Estate Planning, Probate and Trust Administration
Estate Planning Attorney in Oklahoma City
Protecting Assets & the Future of Loved Ones Throughout the Midwest
Many people mistakenly believe that “estate planning” is only necessary for the extremely wealthy. However, every adult should have a plan to ensure their assets are protected and safely passed to the next generation. A comprehensive, well-organized estate plan will optimize wealth preservation, accommodate special needs and disabilities, provide peace of mind, and much more.
Without a well-constructed estate plan, families might face prolonged legal battles that could diminish the value of the estate. At The Schroeder Group, we understand the nuances of estate planning in Oklahoma City and are committed to crafting plans that effectively safeguard your family’s future.
No one should go without an estate plan. Whether you are new to the process or have existing documents, our Oklahoma City estate planning attorneys can offer the strategic guidance you need to prepare for the future. Our team at The Schroeder Group can leverage tailored techniques that work to minimize taxes and court costs, facilitate efficient asset transfers, and meet your unique planning goals.
Why Choose Our Oklahoma City Estate Planning Lawyers?
We are seasoned problem solvers who can continue to help you make changes to your plan as your circumstances and priorities evolve. Our Oklahoma City estate planning lawyers also routinely assist individuals and corporate fiduciaries with matters of estate and trust administration.
Our approach combines a deep understanding of local laws with a commitment to personal service. We don't just create documents; we build enduring relationships that adapt to your changing needs. Whether it involves sensitive family dynamics or complex financial structures, our team is ready to provide the knowledgeable guidance necessary to navigate the intricacies of estate law.
If you have questions about estate planning, schedule a free consultation with a qualified Oklahoma City estate planning attorney by calling (405) 704-3882 or contacting The Schroeder Group online.
Common Components of Estate Plans
Planning your estate is no easy task—there is a lot to consider, and many decisions must be made. Below are components typical of an estate plan. Our Oklahoma City estate planning attorneys are happy to answer any of your questions and guide you through drafting the perfect estate plan for your loved ones.
Beyond the basics, an estate plan can include provisions for business succession, charitable contributions, and digital asset management. Each aspect of your plan should reflect your personal values and goals, ensuring your legacy endures as you intend.
Typical aspects of an estate plan:
- Wills and trusts
- Durable power of attorney
- Healthcare power of attorney
- Beneficiary designations
- Letter of intent (for the executor or a beneficiary)
- Guardianship designations (if you have minor children)
Estate Planning & Tax Planning in Oklahoma
An optimal estate plan should account for the full extent of your asset holdings and work to minimize the financial impact of federal estate taxes, gift taxes, generation-skipping taxes, probate, beneficiary conflicts, and other potential costs and complications. In many cases, a simple will or living trust is not enough.
We recognize that tax strategies significantly influence estate planning. Our estate planning attorneys are adept at navigating the complexities of both state and federal tax codes to reduce potential tax liabilities and preserve your wealth.
We will tailor our planning strategy to suit your concerns and objectives, providing the knowledgeable advice you need to make informed decisions. Our firm regularly represents high-profile clients in these matters and can handle your case with the utmost discretion and sensitivity.
If you require a sophisticated level of tax planning, our Oklahoma City estate planning lawyers can assist you with many types of complex instruments, including:
- Irrevocable Life Insurance Trusts (ILITs). By moving your life insurance policy into an irrevocable trust, all death benefits are excluded from the valuation of your estate, helping your heirs avoid federal estate taxes.
- Dynasty Trusts. This type of trust is irrevocable, meaning you cannot typically change its terms once it is created. Assets transferred to dynasty trusts are only potentially subject to taxes (including estate, gift, and generation-skipping transfer taxes) when the initial transfer is made, and only if the value of the assets exceeds federal tax exemptions. Subsequent transfers to heirs are generally tax-free. Assets contained in dynasty trusts are also not counted as part of the trust creator’s taxable estate.
- Family Limited Partnerships (FLPs). One way to preserve and pass on generational wealth is to establish a business entity called a family limited partnership. In these arrangements, family members can be given shares of the FLP tax-free if their value does not exceed the annual gift tax exemption. The value of any gifted shares also “leaves” the FLP creator’s estate and is thus not counted as part of their taxable estate. Furthermore, as limited partners, shareholders will directly benefit from profits and dividends generated by the FLP.
- Qualified Domestic Trusts (QDOTs). QDOTs allow surviving spouses who are not United States citizens to take marital deductions they would otherwise not have access to.
- Split Interest Charitable Trusts. You do not necessarily have to create separate trusts if you wish to provide for both individual heirs and charitable organizations. Also called “charitable remainder trusts,” these types of trusts allow trustees to transfer assets to individual beneficiaries and charities.
- Grantor Retained Income Trusts (GRITs). A GRIT is a type of irrevocable living trust that allows you to continue to obtain income from assets placed in the trust. You will be permitted to receive income for a fixed amount of time. Once this period expires, trust assets can be immediately transferred to beneficiaries or held in the trust until a later date. Keep in mind that you cannot transfer GRIT assets to your spouse, parents, spouse’s parents, children, spouse’s children, siblings, or your spouse’s siblings.
