Monday, February 28, 2022

Five components of Estate Planning #shorts

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Sunday, February 27, 2022

What are the five components of estate planning

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What are the five components of estate planning? To have an effective plan you need a revocable living trust-centered estate plan.

0:00 Start
0:44 Revocable Living Trust
1:48 Pour Over Will
2:24 Financial Power of Attorney
2:59 Health Care

https://youtu.be/4ZPI4nHJuV8

YOUTUBE Playlist:
“Who needs an Estate Plan” https://youtu.be/JSFWSXPKzCM
“Oklahoma Power of Attorney” https://youtu.be/2jJFq3KH-X0
“2019 Estate & Gift Tax Exclusions” https://youtu.be/8Rzip7VxLdQ
“Incapacity Planning” https://youtu.be/e5RlLCudIJo
“Health Care Power of Attorney” https://youtu.be/Ub0tQJUisVM
“Living Will” https://youtu.be/Byv9p2rLE-Q
“HIPAA Authorization” https://youtu.be/osliALWvzIc

NOTE: This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. While this channel may earn minimal sums when the viewer uses the links, the viewer is in NO WAY obligated to use these links. Thank you for your support!
#estateplan #estateplanning #probate #trust #stevecortes #corteslawfirm

Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118 405-213-0856
https://corteslawfirm.com/

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Saturday, February 26, 2022

Probate Questions People Also Ask on Google

Probate Attorney OKC

Probate Questions People Also Ask on Google.

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0:00 People Also Ask
0:10 How much does it cost to execute a will?
2:16 What is the average cost of making a will?
4:22 Can executors get paid?
6:03 How much should you pay an executor of a will?
9:29 How much does probate cost?
11:00 Who pays for will probate?
12:58 Why is probate so expensive?
15:53 Why is it good to avoid probate?
16:53 How do you probate a will without lawyer?
18:13 How do you avoid probate?
21:17 How long does probate usually take?
22:21 What are three reasons a person might want to avoid the probate process?
23:33 Who can be my Executor?
23:51 Who can be my Executor? part 2

https://youtu.be/LwnrubKkhr8

YOUTUBE Playlist:
“Who needs an Estate Plan” https://youtu.be/JSFWSXPKzCM
“Oklahoma Power of Attorney” https://youtu.be/2jJFq3KH-X0
“2019 Estate & Gift Tax Exclusions” https://youtu.be/8Rzip7VxLdQ
“Incapacity Planning” https://youtu.be/e5RlLCudIJo
“Health Care Power of Attorney” https://youtu.be/Ub0tQJUisVM
“Living Will” https://youtu.be/Byv9p2rLE-Q
“HIPAA Authorization” https://youtu.be/osliALWvzIc

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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
405-213-0856
https://corteslawfirm.com/
https://www.youtube.com/channel/UCYIkoIL8z3Wr0PiunTmVKpw
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What is the average cost of making a will

Probate Attorney OKC

Cortes Law Firm, Estate Planning, Probate, Trust Administration

The Cost Might Surprise you

What is the average cost of making a will? That's a great question, and we touched on it a little bit in the last question that people ask on Google.

The cost of creating a last will and testament depends. Are you downloading something off of the internet? And I'm sure you've seen if you're watching this video, you've probably done some of your research.

There are places on the internet where you can download a form last will and testament that cost around like $30.99 or $40.99. I'm not sure of the cost, but it's around there.

Your other option is you go to an estate planning attorney who has years of experience who can create an last will and testament specifically tailored to you and to the assets that you have and the distributions that you want to make. So it's really up to you.

What is the average cost of making a will

You can go with the downloaded form off the internet if you really don't need anything else or if your estate is a little bit more complex, you have several beneficiaries. You want to make sure that they get distributions to. You want to make sure you name guardians for your children.

Estate Planning Attorney

Then you're probably better off going to an estate planning attorney who is probably going to charge you a few hundred dollars to several thousands of dollars. Now again, depending on the complexity of your estate and your distributions, it may take that estate planning attorney at a minimum several hours to create the last will and testament specifically tailored to your wants and your needs.

It depends on what the hourly rate is for the attorney or whether or not they do these as a flat fee. So you might see a last will and testament at an attorney's office anywhere from maybe 150 $200 to maybe around 700 750 $900.

It really just depends on again what you're looking for, and those are just kind of ranges. Again, it depends on the complexity of your estate and what kind of distributions you want to make.

