic, a trust is a relationship in which … [Read more...] about What Is a Spendthrift Trust?
You undoubtedly know how important it is to have a valid Last Will and Testament. Did you know, however, that there are several different kinds of Wills? If not, you are hardly alone. Most people are unaware that there are different types of Wills. To help ensure that you create the right type of Will for your needs, the Oklahoma City estate planning attorneys at Parman & Easterday explain the various types of Wills. Simple Will - A Simple Will is what you likely think of when you … [Read more...] about What Type of Will Should I Create?
While a Last Will and Testament remains the most common estate planning document, trusts are not far behind given how many estate planning goals can be furthered using a trust. All trusts must have a Trustee whose responsibility it is to administer the trust. If you recently learned that you have been appointed as the Trustee of a trust, you probably have a number of questions, starting with whether or not you will be compensated or your service. To answer that question, an Oklahoma City trust … [Read more...] about Does a Trustee Get Paid?
In the past, trusts were used almost exclusively by wealthy families to guard and pass down family wealth from one generation to the next. Over time, however, trusts have become much more useful to the average person. If you are thinking of adding a Trust to your your estate plan, you need to consider the terms very carefully. To get you started, the Oklahoma City trust attorneys at Parman & Easterday discuss some of the things you may wish to consider when creating a … [Read more...] about Things to Consider When Creating a Trust