The simple will or last will and testament is the document most people think of when they think of estate planning. In this post, we will look at the legal requirements for executing a will and a viable alternative. Purposes and Basic Requirements A will can be used to record how you want your monetary assets to be transferred after you pass away. If you create a will, you name an executor to act as the estate administrator. You can also designate a guardian for minor children in a will. … [Read more...] about What Are the Legal Requirements for a Will in Oklahoma?
There are those that think an executor can read the terms of a will to the people named in it and distribute assets immediately. In reality, this is not the way it works. The will must be admitted to probate, and the court will provide supervision during the estate administration process. The court also has jurisdiction when a deceased person dies without any type of estate plan. When a will is executed, the executor or personal representative named by the testator (the person who created … [Read more...] about What Is Probate and Why Do People Avoid It?
"Intestacy" is the term used when one dies without a valid last will. Some people are under the impression that the government takes your property if you die estate. The reality is that legal rules of descent determine who will inherit your property. If you are married your closest relative is your surviving spouse and he or she will inherit some or all of your property, depending on whether you have children, if you die without a will. This does not mean there's no reason for you to … [Read more...] about Estate Planning For Domestic Partners
Alzheimer's disease causes dementia, and dementia can cause victims to lose their capacity to make sound decisions. People are living longer than ever, with the 10 year age group comprised of people between 85 and 94 years old growing faster than any other from the year 2000 to 2010 according to the United States Census Bureau. Once you reach the age of 85 Alzheimer's becomes a very real threat with upwards of 45% of the "oldest old" suffering from the disease according to the Alzheimer's … [Read more...] about Alzheimer’s Alone Makes Incapacity Planning a Must
Preparing assets for distribution to your loved ones after your death is an important undertaking, but equally essential is the need to prepare your loved ones for end-of-life realities, as well. One of the most stunning demographic trends of our time is the rapid aging of our society. It is estimated that the senior citizen population will double by the year 2030. Upwards of 10,000 people are joining the Social Security rolls each and every day. To drill down further, those termed the "oldest … [Read more...] about Advance Health Care Directive Primer
Trusts have many uses. Perhaps the most important is that they can provide privacy at death. Garry Shandling is thought to have used a trust to provide privacy for those he left behind. Trusts for Privacy … [Read more...] about Trusts for Privacy
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...] about Many Reasons to Plan
Privacy is important, especially in today’s world. Learn how estate planning can enhance or reduce your privacy. Click on the title below to read on to find out more.Basics of Estate Planning: Privacy and Estate Planning … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning
There is no issue of interest to the elder law community more attention-getting than that of long-term care costs. According to the United States Department of Health and Human Services, seven out of ten Americans will eventually require some type of long-term care. You will probably need care, and Medicare won't pay for it. All that's left is to get out your checkbook, right? That may be an option, but in 2016 the average annual expense for a private room in a nursing home was over … [Read more...] about Latter Life Expenses Loom Large