I have seen last will and testament where they did not want to do a revocable living trust centered estate plan. They specifically wanted a last will and testament that cost several thousands of dollars. We made it exactly how the client wanted, and therefore it cost several thousands of dollars to draft the document that they wanted and they needed.

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Friday, February 25, 2022

Can executors get paid

Probate Attorney Oklahoma City

Cortes Law Firm, Estate Planning, Probate, Trust Administration

Get paid as an executor 

Can executors get paid? 

Absolutely, executors can get paid for the work that they do probating or administering a decedent's, your loved one's estate, being an executor of an estate can take a lot of work, and that's why it's usually helpful to have a probate attorney assist you if you're an executor of an estate because your job is to figure out what are all the assets? Right.

What are the assets?

Bank accounts real estate cars are their valuables inside of the house. Did they have a Picasso up on the wall or is it a fake? All of that stuff is charged to the executor to figure out what a value for all of the property is. In addition to that, they need to figure out what all the debts are of the person who has passed away. Do they owe Citibank? Do they owe Discover card? Did they have a home loan? Did they have a personal loan? Did somebody owe them money?

Job of the executor

 So the job of an executor can get quite extensive and can take up quite a bit of time, depending on the estate, and depending on how organized the deceased person was.

 If they were not very organized, then the executor and their probate attorney are probably going to have to spend thousands of dollars trying to figure out where all of the assets are. But if the person was very organized and kept everything very neatly in a notebook, then the job of the executor should not be as difficult because everything will be laid out for him or her, and they will know exactly what they're dealing with. 

How much do executors get paid? 

So to get to the specific question of can an executor get paid?

Absolutely. And it depends on from state to state. Some do it on a percentage basis. Some will allow the executor to charge on an hourly basis, and it just depends on the jurisdiction.

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How much should you pay an executor of a will

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How much should you pay an executor of a will?

Well, just like we talked about in the last video or the last question. They absolutely are entitled to get paid if they want to get paid or if you'd laid that out in your last will and testament.

How much should they get paid?

Well, it actually depends on the jurisdiction we have seen jurisdictions across the United States be anywhere from 3% to almost 15% of the total estate. So in those higher end states, if there was $100,000 in assets, the executor could potentially be entitled to $15,000 to administer the estate. Now that's in addition to attorney fees and court costs. So remember that the other thing you can do is you can actually lay out in your last will and testament exactly how much you want your executor to receive. And we've actually seen that a lot where people might have an estate of several hundred thousands of dollars.

Who should Administer your estate?

They will talk to a friend or maybe a third party, or maybe their son or child or a cousin, an aunt and uncle, somebody and they will ask them, Will you be the executor of my estate when the time comes? And if you do, I will reimburse you x amount of money, and it just depends on what the person wants to pay the executor. We have seen a couple of thousands of dollars. I think the highest one I've ever seen is probably around $20,000, but that estate was quite substantial and they also wanted to, in addition to just paying them for being the executor, wanted to give them a little bit as part of the will. So a little bit of that was tied in into that.

how much should you pay an executor?

 Again, it depends on the jurisdiction in some jurisdictions. Actually, in most jurisdictions, if the executor is wanting to get paid, the court will specifically require that they turn in invoices just like the attorney might have to and show exactly what time they spent and what they were doing in that specific instance.

What can you pay an executor to do?

If one day they went to the bank and spent three hours with a banker trying to decipher all the different accounts, then they can charge for that three hours at the bank. Their invoice might say something to the effect of went to the bank to decipher different bank accounts. Again, it depends on the jurisdiction, but most courts require an executor to turn in invoices for the specific work that they did, and it could also be for travel. They might also have expensive copying costs, storage costs. There's a lot of expenses that the executor might have to maybe pay out of their own pocket until the probate is completed, and usually the court will allow those reimbursements.

Complications for executors

However, I should caution that I have seen where the courts will not reimburse other siblings. So let's say that Joey was in charge of being the executor, and Joey turned in all of his invoices for maybe hotels car rentals that were needed to assist him in being the executor of the estate. Now, maybe on one of those trips, a brother or sister came and they also had hotel costs and meals. And I have seen where the courts have specifically said no to the sister or the brother receiving reimbursement because they were not the executor of the estate. So just be careful with that. The executor is absolutely entitled to get paid for the work that they do if they want it. A lot of times executors will waive any sort of compensation, even their costs just out of love for the person who passed away and to make things a lot easier for the other heirs or beneficiaries of the estate.

