Oklahoma Revocable Trusts A revocable trust, as the name implies, is a trust instrument that allows you to make changes or revoke certain provisions. This flexibility is beneficial when your circumstances or wishes change. In Oklahoma, like elsewhere, a revocable trust can be adjusted to reflect new desires or needs, providing a dynamic tool for managing your estate. Comparing Revocable Trusts And Irrevocable Trusts A revocable trust offers flexibility and control, but it does have some noteworthy limitations. Because you can change it, the assets within the trust remain under your control. This means that the assets are not protected from creditors, and you may not qualify for needs-based Medicaid coverage or other similar resources. On the other hand, an irrevocable trust, once established, cannot be easily changed. This type of trust can protect your assets from creditors and can help you qualify for needs-based Medicaid coverage, depending on how it is structured. The main disadvantage of an irrevocable trust is its rigidity. If you change your mind or if…Read More
Unpacking Wills A will is a legal document that outlines how your estate should be distributed after your death and names an executor to manage the process. It is crucial even if you have a trust because it serves as a safety net for any assets not included in the trust. This ensures that your property and assets are distributed according to your wishes and that the person you trust manages your estate. A solid will includes the following: Property Distribution-Related Documents: Specifications of how you want your assets to be divided among your beneficiaries. Executor Appointments: Declaration of a trusted individual to carry out the terms of your will. Guardianships: Designations for guardians to take care of your children in case you pass away while they are still minors. Common Mistakes To Avoid When Drafting a Will The most significant mistake people make is not having a will at all. Other than this, be careful not to: Lack Specificity: Failing to clearly specify how your estate should be handled…Read More
An Overview Estate planning essentially outlines how your assets—your estate—are managed and distributed after your death or if you become incapacitated. It ensures that your wishes are honored and allows your heirs to receive what you intend for them, without the need for lengthy and costly probate processes. By crafting an estate plan, you can specify the distribution of your assets and potentially avoid disputes or delays. Many wrongly believe that you need a lot of money and high-value assets to justify having an estate plan in place, but nothing could be further from the truth. Estate planning is for everyone, regardless of their financial background. Many also wrongly think estate planning is only necessary when there’s a dispute among your family. This, too, is wrong. In fact, estate planning helps avoid disputes from arising in the first place. A well-rounded estate planning portfolio should include several key documents: Will: Wills (and especially pour-over wills) direct how your assets will be transferred upon your death. Trust: Helps you avoid probate…Read More
In this article, you can discover… What legal guardianship entails in Oklahoma. The legal steps to designate someone as a guardian. When is the best time for a parent to consider guardianship of their children. What Is A Guardianship Designation And When Does It Come Into Play? A guardianship designation means that someone has been legally designated to care for a child or for an adult who can not take care of themselves or live independently. This designation helps you to pre-plan for the care of your children should you pass away unexpectedly before your children turn 18. Appointing a guardian can also help arrange care for an adult family member who may need extra care after you’ve passed away. What Factors Should I Consider When Selecting A Guardian? It’s important to appoint someone whose skills, training, personality, income, and living situation are a good fit for your children and their needs. You should also choose someone whose moral or religious values are attuned to yours and whose habits and…Read More
If there is one certainty in life, it is its inevitable end – but when, where, and how we pass away is not knowledge we are given. What we do have is the power to prepare for that passing. Estate planning empowers us to determine what happens to our assets, property, and legacy when we pass. This article covers the basics of estate planning in Oklahoma, including: What estate planning is and why we need it (it is not just for when we die!). What trusts are, and the essential and versatile role they can play in Oklahoma estate planning. Why the right time to start your estate plan is always now. What Is Estate Planning, And Why Do We Need It In Oklahoma? Estate planning empowers you and protects the ones that you love. It is the process of thinking ahead to your death or incapacitation and setting up legal tools and mechanisms to guarantee your wishes will always be respected. From distributing real and personal property to those…Read More
Of all the accidents that happen every day on Oklahoma roads, none are so terrifying, dangerous, or deadly as those involving large trucks and other commercial vehicles. This article breaks down important facts every driver needs to know about trucking accidents and the personal injury claims needed to obtain financial compensation for the injuries they cause, including: The main causes of trucking accidents in Oklahoma and the types of severe injuries they cause. Who can be held liable and made to pay for the damages suffered in trucking accidents? How much a trucking accident personal injury claim can be worth in Oklahoma. What Are The Most Common Causes Of Commercial Vehicle Or Trucking Accidents Across Oklahoma? While every accident is unique, one factor tends to emerge again and again in trucking accidents across the state: inattention. Truckers are in their trucks for so long and driving for so many hours that sometimes they are not paying as close attention as they should. All it takes is a single moment of…Read More
Car accidents are complex and messy, both physically, and legally. While they are generally over in seconds, their consequences can ripple out over lifetimes. This article explains a number of specific situations that can complicate the personal injury claim compensation recovery process in Oklahoma, including: How partial fault for the accident will impact your personal injury claim and compensation. Dealing with uninsured or underinsured drivers in Oklahoma roadway accidents. How to pay for the medical care you need while you await the personal injury compensation. How Will Partial Fault For My Car Accident Impact My Personal Injury Claim? In the most complicated car accidents, it is often unclear who should bear most of the blame for the crash. Inevitably, both drivers have done one or more things wrong, and you could find yourself partially at fault for the accident that caused your injuries. Fortunately, Oklahoma operates under a comparative negligence system. This means you can still claim compensation but will lose a portion of it equivalent to the amount of…Read More
If you have been hurt by someone else’s negligence, such as in most car or truck accidents, Oklahoma law entitles you to financial compensation for your injuries and associated costs and suffering. This article explains the basics everyone in the state needs to know about how to do so in case you, someday, have the misfortune of being in an accident. This includes: How to begin the personal injury claim process after an injury in Oklahoma. Some of the common tactics used by insurance companies to delay, deny, or diminish claims. What happens when an insurance company is unwilling to offer a reasonable settlement? How Do I Begin The Personal Injury Claim Process After An Accident With Serious Injuries In Oklahoma? If you have just been in an accident or have only now begun to realize the extent of your injury after a car accident or other, there is no time to lose. The sooner you begin the personal injury process, the better your chances are of a full recovery…Read More