Put simply, a Trust is a contract where the person creating the trust, the “Trustor,” gives something to be held for someone’s benefit to someone, the “Trustee.” In terms of Estate Planning, that often looks like the Trustor (“YOU!”) creating a Trust Agreement explaining how you would like your assets to be handled by the Trustee both during your lifetime and after you pass.
A Revocable Living Trust is the most common type of Trust used in Estate Planning. The meaning is actually quite simple – it means the person (or people) that created the Trust Agreement and revoke it at any time they wish.
A Traditional Will is what you think of when someone says they have a will. But what is it? A will is effectively a letter to the court stating how you would like your affairs managed and assets distributed after your death.
A Financial Power of Attorney allows the parties you designate to assist with your financial affairs during your lifetime. This includes things such opening bank accounts, speaking with financial advisors or other professionals on your behalf, and buying and selling real estate.
A Medical Power of Attorney allows the parties you designate to make health care decisions on your behalf. In Oklahoma the specific powers are governed by 63 Okla. Stat. §§ 3111.1 – 3111.13.
No. In accordance with Uniform Statutory Power of Attorney Act at 15 Okla. Stat. § 1002 only documents which are substantially similar to that outlined in the statutes can assure third parties they may rely in good faith on the acts of the agent acting as the Power of Attorney.
A Designation of Guardian allows you to name the individuals you wish to take care of you and your estate in the event you become incapacitated.
A Transfer on Death Deed is a document which allows you to transfer various forms of property to others upon your death. When a Transfer on Death Deed is executed, it may or may not be recorded, and ownership does not transfer until you pass away.
A Living Will, also referred to as an Advanced Health Care Directive, is a document you can provide to Medical Providers detailing your wishes regarding care, food, and water in various end of life scenarios.
A DNR or Do Not Resuscitate Order is a written document provided to Hearth Care Providers stating you do not wish life saving measures, including CPR, to be performed or taken in the event your heart stops beating.
A Medical Authorization is a document allowing Heath Care Providers to release your Medical Records to the parties you designate.
To place your house in Trust, generally a Quit Claim Deed is drafted and filed with County Records placing your house (or other real property) into the name of the Trust. However, it is important to note this process is governed by statute and varies state by state.
No – Use Oklahoma Tax Commission form 771.