Family Representation

Whether someone dies with or without leaving a Will, our probate and estate administration services will give you the guidance you need to steer your loved one’s estate through probate with minimal taxes, court costs and expense.

Business Representation

We serve businesses by securing payment of outstanding debts from the estates of people who die before satisfying outstanding financial obligations.  Estate claims by businesses provide the mechanism by which a business can seek to have its debt satisfied out of the Decedent’s estate.  Businesses who can properly establish their claims receive priority in being paid prior to any distributions to the decedent’s family.  On the other hand, businesses that are not properly represented in making their claims may face losing any potential for recovery of the debt owed by the Decedent.

Probate Procedure

Probate is the court procedure by which a will is proved to be valid or invalid and the legal process wherein the estate of a decedent is administered.  Generally, the Oklahoma probate process involves collecting a decedent's assets, liquidating liabilities, paying necessary taxes, and distributing property to heirs.  These activities are carried out by the personal representative, executor or administrator of the estate, usually under the supervision of the probate court and in most cases with the guidance of an Oklahoma probate lawyer.

Once a friend or family members has died in Oklahoma, that person’s estate must generally go through the probate process in order to properly administer the estate.  The probate administration of a decedent’s estate involves identifying the estate assets, paying any debts owed by the decedent at the time of death, and distributing the remaining assets to the decedent’s heirs or beneficiaries under a will. Likewise, the administration of the estate involves paying any taxes that may be owed as a result of the death, pursing any claims against third parties that are owed to the estate, and determining the identity of the decedent’s heirs if he died without leaving a Will.

Avoiding Probate

In many states, the probate process is costly and time-consuming, which has necessitated some of the efforts to avoid probate.  Although the probate process in Oklahoma is relatively straight forward, a couple of mechanisms exist which will assist a client in avoiding probate altogether, including, the Revocable Living Trust and payable on death or joint tenancy ownership of accounts and titles to property.

Wills

Wills can take a variety of forms and can be used for a variety of purposes in Oklahoma. In general, however, a Will is used to spell out how a person wants their assets divided at the time of their death.  It may also address the payment of debts, conditions upon certain gifts to certain individuals, etc.

Simple Wills:

The vast majority of Americans are familiar with the concept of a Will, and while the majority of Americans understand the need for a Will, a large percentage never make one or consult a wills lawyer to draft one for them.  The person who creates a Will is generally known as the “Testator” or “Testatrix.”  A simple Will contains basic provisions related to the disposition of a person’s estate upon their death.  The Will also appoints someone to handle the Testator’s final affairs after death.  Although the simple Will does not address estate tax concerns, it is the most appropriate option for someone whose estate does not present estate tax concerns.

Handwritten Wills:

Not surprisingly, many people have questions about whether or not a handwritten Will (called a “holographic will”) can be upheld as valid.  A holographic will requires very specific elements, without which, the handwritten Will is not considered effective and will not be used to dispose of the Testator’s assets at death.

Trusts

The use of Trusts as part of traditional estate planning is a growing trend in many states across the U.S., including Oklahoma.

Testamentary Trusts:

The concepts of Wills and trusts combine when you consider the creation of a Testamentary Trust.  These trusts are created under your Will and will control the management of your assets after your death.  These trusts have a wide array of uses, but they are very often used to provide for the management of assets for minors and young children in the event they might become entitled to receive property under a Will.

Revocable Living Trusts:

In recent years, the use of Revocable Living Trusts as a substitute to traditional estate planning has exploded in many states.  In thinking about trusts, some of the following basic terms may help:

• Trustee: The person designated in the Trust Agreement to take possession of the trust assets and manage those assets. He must also preserve and manage the assets according to the provisions in the Trust agreement.
• Trust Agreement: The Trust Agreement is the document that creates the Trust and sets out the provisions related to the Trust. For instance, it will generally designate the trustee, the beneficiaries, and the purposes of the Trust. It will also typically include provisions designed to guide the trustee in fulfilling his duties.
• Grantor: The person(s) who creates the Trust Agreement. In order for the Grantor to create a valid trust, he must designate a trustee and a beneficiary. He must also transfer assets into the Trust.
• Beneficiary: The Trust Beneficiary is the person(s) who receives the benefit of the assets in the Trust.

These trusts are created during your lifetime.  The Grantor, with the advice and counsel of a lawyer, creates a Trust Agreement, designating the Trustee, the Beneficiaries and specifically setting forth how the Grantor’s assets are to be managed both during life and after death.  The revocable living trust may be amended and changed at any time during the lifetime of the Grantor.  The trust exists outside the estate of the Grantor, allowing all of the assets to pass to the beneficiaries without the necessity of probate, saving time, costs and in many cases, much in the way of estate taxes.

Powers of Attorney:

Anytime that someone is looking at their estate plan, they should consider the creation of powers of attorney to appoint someone to act for them in the event of their incapacity.  In Oklahoma, powers of attorney are used to allow you to designate another person or persons to make medical and financial decisions for you in the event that you are alive but unable to make those decisions for you.  Although the powers of attorney cease to be effective once someone dies, they are critical to have in place if something happens causing incapacity prior to death.

Living Wills:

In the wake of the Terry Schiavo controversy, the concept of Living Wills has become very important to many people.  The Living Will addresses your desires regarding life-support treatment in the event that you are not able to communicate these decisions to a doctor.