It would be nice and much easier for everyone if this blog post was one sentence long and simply told you the exact amount of time probate takes in the state of Oklahoma. However, probate is an extensive process, and the length depends on the complexity of the probate estate and the ease of the litigation involved regarding asset distribution and the payment of debts.
A donor-advised fund, also known as a DAF, is a great way to donate to various charitable organizations without going through mountains of paperwork, all the while minimizing your taxes through deductions. It also offers tremendous flexibility for post-death giving, specifically if the DAF is funded while you’re still alive.
Many have heard that it’s wise to avoid probate, but few know the reasons why. Probate is the legal process of proving a will, determining heirs and distributing the property of a decedent.
There have been recent changes in the estate tax laws that may affect your current estate plan. I share those details in the post that follows and also provide you with some recommendations to bring your estate plan up to date.
Talking to loved ones about estate planning is a difficult conversation because people do not like to talk about death.
But the truth is that none of us will make it out of this life alive, so estate planning is an important topic to discuss with the people you care about most.
Practitioners now have the benefit of The Non-Testamentary Transfer of Property Act, which provides an approved form for Transfer on Death Deeds. See 58 O.S. § 1253 (OK 2016).
Once the practitioner has drafted the Transfer on Death Deed in accordance with the statutory form, and determined that the client’s present situation is one contemplated by the Act, the hurdle to overcome is the beneficiary affidavit requirement.
Transfer on Death Deeds were created by statute to serve as a vehicle for transferring interest in real estate at the death of the Grantor outside of a probate, and thus avoiding the cost and length of those proceedings.
However, and quite commonly, potential decedents and their counsel use Transfer of Death for other purposes, that subsequently can create
Choosing either a will or a revocable trust as the foundation of your estate plan is often the first step in the estate planning process.
Both documents allow you to create a plan for the distribution of assets upon death, as well as name a person (or persons) who will be responsible for administering your estate and distributing your assets.