ESTATE PLANNING

ESTATE PLANNING IN OKLAHOMA

An estate plan is more than just a set of legal documents. It’s how you protect your family, ensure your wishes are honored, and empower trusted individuals to act on your behalf. Whether you’re naming guardians for young children, planning for future medical care, or organizing your affairs to ease the burden on loved ones, a thoughtful plan brings peace of mind. A complete estate plan addresses both incapacity and asset transfer, often helping you avoid probate and unnecessary court involvement.

At Palmer Estate Law, we tailor every estate plan to your goals, your family structure, and the types of assets you own. Most of our clients fall into one of two categories: Trust-based plans and Will-based plans, but we also offer flexible, stand-alone services when needed.

Trust-Based Plan

A trust-based plan offers greater control, privacy, and efficiency during life and after death. It’s ideal for those who want to avoid probate, plan for incapacity, and ensure their affairs are managed smoothly if circumstances change unexpectedly. It usually includes the following documents: 

Revocable Living Trust
A revocable living trust is the foundation of many comprehensive estate plans. It allows you to retain full control over your assets during your lifetime while creating a clear plan for how they will be managed if you become incapacitated or pass away. You serve as trustee while you’re able, and your chosen successor can step in without court involvement, providing a smooth, private transition when it’s needed most.

This type of trust offers flexibility, privacy, and peace of mind. It’s especially helpful if you own real estate, operate a business, or have minor children. By funding your trust with key assets, you create a streamlined plan that minimizes stress, avoids delays, and helps carry out your wishes clearly and efficiently.

Pour-Over Will
A pour-over will works alongside your revocable living trust to ensure that any assets not titled in the name of your trust are still distributed in accordance with your estate plan. It acts as a safety net by “pouring” any remaining assets into your trust upon your death, so they are ultimately distributed in alignment with your overall estate plan.

In addition to addressing any assets left out of the trust, the pour-over will is also where you nominate guardians for minor children. While it’s ideal to fully fund your trust during your lifetime, the pour-over will provides important backup protection to help prevent assets from being unintentionally left out or subject to intestacy laws.

Financial Power of Attorney
Grants a trusted person the legal authority to manage your financial affairs if you become incapacitated. It can cover tasks such as paying bills, handling bank accounts, managing investments, and filing taxes without court involvement.

Healthcare Power of Attorney
Allows you to appoint a trusted person to make medical decisions on your behalf if you become incapacitated. Your chosen agent can consult with your doctors, authorize treatment, and ensure your healthcare preferences are honored.

Advance Directive (Living Will)
Outlines your wishes for end-of-life care, including whether you want life-sustaining treatment if you are terminally ill or permanently unconscious. This helps guide your loved ones and healthcare providers when you can no longer speak for yourself.

Nomination of Guardian

Enables you to name a trusted person to care for your minor children if you are no longer able to do so. Without it, the court will decide who should serve as guardian, which may not be your preferred choice. By naming someone in advance, you can choose a trusted person who shares your values and provide your family with clarity during a difficult time.

Warranty Deed

A warranty deed formally transfers your real estate into your revocable living trust. This step is a key part of the trust funding process and helps establish that the property is held in the name of the trust during your lifetime. Without this step, the property may still require court involvement, even if a trust has been created.

Assignment of Business Interest

This document transfers your business interest into your revocable living trust so it becomes part of your overall estate plan. Once transferred, the interest will be managed and distributed according to the terms of your trust. It’s a helpful step for business owners who want to avoid disruption and support the long-term viability of their company.

Trust Funding and Asset Coordination

Even a thoughtfully designed trust still requires proper funding to work as intended. This means transferring ownership of certain assets into your trust and coordinating others to pass outside of probate. We help with trust funding by guiding you through this process to make your estate plan as effective and complete as possible.

In addition to preparing deeds and business assignments, we assist with the transfer of bank accounts, investment accounts, and life insurance, often by helping you complete pay-on-death (POD), transfer-on-death (TOD), and beneficiary designation forms. These important steps are commonly missed in the planning process but are a standard part of how we support our clients. Our goal is to help you implement your plan with clarity and confidence.

Will-Based Plan

This option is a good fit for individuals seeking essential estate planning documents without the complexity of a trust. It usually includes the following documents: 

Last Will and Testament
A will outlines how your assets should be distributed after your death and allows you to name guardians for minor children. While your goal may be to avoid probate through tools like transfer-on-death deeds and beneficiary designations, the will serves as a legal safety net to cover any assets not otherwise addressed. Without a will, Oklahoma law determines who inherits your property potentially in ways that don’t align with your wishes.

Financial Power of Attorney
Grants a trusted person the legal authority to manage your financial affairs if you become incapacitated. It can cover tasks such as paying bills, handling bank accounts, managing investments, and filing taxes without court involvement.

Healthcare Power of Attorney
Allows you to appoint a trusted person to make medical decisions on your behalf if you become incapacitated. Your chosen agent can consult with your doctors, authorize treatment, and ensure your healthcare preferences are honored.

Advance Directive (Living Will)
Outlines your wishes for end-of-life care, including whether you want life-sustaining treatment if you are terminally ill or permanently unconscious. This helps guide your loved ones and healthcare providers when you can no longer speak for yourself.

Nomination of Guardian

Enables you to name a trusted person to care for your minor children if you are no longer able to do so. Without it, the court will decide who should serve as guardian, which may not be your preferred choice. By naming someone in advance, you can choose a trusted person who shares your values and provide your family with clarity during a difficult time.

Transfer-on-Death Deed (TODD)
A transfer-on-death deed allows you to name a beneficiary to receive your real property directly upon your death, helping to avoid probate. While this can be a simple and effective tool, it’s not the right fit for every situation. We’ll help you determine whether a TODD supports your overall estate planning goals.

Not Sure Which Plan Is Right for You?

We’ll walk through your family, assets, and goals to help you decide which plan fits best. Whether you’re planning for young children, caring for aging parents, or simply want to get organized, we’ll guide you with clarity and care.

Schedule your free consultation to get started.