Pros and cons of a family limited partnership in Oklahoma
Setting up a family limited partnership (FLP) is a popular choice for managing and passing on family assets. Understanding the pros and cons will help you make informed decisions that fit your family’s needs and goals. Benefits of a family…
Informing heirs about their inheritance in Oklahoma estate plans
The contents of an estate plan often remain private until the person has passed away. This choice helps maintain privacy and may prevent any potential conflicts. However, some find that discussing the plan while they are still alive leads to…
How should you choose beneficiaries?
A beneficiary is someone who receives assets from a will, trust, insurance policy or retirement account. When creating an estate plan, people need to know the different options that they have for choosing beneficiaries. It is important to make thoughtful…
How can you choose a helpful and proficient executor?
When you write a will, one big decision you must make is who will be your executor. This person will carry out your wishes and manage your estate after you die. Selecting the right executor is important for your final…
How can estate planning help you minimize the probate process?
Choosing what happens to your belongings after you die might not be fun to think about, but it is important to do. Estate planning is about making sure this transition goes smoothly. One big benefit of planning is cutting down…
The difference between wills and trusts
Planning for the future involves making decisions about what will happen to your belongings and assets after you are gone. Two legal tools commonly used for this purpose are wills and trusts. While they both serve similar purposes, there are…