Estate Planning FAQ’s

Q: What Is Estate Planning?
A: Estate Planning is the ongoing process of accumulation, enjoyment, and protection of your assets during your lifetime, followed by the orderly, efficient, and cost-effective distribution of those assets to your loved ones after your death.
Q: What Is A Will?
A: Wills are the traditional documents used to name individuals or charities to receive your assets upon your death, and to name the Executor of your estate. The Executor works under the supervision and control of the Probate Court to manage your estate, pay all debts, taxes, and expenses, and then ultimately distributes the remaining assets to the beneficiaries.
Q: Do I Really Need Estate Planning?
A: Regardless of the size of your estate, you should designate the person who, in the event of your incapacity, will have the responsibility of managing your assets and your care. For larger estates, Estate Planning can help preserve your assets for your designated beneficiaries and reduce or postpone the amount of income and death taxes that might otherwise be due upon your death.
Q: What Is Probate?
A: Probate is the court-supervised administration of an estate of a person. This process applies to both people who have a Will and people who do not have a Will.
Q: Why Do I Want To Avoid Probate?
A: There are several important disadvantages of Probate. First, since Probate is a court proceeding, everything is out in public and there is no privacy for the family. Almost anyone that is interested can go to the courthouse and see the court file and read the Will. This puts your family’s personal information at risk.

Second, Probate can take a long time. Because of the many court filings, petitions, notices, appraisals, reviews, and claims, the average Probate in Oklahoma is estimated to take 18 months. It is not uncommon to see Probates take many years to complete if there are any complicating factors such as business interests or contesting beneficiaries. For example, Marilyn Monroe’s estate was in Probate court for over 20 years.

Finally, the legal fees for Probate attorneys and Executors are set by law and are based upon the gross value of the Probate assets. Typical attorney fees for an estate of $1 million dollars could be as high as $50,000. The Executor of the estate is entitled to collect $50,000 as well.

Q: What Is A Trust?
A: A Trust is an agreement that creates a special relationship where one person, called the Trustee, holds the legal title to an asset for the benefit of another person, called the beneficiary. The person that sets up the Trust is called the Settlor, the Trustor, the Creator, or the Grantor.

Trusts can be used for many purposes such as avoiding Probate, minimizing Taxes, and providing Asset Protection.

Contact Us Now:

Harroz Law, PLLC
625 NW 13th St
Oklahoma City, OK 73103
Telephone: (405) 568-4318
Facsimile: (405) 568-4308
Email: [email protected]
Email: [email protected]

Call to set up your free, in person strategy session. (405) 568-4318