{"id":16303,"date":"2023-11-27T17:03:43","date_gmt":"2023-11-27T23:03:43","guid":{"rendered":"https:\/\/norwoodlegal.com\/?p=16303"},"modified":"2023-12-04T09:48:58","modified_gmt":"2023-12-04T15:48:58","slug":"wills-trusts-estates","status":"publish","type":"post","link":"https:\/\/norwoodlegal.com\/wills-trusts-estates\/","title":{"rendered":"Feel good about your estate plan? Five things to know."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16303\" class=\"elementor elementor-16303\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a12d800 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a12d800\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-56056bb\" data-id=\"56056bb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-49e0a3b elementor-widget elementor-widget-text-editor\" data-id=\"49e0a3b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">By G.W. Schulz<\/span><\/p><p><span style=\"font-weight: 400;\">Why does planning your estate matter? An important reason is many people fear they will otherwise become a burden on loved ones left with the responsibility of an unplanned estate. \u201cIt is important to evaluate your goals and situation,\u201d says Oklahoma State University about estate planning. \u201cThen, discuss possible alternatives with an attorney who can help develop a plan that will meet your needs.\u201d\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cProbate\u201d means the official execution of your will. Adds the Oklahoma Bar Association: \u201cSomeone is required to step into the shoes of the deceased person, so to speak,\u201d says Oklahoma State University, \u201cand carry out the business of the estate and pay the debts, taxes, and expenses, and, in the end, see that the property is distributed to the rightful parties in interest.\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">Further: \u201cUpon the death of a property owner, Oklahoma law provides for a legal process to take control of the deceased owner\u2019s probate assets, assess their value, pay creditors, and distribute the assets to the person\u2019s legatees (if the person died with a will) or heirs (if the person died without a will).\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">Keep reading below to learn more.<\/span><\/p><p><span style=\"font-weight: 400;\">Feeling confused or alone with estate planning? Let us get your back. We practice other areas of law, too, including business, personal injury, family, and criminal defense. defense law, and more. Visit Norwood.Law online or call us for a free consultation at 918-582-6464.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Below is a list <\/span><a href=\"https:\/\/extension.okstate.edu\/fact-sheets\/developing-an-estate-plan.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">created with help from OSU<\/span><\/a><span style=\"font-weight: 400;\">, the <\/span><a href=\"https:\/\/www.cbo.gov\/publication\/57272\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Congressional Budget Office<\/span><\/a><span style=\"font-weight: 400;\">, and the <\/span><a href=\"https:\/\/www.okbar.org\/a2j\/estateplanning\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Oklahoma Bar Association<\/span><\/a><span style=\"font-weight: 400;\"> of important things you\u2019ll want to know about estate planning:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>What are your planning strategies?<\/b><span style=\"font-weight: 400;\"> You\u2019ll want to know how much it costs to settle the estate, which can be more important than minimizing estate taxes. Such state-settlement costs can include executor fees, accountant fees, appraisal fees, attorney\u2019s fees, and probate court. What\u2019s a trust? It\u2019s simply a way of owning assets and then transferring them to someone else upon death. \u201cProper legal assistance is needed to establish the trust to ensure probate will be avoided,\u201d says Oklahoma State University.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Who will receive your assets?<\/b><span style=\"font-weight: 400;\"> You\u2019ll need to determine who you wish to exclude from your estate. Also, you\u2019ll want to specifically name who would be getting certain of your assets. You\u2019ll also want to take this time to identify charitable organizations you\u2019d like to support. State-level estate taxes in Oklahoma were repealed by lawmakers in the past. But federal estate taxes may still apply to you.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Who pays taxes on their estate?<\/b><span style=\"font-weight: 400;\"> Only a small number of estates each year actually wind up paying estate and gift taxes. \u201cIn 2018, taxable estates reported $106 billion in gross assets,\u201d according to the Congressional Budget Office. \u201cFinancial assets, which include stocks, bonds, and cash, made up the majority of those gross assets, totaling $64.6 billion.\u201d<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>What assets do you have?<\/b><span style=\"font-weight: 400;\"> Here\u2019s where we need to discuss the full spectrum of what you own or control. On this list, for example, would be real property and mineral and surface rights. A good attorney would ask: Are there restrictions on the asset transfers? Does the property have renters? Where did the property come from? Who holds the title to the asset? \u201cWhen people die, their assets become the property of their estate. Everything a decedent owned or had a financial interest in at the time of death \u2013 from stocks and buildings, for example, to jewelry and artwork \u2013 is considered part of his or her estate,\u201d the CBO writes.<\/span><\/li><\/ul><p><b>What are your goals for an estate plan?<\/b><span style=\"font-weight: 400;\"> Among other things, you may want to hold on to your business as long as you can. You might be seeking to continue a business or leave it to a family member. Or you could be worried about evenly treating your heirs. Maybe you\u2019ll want to leave something to someone you love who has special needs. Maybe you simply want flexibility in your estate plan if changes occur in your life. Says the Oklahoma Bar Association: \u201cThe proper drafting of a will or a trust requires the professional knowledge, skill, and experience of a practicing lawyer. \u2026 A few hours of an attorney\u2019s time now can save your beneficiaries not only the costs of litigation over a poorly drawn will or trust but also the ad\u00additional expense of a guardianship of your minor children.\u201d<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Why does planning your estate matter? An important reason is many people fear they will otherwise become a burden on loved ones left with the responsibility of an unplanned estate.<\/p>\n","protected":false},"author":9,"featured_media":16309,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Feel Good About Your Estate Plan? Five Things to Know.","_seopress_titles_desc":"Read the five things you should know when making your estate plan on the Norwood.Law website today!","_seopress_robots_index":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[19],"tags":[],"_links":{"self":[{"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/posts\/16303"}],"collection":[{"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/comments?post=16303"}],"version-history":[{"count":12,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/posts\/16303\/revisions"}],"predecessor-version":[{"id":16353,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/posts\/16303\/revisions\/16353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/media\/16309"}],"wp:attachment":[{"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/media?parent=16303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/categories?post=16303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/tags?post=16303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}