Tulsa Estate Attorney Blog
What Is the Difference between a Trust and a Will in Oklahoma?
Confused about the difference between a trust and a will when it comes to estate planning? You're not alone. Oklahoma Will and Trust lawyer, Jason Lile, explains that a trust allows you to be your own trustee until you become incapacitated or die, at which point your successor trustee takes over according to the instructions in the trust. On the other hand, a will nominates someone to take over as a personal representative when you pass away, but they can only gain power over your estate after a probate action is filed in court. Lile recommends trusts to avoid probate, and mentions the use of a poor overwill as a backup plan. Read more »Do I Need a Power of Attorney in Oklahoma?
Are you considering estate planning in Oklahoma? Attorney Jason Lile from OklahomaWillandTrust.com recommends having a power of attorney in addition to a trust. While trusts are helpful, they only give the successor trustee power over what's listed within the trust. A power of attorney is general and gives the person with power of attorney over you and/or your things power over everything immediately. The specific powers listed in the power of attorney are typically not exhaustive, making it an important tool for conducting any business with reason. A successor trustee and power of attorney have a fiduciary duty to act in the best interest of your estate and needs. Read more »What Are the Cons of a Living Revocable Trust in Oklahoma?
Living revocable trusts are a popular estate planning tool in Oklahoma, but they do have some drawbacks. Attorney Jason Lile explains that the biggest issue with these trusts is the schedule on the back, which lists all the things included in the trust. If the schedule is not thorough or up-to-date, the successor trustee will not be authorized to manage property that was not listed in the trust. To avoid this problem, Lile recommends using a pour-over will as a catch-all method to ensure that everything you own is included in your trust. For more information on trusts and estate planning, contact Jason Lile at oklahomawillandtrust.com. Read more »