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Thursday, February 24, 2022

Questions People also ask estate planning

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Questions People also ask estate planning on Google. These are the questions people ask on Google about estate planning.

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CHAPTERS:
0:00 Start
0:03 What are the five components of estate planning
3:31 What is meant by estate planning
5:20 What are the four important estate planning factors
7:12 What are the main steps in estate planning
9:25 What type of estate planning do I need
11:19 How do you avoid probate
13:55 Can a bank release funds without probate
16:24 Do all will have to be probated
18:12 Does a wills have to be notarized
20:40 How many copies of a will should be signed
24:39 Can a family member be a witness to a will
27:34 Can the executor of a will be a beneficiary
30:02 Is it better to have one or two executors
33:36 What happens if executors disagree
35:08 Who should be executors of your will

https://youtu.be/gi_rG4dskeI

YOUTUBE Playlist:
“Who needs an Estate Plan” https://youtu.be/JSFWSXPKzCM
“Oklahoma Power of Attorney” https://youtu.be/2jJFq3KH-X0
“2019 Estate & Gift Tax Exclusions” https://youtu.be/8Rzip7VxLdQ
“Incapacity Planning” https://youtu.be/e5RlLCudIJo
“Health Care Power of Attorney” https://youtu.be/Ub0tQJUisVM
“Living Will” https://youtu.be/Byv9p2rLE-Q
“HIPAA Authorization” https://youtu.be/osliALWvzIc

NOTE: This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. While this channel may earn minimal sums when the viewer uses the links, the viewer is in NO WAY obligated to use these links. Thank you for your support!
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118 405-213-0856
https://corteslawfirm.com/
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Wednesday, February 23, 2022

Who pays for will probate

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Cortes Law Firm, Estate Planning, Probate, Trust Administration

Who pays for will probate?

I know that question sounds funny, but that's the specific question from Google. Who pays for will probate? That is a great question because everybody wants to know how much it's going to cost them out of their own pocket to probate their mother or father's last will and testament.

How do you pay for probate?

The good news is probate are paid out of the deceased person's estate. Now, last time, I gave a range of about $3,200 to about $7500 for a probate that goes very easy with no fights, that money is paid out of the deceased person's estate. It is not an out-of-pocket expense by any of the beneficiaries.

How do I pay my probate attorney?

I do need to caution that what will usually happen when you go to a probate attorney? They will most likely require a retainer upfront to cover their costs and expenses during the probate. So let's say that the probate attorney requires a $5000 retainer upfront to probate the estate and the probate cost for simplicity. Exactly $5,000 for attorney fees, costs, expenses, publication, mail everything cost exactly $5,000. one of the beneficiaries, usually the executor or the personal representative, probably put that on their credit card or took out $5,000 from their savings account to pay that retainer and put it into the attorney's trust account.

What happens to my money after the probate? 

What then happens is at the end of the probate in the final account that $5,000 is listed as an expense by the personal representative or the executor, whoever it is, and that $5,000 is taken off of the top. While that executor, a personal representative, may have had to pay the money upfront out of their own pocket. They also get reimbursed that money upfront off of the top before any other distributions are made. So that's a very important distinction.

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Tuesday, February 22, 2022

Mom does not want to live with you

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Mom does not want to live with you. It is hard to know the balance between helping and overbearing with your older parents.

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CHAPTERS:
0:00 Mom does not want to live with you
0:22 Circumstances with family
0:52 Parents loss
1:26 Activities
2:05 Estate Planning with parents
2:20 It is not about you
2:45 Your parent's social life does not align with yours
3:15 You have a life of your own
4:00 Your parents do not have the same lifestyle as you
4:25 The right decision
4:50 Incapacity
5:20 It is not your decision

https://youtu.be/W47jNrJC30Y

YOUTUBE Playlist:
“Who needs an Estate Plan” https://youtu.be/JSFWSXPKzCM
“Oklahoma Power of Attorney” https://youtu.be/2jJFq3KH-X0
“2019 Estate & Gift Tax Exclusions” https://youtu.be/8Rzip7VxLdQ
“Incapacity Planning” https://youtu.be/e5RlLCudIJo
“Health Care Power of Attorney” https://youtu.be/Ub0tQJUisVM
“Living Will” https://youtu.be/Byv9p2rLE-Q
“HIPAA Authorization” https://youtu.be/osliALWvzIc

NOTE: This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. While this channel may earn minimal sums when the viewer uses the links, the viewer is in NO WAY obligated to use these links. Thank you for your support!
#estateplan #estateplanning #probate #trust #stevecortes #corteslawfirm

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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
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https://corteslawfirm.com/
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Monday, February 21, 2022

why is probate so expensive

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Probate is expensive!

