Options for Estate Planning and Trusts in Oklahoma and Beyond

1.   Create a Will          or       2.  Do Nothing      I just want to pass my assets to my children.

• Probate validates your will before it passes your assets to others. REQUIRED
• The State will Probate your estate using the Will they prepared.
• Probate can be expensive (3% - 8% and much more).
• Probate can take years to complete.
• Can be challenged by anyone.
• No Protection if you are incapacitated.
• No legal protection for your beneficiaries, after your death, for your Beneficiaries.

3.   Place my assets in Joint Tenancy. (Place my children’s names on my assets with me).

• This does avoid Probate, today.
• This places my children as owners of my assets.
• Creates risk of loss, if my child goes through divorce/lawsuit, due to loss of job or has large medical bills, your assets may be used to satisfy judgements against them.
• May create a “Gift Tax” problem that “you” must pay this year.
• May create additional “Capital Gains Taxes” when they sell the property.
• You can’t borrow or sell your assets without their signature and permission.
• You lose a lot of control over your own property.
• No legal protecton, for your beneficiaries after your deat

4.   POD or TOD.   (Pay or Transfer On Death). You name your child or children as beneficiaries.

• Does avoid Probate, today.
• Can potentially disinherit your grandchildren.
• Can reduce/eliminate Government benefits of Special Needs Persons.
• No legal protection, for your beneficiaries after your death.

5.   Create a Living Trust.

• You maintain complete control of your assets.
• Passes your assets without probate.
• Very hard to contest.
• Distribution of your assets to your children is fast and efficient. (most in a matter of weeks)
• Protects you if you are incapacitated.
• Eliminates/reduces gift taxes, inheritance taxes, estate taxes, and capital gains taxes.
• Easy to create and simple to maintain.
• Ensures you do not disinherit your grandkids.
• Does provide legal protection, for your beneficiaries after your death.