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Tag: probate oklahoma

3 Blended Family Issues in Oklahoma Estate Planning and Probate

By: Sarah Stewart Legal Group

According to the Oklahoma Marriage Initiative, more than 32% of Oklahomans have been divorced.  Oklahoma has one of the highest divorce rates in the U.S.  Due to this, many families in Oklahoma are blended families. Families with children from one or more previous relationships and step-parent relationships.

Blended families have complex relationships, complex estate planning needs, and even complex Oklahoma law regarding probate, if there is no estate plan in place.

Estate Planning Issues

(1) Previous Relationships

If you have children from a previous relationship, and minor children, and don’t have an estate plan, the surviving ex will receive the assets intended for the children to manage as he or she sees fit.  There is no obligation to account to the Court or to have any oversight from, or even contact with, the prior step-parent.

If it is important to you that the assets your children inherit go to them and not your ex, you will want to consider establishing a trust that restricts how the children’s assets will be spent and/or when they will be distributed.

Also, if you are concerned about continuing a relationship between the minor step-children and surviving step-parent, a trust with the step-parent as trustee may help keep some contact as the ex will have to work with the surviving step-parent to receive assets on the children’s behalf. There’s no assurance the ex will keep contact,  but money can be a good incentive.

(2) Obligations to Step-children under Oklahoma law

Oklahoma law does not require that a step-parent leave an inheritance for his or her step-children.  Oklahoma law does not even require that a parent leave an inheritance for his or her own children. If you want to insure that some specific assets are left to your children, you will need a Will and/or trust.

Probate Issues

If one partner dies without an estate plan, things can get sticky for the kids and the surviving spouse pretty quickly, regardless of whether the children are under the age of 18.

Under Oklahoma law, if the surviving spouse is not the parent of at least one of the surviving children, the spouse will receive 1/2 of the assets acquired during the marriage and an equally divided share with the children of any other assets.

Such a division can lead to struggles and fights in even the happiest of families.  Trust me, I’ve seen it.

If you are in the position of having a blended family, you want to be extra aware and conscious of your estate plan.  Sit down with your spouse and discuss what assets you would like to be left to your children from a previous relationship.  Work out a plan.  Then, I can’t emphasize this enough, put the plan into action!

Put your plans into a Will and/or Trust so that you can ensure you are fulfilling your own wishes and protecting those you love from the determinations of the Court.

 

5 Results of Ignoring Your Estate Plan

By: Sarah Stewart Legal Group

Estate planning is a difficult subject for many of us.  We don’t like to face our own mortality.  But, the truth is, death is one of life’s greatest certainties and we will all have to face it eventually.  The longer you wait, the more likely it is you will face the following 5 consequences for your delay:

(1) Your Heirs will Have to go to Court

Whether they are seeking to help you manage your finances and health when you are no longer able to do so, or trying to sort through your assets and debts after your death, without an estate plan, your heirs will go to Court to deal with your issues.  Preparation can make a huge difference in the lives of your loved ones when the unexpected happens to you.

(2) Your Family will Lose Money

When people go to Court, it costs money.  There are filing fees the Court takes, and, unless your family has a probate and guardianship attorney in it (and many times even then), there are attorney fees required to go to Court.

You can try to go it alone, but that can be frustrating and take a lot more time and money because the family member has to research what documents to file, prepare them, take off to go to Court, and usually, come back and do it all over again because they missed something the first time, or second time, or third time…I think you get the picture.

Judges allow people to represent themselves in Court, but they are held to the same legal standards as attorneys because, well, the law is the law and you and the Judge have to follow it. Save your family the hassle and money and make a plan today!

(3) Losing Time

Not only does going to Court in itself take time and preparation, but leaving your estate open to the possibility of going to Court opens the door to fights in the family.  Even if they have no valid reason to fight, family members can tie up your assets for months just because they want to fight.  Maybe they don’t like your son Billy.  Maybe they blame you for their divorce.  Who knows?  Family dynamics are complex.  An estate plan is the best way to guard your loved ones from messy family interests.

(4) You Will Lose Your Choices

If you do not have a proper plan in place, the Court will decide for you, based on local law. The Court’s decision may not always be what you want.  For instance, did you know that if you don’t have an estate plan, your spouse may only get 1/2 or less of your assets when you die?  No?  Most people don’t.

Or, if you have minor children and are divorced, did you know your ex will get the privilege of “managing” your money for your children after you die? Does that make you uncomfortable?  It probably should.

(5) Struggles with Property in Other States

If you own property in more than one state, you can take everything we’ve discussed here and magnify it by the number of states you own property in.  Every property will have to go through probate in the state where the property is owned.  Does that make your head spin?  Imagine what it will do to your family.

It is never too soon to start thinking about what will happen if you are unable to make decisions for yourself or if you pass away.  Start planning now!

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