- Unitrusts. Unitrusts can make future financial planning easier. This type of irrevocable trust distributes a set percentage of the trust’s asset value to the beneficiary or beneficiaries at fixed intervals (such as annually or every few months).
Talk to an experienced estate planning lawyer in Oklahoma City at The Schroeder Group – dial (405) 704-3882 or contact us online to set up a consultation.
Estate Administration & Probate in Oklahoma City
When a person passes away, their estate must go through some form of court-supervised probate process. If a thorough estate plan is in place, much of probate can be strategically avoided. However, in these cases, the decedent’s trusts and other estate planning instruments must still be carefully managed.
Our estate planning attorneys in Oklahoma City work with all parties involved in probate to ensure a smooth and equitable distribution of assets. We undertake detailed reviews of financial records to ensure that all distributions adhere to the decedent's wishes and Oklahoma laws.
How Does Probate Work in Oklahoma?
Probate in Oklahoma is the legal process that occurs after a person passes away. It involves several key steps to settle the decedent's estate, ensuring that debts are paid, and assets are distributed according to their last will and testament or state law if there’s no will.
- Filing a Petition: The process begins with someone, often the executor named in the will, filing a petition in the appropriate Oklahoma county court. This officially opens the probate case.
- Notification: Next, the court will notify interested parties, including heirs, beneficiaries, and creditors, about the probate proceedings.
- Inventory & Appraisal: An inventory of the decedent's assets is conducted, and their value is appraised. This provides a clear picture of the estate's value.
- Payment of Debts & Taxes: The estate's debts, including funeral expenses and taxes, are paid from the estate's assets.
- Asset Distribution: After settling the debts and taxes, the remaining assets are distributed to the beneficiaries, as outlined in the will or per state law if there’s no will.
- Closing the Estate: Once all obligations are met, the court will close the probate case, and the process is completed.
The probate process can vary in complexity, depending on the estate's size and whether there are disputes among the beneficiaries or creditors. It's advisable to seek an experienced Oklahoma City probate attorney to navigate the probate process effectively in Oklahoma.
Who Manages the Probate Process?
Personal representatives, trustees, and other fiduciaries will be responsible for carrying out complex probate and trust-related tasks. Their actions will be heavily scrutinized by the decedent’s beneficiaries, especially if substantial assets are at stake. Our Oklahoma City estate planning lawyers at The Schroeder Group routinely advise both individual and corporate fiduciaries, including executors and professional trustees, with the administration of probate and trusts. We are also prepared to represent fiduciaries in any conflicts that may develop throughout the estate administration process.
Beyond advising fiduciaries, we actively support them through the legal complexities associated with probate tasks. Our approach ensures that fiduciaries receive clear instructions and guidance on meeting their responsibilities, reducing potential liabilities.
Our Oklahoma City estate planning attorneys have considerable experience helping fiduciaries navigate:
- Accounting & bookkeeping issues
- Disputed trust accountings
- Inventorying & appraising estate and trust assets
- Will & trust contests
- Filing final tax returns, including estate, inheritance, and generation-skipping returns
- Tax audits and controversies
- Breach of fiduciary duty claims
- Petitions for instructions
- Petitions for trustee removal
- All other forms of estate and trust litigation
Typical Probate Timelines in Oklahoma
The duration of the probate process in Oklahoma can vary widely, typically ranging from several months to over a year. As probate lawyers in Oklahoma City, we often explain that the length of time depends on several factors, such as the complexity of the estate, the number of beneficiaries, and whether any disputes or claims against the estate arise.
For a straightforward estate with a valid will and minimal debts or disputes, the process may be completed within six to nine months. However, more complicated estates, especially those involving real estate, businesses, or contested wills, can extend the timeline significantly.
Our legal team is committed to minimizing delays and ensuring a comprehensive and efficient resolution of all probate matters. Timely communication and diligent management are at the heart of our probate services.
An OKC probate attorney from The Schroeder Group can guide you through each step, from filing the initial petition to distributing assets, ensuring compliance with Oklahoma probate laws. Engaging an experienced estate planning attorney can help streamline the process and address any potential issues promptly. Contact our office to schedule a consultation and receive personalized assistance with your probate needs.
Benefits of Trust Administration in Oklahoma City
When it comes to safeguarding your assets and ensuring a smooth transition of wealth to your loved ones, trust administration can be a valuable tool. Our Oklahoma City estate planning attorneys specialize in creating and managing trusts to protect your assets and provide for your beneficiaries according to your wishes.
A well-structured trust can offer peace of mind by ensuring your assets are managed according to your instructions, without the need for court intervention. Our estate planning attorneys in Oklahoma City will work with you to set up trusts that are tailored to meet your specific goals, balancing legal requirements with your personal intentions.
Benefits of trust administration include:
- Privacy protection: Trusts are private documents and do not go through probate, keeping your affairs confidential.
