Best Estate Planning Attorneys in Tulsa

FAQs

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

  The non-emergency contact number for the Tulsa Police Department is 918-596-9222.

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

  You may get a copy of police reports for incidents related to your case at the Tulsa Police Department's online Public Records Center, which you can access at: https://tulsapolice.govqa.us/WEBAPP/_rs/(S(pfp3hmdep3yl1sifkc5d403u))/SupportHome.aspx?sSessionID=

  You may also mail your request to the following address: Records Custodian Tulsa Police Records P.O. Box 1027 Tulsa, OK 74103

• What are asset and creditor protection strategies in Tulsa?

  One common estate protection strategy in Tulsa is a protective trust, as Oklahoma is the only state that allows for the transfer of up to $1 million in assets for both revocable and irrevocable family wealth preservation trusts. A protection trust is only available to people with most of their assets in Oklahoma.

• Can an irrevocable trust be changed in Tulsa?

  Despite its name, an irrevocable trust in Tulsa can be revoked, amended, or restated under Oklahoma law. The trust can be modified in four ways. These include:

  • A written consent of all living interested parties;
  • Through judicial reformation, in which case a mistake in the draft has been found;
  • Through decanting, which includes the transfer of assets from one trust to another; and
  • By a Trust Protector.

• What happens if one dies in Tulsa without a will or a trust?

  Under Oklahoma law, the estate of Tulsa residents who have passed without a will or a trust is distributed to their heirs, principally their spouses and children. Those who are not survived by a spouse, lineal descendant, parent, sibling or a sibling’s lineal descendant, grandparent or a grandparent’s lineal descendant, and any other relative will have their estate go to the support of public schools in Oklahoma.

• Can Tulsa residents create a will on their own?

  The Oklahoma Statutes §84-54 allows the creation of holographic wills, which are handwritten, dated, and signed by the testator in Tulsa. They may also be created in or out of the state and do not require witnesses. Due to the complex nature of wills, however, it is still advised to draft that document under the supervision of an estate planning attorney.

• What are alternatives to a will or trust in Tulsa?

  In Tulsa, an alternative method of transferring property upon one’s death is the “Transfer on Death deed,” which allows the owner to retain full ownership of real property during their lifetime and transfer it to a named beneficiary upon their death. For methods involving other properties, such as bank accounts and corporate stock, avenues such as “Trans­fer on Death” or “Payable on Death” are available.

• 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.