Best Estate Planning Attorneys in Edmond

FAQs

• What is the non-emergency contact number for the local police station in Edmond, Oklahoma?

  The police in Edmond take non-emergency calls at 405-359-4338.

• Where can I get a copy of police reports for incidents related to my case in Edmond, Oklahoma?

  The Edmond Police Department takes records requests at (405) 359-4420. The office is at 100 E. First Street.

• What assets are covered by estate plans in Edmond?

  All of an Edmond resident's holdings are covered in estate plans. Real estate is included, such as buildings, improvements, and lots. Personal properties are part of these strategies. The assets range from personal and joint bank accounts to anything that is not bolted down to a piece of land, like cars, boats, and personal electronics.

• What are the frequently used estate planning tools in Edmond?

  In Edmond, the standard estate planning tools include the formulation of wills and trusts to smoothen or avoid probate. Testators establish healthcare powers of attorney to dictate how to handle health issues during the end-of-life. Guardianships are put in place for the protection and raising of minor children once the decedent moves on.

• Is it safe to save on an estate planning lawyer and leave everything at the mercy of the law in Edmond?

  No, it is inadvisable to skimp on the costs of an estate planning lawyer in Edmond. Everyone has assets that hold either monetary or sentimental value. The expense of paying for an attorney is less than the uncertainty of leaving the distribution of the estate to law and chance. It is preferable to have a say instead of relying on intestacy, which can lead to unintended divisions of assets among undesirable family members

• How frequently is it advisable to update wills and estate plans in Edmond?

  It is advisable in Edmond to submit estate plans and wills to lawyers annually for updates. This should be done more frequently any time there are major life changes. These include divorces or marriages, the birth or adoption of a child, or dramatic shifts in a person's wealth, whether positive or negative. The alternative is an incomplete plan that could lead to intestacy or worse.

• How are trusts used to avoid probate in Edmond?

  In Edmond, trusts avoid probate by keeping properties outside of the decedent's estate. Holdings held in trust transfer immediately to the beneficiary once a person passes on. The instantaneous nature of the transaction prevents any of the assets from ever being legally owned by any other entity than the heir or legatee.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.