Estates
Estates are set up to arrange for the management and distribution of assets for those who have passed. An effective plan may keep your estate out of Probate Court entirely and leave more benefits for the beneficiaries. Documents for an effective estate plan may include Wills, Trusts, Special Needs Trusts, Durable Powers of Attorney, Durable Special Powers of Attorney, and Advanced Directives for Healthcare.
Last Will & Testament
Without a Last Will and Testament ("Will"), the State of Oklahoma has particular legal proceedings, called Probate, to direct the distribution of how one ’ s estate is distributed. A Will sets out one’s final wishes and desires for the distribution of the assets (including real and personal property) owned at death. A Will alone does not avoid Probate. A valid ‘pour over’ Will – as part of an estate package – allows one to put all assets not specifically divested into a living trust and avoid Probate.
Trust
A Revocable Living Trust ("RLT") is useful for property and assets that are held by deed or title. A Court does not direct the distribution of assets titled in a RLT. During the lives of the one making the trust ("Settlor") and the one managing the trust ("Trustee") the property properly made a part of the RLT can be owned, managed, bought and sold and moved in and out of the RLT by the Settlor and Trustee. After the Settlor and Trustee pass, a named Successor Trustee manages and distributes the assets under the terms of the RLT.
Durable Powers of Attorney
("DPOA") allows one who executes the DPOA ("Principal") to name another ("Agent" or Attorney-in-Fact) to act for the Principal. The Agent can be given the authority to do anything the Principal could do as long as the Principal has mental capacity to make decisions and act. A Durable Special Power of Attorney can include authority for the Agent to receive medical information and assist in medical decisions for the Principal in accordance with federal rules and regulations. A DPOA can grant guardianship authority and be created without Court approval.
Advance Directives for Healthcare
("ADHC") allows an individual to name a health care proxy and specify preferences and decisions regarding medical care once the individual is not longer competent or able to make these decisions. Language from federal laws allow the health care proxy access to confidential medical information and grants the power to make decisions based upon the preferences of the individual
Special Needs Trusts
("SNT") is a specialized legal instrument designed for beneficiaries with special needs to provide supplemental income without jeopardizing governmental benefits. The SNT can only be used for the benefit of the special needs individual without allowing the individual to have any control over the SNT funds. Utilizing a SNT allows the beneficiary to enjoy use of property held in trust for their benefit, supplementing any benefits one with special needs may be receiving from government programs.