Why is probate so expensive? The simple answer is, well, there's a lot of costs and expenses that go into probate. first of all, there are filing fees and depending on your jurisdiction, it can be several hundred dollars just to file a probate down at the courthouse.

Attorney fees

The next thing is, of course, attorney fees. We don't work for free. And depending on your jurisdiction, the attorney fees are probably going to make up the bulk of the probate costs. Just like I answered in the question regarding what it costs to probate, the attorney fees, costs and everything can be from $3,200 to about $7500, depending on your jurisdiction. It could be a lot more where you live. It just depends on your jurisdiction.

Publication fees

 The next cost is publication fees. one thing that people don't realize when you do a probate is there has to be a lot of publication of notices in a probate. Every time there is a hearing, the judge will issue an order for notice of that hearing. That notice of hearing has to be published in the newspaper. Usually ten days prior to the hearing. Now, in a probate, there might be three or four different publications. And depending on the newspaper and how many words are in that publication, it can cost you anywhere from 90 to about 180 $190 for each individual notice. The next thing that people don't realize is during a probate.

Postage

The next thing is postage usually, especially if there is real estate during a probate, just like we had to publish those notices. We usually always send notices to beneficiaries and other interested parties by certified U.S. mail, and that is not cheap. Every single one of those notices can cost between $7 and $9, depending on where we're sending it to and how much paper we are sending to them. So there is a lot of expenses that can go into a probate that doesn't even take into account.

Real Estate and Valuables 

 Realtor fees, title company fees, auctioneer fees if we have to auction things off, appraisal fees is another big one that a lot of people don't realize if there's real estate involved. Then we usually have to get an appraiser involved in the case if there's personal items or artwork or cars that have some sort of value. We will usually always have to get those appraised as well, and I can tell you that that is not an inexpensive cost.

Why to avoid probate?

 So there is a lot of expenses that go into probating an estate, and that's why it usually costs so expensive. Like I said in the last one, about $3,200 to about $7500 from start to finish. The simpler way and maybe the less expensive way is to get a revocable living trust centered estate plan set up so that your family avoids the probate process completely.

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Saturday, February 19, 2022

why is it good to avoid probate

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Probate Cost and Lack of Privacy

Why is it good to avoid probate, it cost money, and it takes a lot of time if you don't want your family to have to spend a huge portion of your estate on probate fees, attorney fees, publication fees, mailing fees, appraiser fees, realtor fees, then avoid probate altogether.

The other thing is it takes a long time. A regular probate is going to last you probably four to six months, depending on your jurisdiction. We have had a probate regularly go for over a year.

Lengthy Court Battles

There are extremes as well. 

We had one probate that was over 30 years old, that probate started before I was even in law school. I don't even think I'd graduated from college yet, but that's an outlier.


That's an extreme case of a probate that just took way too long because family members did not get along. 

Avoid Probate

The bottom line is, if you don't want your family to waste a lot of time and money that should be going into their pockets instead of to other people, then avoid probate altogether by getting a revocable living trust centered estate plan.


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DIY Probate?

How do you probate a will without a lawyer? Very carefully.

Joking aside, I have seen many families go through the probate process on their own, and that is perfectly absolutely 100% OK if they know what they're doing.

The good thing is in most jurisdictions, you can go to the law library and usually find a book or two that will tell you the exact steps to go through to complete a probate.

Probate Problems

The problem is, a lot of those books will usually leave out a key element, or they don't provide for what happens when something goes wrong, like family starts fighting, and that's where you can get into trouble.

But can somebody probate a will without an attorney? Absolutely. 100%, yes. And we see that happen on a regular basis.

Cost to Fix DIY is More Expensive

However, what I also see in a lot of those cases, once they get about a third of the way through or maybe halfway through, they usually seek out the help of a probate attorney or a probate law firm to assist them with completing the probate process because it can get overwhelming if you don't know what you're doing.

Not to say you can't do it, but it can get overwhelming very quickly, especially when you're dealing with creditors, banks, your brothers and sisters or the beneficiaries who all want their money. Yesterday! 

