You don’t have to make your loved ones wait for probate

You have a multitude of decisions to make when you create an estate plan, and it’s important to have as much relevant information as possible. Without the right guidance, you may not end up with the plan you intended. For example, it’s important understand that if your estate needs to go through probate, it could take months for your loved ones to get access to the assets you want them to have. If one of your goals is to provide your surviving family members with the means to support themselves, you may need to structure your plan in a way that keeps your estate assets out of probate. The utility of a revocable living trust Trusts aren’t only for celebrities and billionaires. People with various incomes throughout Oklahoma could benefit from a revocable living trust, which is characterized by the following

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What happens if I die without a valid will in Oklahoma?

Many Oklahoma residents know how important it is to have their estate planning documents in place. But, for those who haven’t taken the time to create a will yet, it may be a good idea to understand what happens if you die without a valid will. If a person dies without a will, they are considered to have died “intestate”. This means that a person’s property will be distributed based on the intestacy laws of the state. This includes all property, including real estate, bank accounts, financial accounts, vehicles and more. Property that is owned in another state will fall under the intestacy laws of that state. If a person is married with children, their entire estate will go to their surviving spouse. If the children are from a different spouse, they will receive a portion of the estate. If

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What type of lease will you offer your commercial tenants?

As certain areas of Oklahoma continue to grow, maybe you consider developing commercial property in an area where doing so makes sense. You will more than likely begin looking for tenants who want to take advantage of the business opportunities in the area. The question then becomes about what type of leases you will offer your commercial tenants. The kind you pick will dictate many aspects of your relationship with your tenants. Below is a general discussion of the three most common types of leases. Most people have heard of the net lease. You can charge your tenants a lesser amount for the base rent with these leases and then add in certain costs that you would otherwise pay. You can choose from a variety of net leases: Single net lease: This lease includes the base rent and the tenant’s

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Benefits of long-term care planning

No one really wants to think about what will happen to them when they get old. It’s hard to picture ourselves as getting old and needing additional care, plus it’s not a very upbeat topic. But, if long-term care planning is not completed, a person can lose a lot of their assets to pay for their necessary medical care. Long-term care planning is very important for Oklahoma residents. The earlier this planning occurs, the better because the earlier a person starts to consider their long-term care options, the more options they will have. Long-term care is qualified as in-home care, assisted living or skilled nursing care. Many people, when they get older, require this specialized care, but it comes at a great cost. Knowing that these costs are in many people’s future can help them understand the importance of long-term

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Order of payments in the probate of an estate

When person dies in Oklahoma, many times their estate will go through probate. It is during this time that the estate is settled under court supervision. In general, once an estate has a personal representative assigned, they are able to gather the estate’s assets and creditor information. Once an estate executor has been named, they have a number of duties. In general, they will have to gather the estate’s assets and notify creditors and beneficiaries. They also must notify all creditors, including credit cards, mortgage companies and loans, among others. When it comes to the order of payments out of a person’s estate during the probate process, the estate administrator, appraiser, attorney and whomever helps with the management of the estate are usually the first to be paid. The deceased’s burial and funeral expenses would generally be paid next. The

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Common estate planning mistakes to try to avoid

Most Oklahoma residents know how important estate planning is to protect a person’s assets and honor their wishes. Estate planning is important for almost every resident in the state. It can be important to keep in mind common estate planning mistakes in case they apply to a person’s situation. One of the most common mistakes a family makes is not having an estate plan at all. Although many people don’t want to think about their eventual death, not having a plan can be devastating for a family. Everyone needs an estate plan, regardless of age, to safeguard a person’s assets, children and spouse. Another mistake is not updating a will on a regular basis. After a major life event, like a move, added children, divorce, etc. a will needs to be updated to reflect these changes. It can also be

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What rights do Oklahoma landlords have?

Those who own real estate in Oklahoma that they rent out know how stressful it can be. There are many laws in place to protect tenants, but landlords also have rights. Almost every landlord will have to evict a tenant at some point. Many times, an eviction occurs because a tenant has not paid rent. While state laws vary, in general if a tenant does not pay rent, a landlord needs to give notice for payment within a certain number of days. If, following that, rent still hasn’t been paid, a landlord can sue for eviction. A tenant may also be evicted if they violate the terms of the lease or they break the law, such as engaging in illegal drug activity. A landlord has the right to use their renter’s security deposit damages or unpaid rent after the lease

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Contact

Teague & Wetsel, PLLC
1741 West 33rd Street, Suite 120
Edmond, OK 73013

Telephone: 405-285-9200
Fax: 405-285-9201

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