- Asset protection: Trusts can shield your assets from creditors and legal challenges.
- Control over distribution: You can specify how and when your assets are distributed to your beneficiaries.
- Tax advantages: Trusts can help minimize estate taxes and maximize the inheritance your loved ones receive.
- Avoiding probate: Trust administration allows for a quicker and more efficient transfer of assets without the need for probate court involvement.
Frequently Asked Questions
What Happens If You Die Without a Will in Oklahoma?
If you pass away without a will in Oklahoma, your assets will be distributed according to the state's intestacy laws. These laws establish a hierarchy of relatives who may inherit your property, starting with your closest relations. Typically, your spouse and children are first in line to inherit, but if you have neither, your estate may pass to other relatives such as parents or siblings. Without a clear directive from a will, the probate process may become prolonged, and assets may not be distributed as you might have wished. Consulting with an estate planning attorney at The Schroeder Group can help avoid such situations by creating a comprehensive estate plan that aligns with your wishes.
What Should I Consider When Choosing a Guardian for My Children?
Choosing a guardian for your children is a significant decision that requires careful thought. Consider the potential guardian's values, parenting style, financial stability, location, and willingness to take on the responsibility. It's important to discuss your intentions with the proposed guardian to ensure they are comfortable with the role. You might also want to consider naming an alternate guardian, should the primary guardian be unable to serve. This decision should be revisited periodically to ensure it remains in line with your wishes and circumstances. Our team can guide you through this process with sensitivity and care.
Are There Specific Probate Fees in Oklahoma?
Oklahoma probate fees can vary depending on the complexity of the estate and the need for court proceedings. Typical costs may include court filing fees, attorney fees, and other administrative expenses. Attorney fees may be billed on an hourly basis or as a percentage of the estate's value. It's advisable to discuss potential fees upfront with your legal counsel, as this will help you budget and plan accordingly. At The Schroeder Group, we aim to provide transparent pricing to help you avoid unexpected costs.
How Often Should My Estate Plan Be Updated?
Your estate plan should be reviewed and potentially updated whenever major life changes occur, such as marriage, divorce, the birth of a child, or significant changes in your financial situation. Even in the absence of major changes, it's wise to review your plan every three to five years to ensure it still aligns with your wishes and reflects current laws. Our estate planning lawyers offer ongoing support to help keep your estate plan current and relevant.
Can a Trust Help Avoid Probate in Oklahoma?
Yes, establishing a trust can help avoid probate in Oklahoma by transferring assets directly to beneficiaries upon your passing, without the need for court involvement. By managing your assets through a trust, you maintain control over distributions, and your estate can be settled more quickly and privately. Trusts can be particularly beneficial for families with diverse asset portfolios, those who own property in multiple states, or anyone seeking to minimize their estate's public exposure during settlement. At The Schroeder Group, we can assist in setting up trusts that meet your specific goals and circumstances.
How Much Is the Inheritance Tax in Oklahoma?
Although the state does not impose an inheritance or estate tax, there may still be taxes assessed upon the death of a loved one. Despite the absence of an inheritance tax in Oklahoma, you may need to file a federal estate tax return, Form 706.
Consult an experienced OKC inheritance tax attorney to ensure your inheritance or wealth is protected and to minimize or avoid taxes. Our team is adept at navigating the tax landscape, helping you understand your obligations and the available options to manage tax impacts effectively.
Related Readings:
Do not wait to take steps to protect your spouse, loved ones, and heirs. Call (405) 704-3882 or contact us online to start exploring your legal options with our Oklahoma City estate planning lawyers!
Estate Planning FAQs
When Should I Begin Estate Planning?
Estate planning is something anyone over the age of 18 can start. While there’s no set age to begin, certain life milestones often signal it’s a good time to take action. Major events like getting married, having children, buying a home, starting a business, or preparing for retirement underscore the importance of planning for the future. These moments serve as reminders to create a thoughtful and secure plan for what lies ahead.
Beginning your estate planning journey as early as possible can open up more strategic options and allow for flexible adjustments as life circumstances change. Proactive planning also helps mitigate stress, ensuring you and your loved ones are prepared for any eventuality.
Is Estate Planning Only for the Wealthy?
No, estate planning is not exclusive to the wealthy. It is a misconception that only individuals with substantial assets or high net worth need to engage in estate planning. Estate planning is essential for individuals from all walks of life who want to have their wishes carried out, protect their loved ones, and preserve their legacy. Regardless of the size of your estate, estate planning allows you to make important decisions about your medical care, appoint guardians for minor children, designate beneficiaries, minimize taxes, and more. It is a proactive step that everyone should consider, regardless of their financial status.
By planning ahead, even those with modest means can ensure their assets are distributed according to their wishes, potentially avoiding family disputes and financial strain later on. Estate planning provides control and peace of mind, knowing all your affairs are aligned with your final wishes.
Contact us online or call (405) 704-3882 to speak with an estate planning lawyer in Oklahoma City today.
