Frequently Asked Questions
ESTATE PLANNING
Q: Who needs an estate plan?
A: People with children or significant assets. If you have
nothing in place, then the State of Oklahoma has an estate plan for
everyone called probate. If you have a properly executed document in
place telling the courts who should receive custody of your children,
then the courts place significant weight on your choices.
Q: How does a family decide whether to setup a will or trust?
A: It really depends on the situation and the family's
objectives. A will is public information and anyone can look at your
will whereas a trust is not public record. But many other factors need
to be considered in the initial appointment.
Q: If you were looking at an average married couple with two
children who own their home & have an average net worth, how
expensive would it be to setup a will or trust?
A: A rough estimate on an average family is less than
$1000. The first appointment with me is free & I will be able to
give the family a cost estimate after the appointment.
Q: Many people today are buying software packages to make a will. Are these do-it-yourself kits good or bad?
A: Actually, I'm working on a case right now where a will
was drawn up without an attorney and the grandmother left everything to
my client. This client was very close to her grandmother because her
mother had died several years ago. She came into my office with her
grandmother's will to simply change her grandmother's house into her
name. Unfortunately, the will wasn't worded correctly and it looks like
the assets will have to be divided three ways and my client may lose
the house.
Q: Can you describe the process you go through?
A: The first appointment needs to be with both husband and
wife and this can be done in person or through conference call. On that
appointment, I gather any information I need to setup a will or trust.
After about two weeks, I need to meet with the husband and wife in
person to sign & the finished documents.
Q: Does a will or trust ever need to be changed or updated?
A: Yes. Any significant event such as birth, death or any significant purchases need to updated on your estate plan.
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