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5801 Broadway Extension Hwy Suite 110

Oklahoma City, OK, 73118

 405-213-0856

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Friday, February 18, 2022

How do you avoid probate

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Cortes Law Firm, Estate Planning, Probate, Trust Administration

Avoid Probate and Save Money

How do you avoid probate? Well, there's probably several different options, and it really depends on what your situation is. I always talk to my clients about different buckets.

We have what's called a non probate bucket.

We have our probate bucket and we have our revocable living trust centered estate plan bucket.

Trust bucket

If you have a remarkable living trust, our trust, as you hear people say, the key to that is to put all of your assets into that bucket. In other words, all of your assets are titled in the name of your trust so that when you pass away your successor, trustee steps into your shoes and is able to distribute assets and pay debts without having to go through the probate process. 

And depending on how complex your estate is, they may be able to complete this in a couple of months at very little expense compared to a probate.

Probate Bucket

The next bucket is while the probate bucket that means you did not do anything, and so your assets have to be distributed by a court of law through the probate process. If that's the case, then it's going to cost your estate thousands of dollars and probably four to six months to get the process done. 

Non-Probate Bucket

The other way to avoid probate is to be in that last bucket, which is the non probate assets. Now what goes into that non probate asset bucket? Well, it depends on what you put into it, just like it depends on what you put into your trust bucket. 

If you have a bank account, for example, you could put a pay on death beneficiary on that bank account so that when you pass away, the bank automatically will pay whoever the designation is, whatever is in the account.

So if you die with $2,000 in your bank account, the bank will write a check for $2,000 to your pay on death beneficiary. You can also do the same thing with real estate in some jurisdictions. It's called a transfer on death deed, so you could actually state when you pass away who you want your real estate to go to, but you have to make sure that that is up to date and you have it for all of your properties because if one of your properties is left out, then it will have to go through the probate process.

Retirement and Insurance Estate Planning

The other items are like insurance or retirement accounts where you specifically list a beneficiary. So when you pass away your retirement account or your insurance provider, your life insurance provider, they will look down and see who the beneficiaries are and they will write a check out to those beneficiaries without having to go through the probate process. 

Now I need to caution you here because if you don't list anybody as a beneficiary of your retirement account or maybe even your insurance account, then it's going to have to go to your estate and will then need to be probated, so ways to avoid probate are one.

Make sure that you have stuff titled correctly in your revocable living trust or have stuff in that non probate bucket and have them titled so that there's PAY on death and transfer on death designations and you have beneficiary designations as well. Whatever you do, make sure you speak with an estate planning attorney in your jurisdiction to make sure you do all of this correctly to avoid probate.

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5801 Broadway Extension Hwy Suite 110

Oklahoma City, OK, 73118

 405-213-0856

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What are 3 reasons a person might want to avoid the probate process

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Reasons to Avoid Probate

What are three reasons a person might want to avoid the probate process? The first is, well, it's expensive.

Expensive Probate

Like I talked about in other videos, a very simple probate can cost anywhere between $3,200, all the way up to $7,500 if everybody is getting along. People start fighting and you probably are guaranteed to either double or triple the cost of that probate. 

Probate Takes Forever

The second reason to avoid probate is, well, it takes a long time. It can take four to six months in Oklahoma, and for my understanding, it can take up to a year in other jurisdictions again, if everything goes smoothly.

Probate is Public Process

The third reason to avoid probate is it's a public process. Anybody with access to the internet can get online and find out exactly what your assets were, what your debts were, who your beneficiaries are, usually the addresses of your beneficiaries. It's not a private process. 

A probate is a civil lawsuit, and that means that everything in it is public. Anybody who wants to can get the information by like going down to the courthouse or just simply getting on their computer and downloading the pleadings and the inventories and the accounts that are in the probate.

I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more.

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5801 Broadway Extension Hwy Suite 110

Oklahoma City, OK, 73118

 405-213-0856

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Thursday, February 17, 2022

Who can be my executor #shorts

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Who can be my executor #shorts

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Wednesday, February 16, 2022

How long does probate usually take

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Probate Seems to take forever

How long does probate usually take? It depends on what jurisdiction you live in.

In most jurisdictions, it's normally between four to six months and that is because if you look at the statute and the statutory timelines, if everything goes perfect, then you're usually done within that four to six month process.

Family Fights

However, if there's going to be fights or somebody joins in or a creditor comes forward that wants to argue about one point or another, then that probate process, the length of time that it takes to probate could get extended very quickly and take a much more than six months.

In other jurisdictions, I have also seen it take six to nine months to get a probate done. So it really just depends on where you are and whether or not, like I've said in other videos, whether or not your family is going to fight over your assets, even in Oklahoma, where it might only take four to six months if people start fighting.

Probate Fights Cost MONEY

I guarantee you you're looking at least a year, and the more time it takes, the more attorney fees and other costs are going to be attributed to completing your probate. I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning.

I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here.

If you enjoyed this video, then guys, please smash that subscribe button and click on the Like button and also click on that little ball so you'll get notified every time we post a new video. Have a great day and an awesome week. And as always, thanks for watching.

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Tuesday, February 15, 2022

How to handle unequal inheritance

Probate Attorney OKC

Cortes Law Firm, Estate Planning, Probate, Trust Administration

Mom said it was mine. 

Well, too bad.

No joke, friends between Christmas Day and New Year's. That's what 5, 6 days every day.

I got at least one phone call from a family member and they wanted to complain to me that their mother had said they got a share of her bank account, or they were supposed to get a equal share of her house. And one of their siblings had simply said, No, it's mine.

This is what happened in every single one of these cases. And that is why it is so important to make sure that if you do want things to be split up equally between your children, you need to have it in writing, either in your last will and testament, or make arrangements with your bank or financial institution, or have a revocable living trust centered estate plan in place.

How to handle unequal inheritance

Let me give you the scenario, and it's almost the exact scenario in every single case. Sometimes it was, Mom said. Sometimes it was, Dad said, but the scenario is exactly the same as mom gets older.

She finds it harder and harder, maybe to pay her bills or just keep up with all the mail that's coming in. So usually there's a child who lives close by to her, or maybe it's her favorite child, and she has a discussion with that child.

She says, I'm going to put you on my bank account so that you can start writing checks for me. If you'll come over maybe once a week and check the mail and make sure that all my bills are paid out of my account. You don't have to pay it out of your account, but you'll pay it out of my account because I'm going to go down to the bank.

You're going to go with me and we're going to put you on the signature card and we're going to make sure that we're joint tenants. And that way, you can pay all of my bills. And of course, the son or daughter says, Of course, mom, of course I will do that for you.

Then what happens at the next family get together. Maybe it's Thanksgiving. Maybe it's Christmas. Maybe it's Easter. Maybe it's a summer barbecue and at this family get together. She has all three of her children there, and she tells them, Look, I'm getting older and I have decided to put Joey here on my bank account so that he can help me on a weekly basis or a monthly basis to pay my bills and make sure that I don't get behind on anything.

I want you to know, and I've talked to Johnny that when I pass away whatever is in that bank account, he is going to split up equally between the three of you and everybody's like, OK, that sounds great, mom. We're glad that Joey's doing it.

They're probably actually relieved that Joey is doing it because the other two usually don't want any part of that. But that's a different story. Fast forward a few years and now mom has passed away. And Joey, remember he was put on as a joint tenant on mom's bank account.

When mom passes away, that bank account becomes 100% belonging to Joey. There's $100,000 in that bank account, 10,000 or $300,000. It doesn't matter the amount that money. 100% goes to Johnny because he's a joint tenant on that bank account.

The other two siblings, his brother and sister, say, Where's our third of the money? And Joey says, You know what? I'm not going to give it to you at that point. There's a family explosion.

Everybody is furious at Joey because mom said every single Christmas New Year's Easter summer barbecue. She said that that money was supposed to be split up equally between her three children, but the mistake that mother made was she put that bank account in joint tenancy with Joey.

At the time that she talked to Joey, maybe Joey, and absolutely 100% was going to do exactly what mom wanted to happen. What happens in a lot of these cases is Joey gets a new girlfriend. Joey gets married. Joey is in debt himself.

All of a sudden when he has this windfall and he realizes that 100% of that money belongs to him and his mother has already passed away. He does not honor her wishes. And guess what, guys?

He does not have to honor her wishes because mom did not put it in writing. All she did was say it at a family meeting, and who knows if that's what she really meant?

We don't know. And that's the problem. What is your evidence?

And really the biggest problem is that Mom did not put it in writing. She did not say, I have this bank account and I'm going to have it split between my three children.

What she could have done instead is instead of making Joey a joint tenant on the account, she could have just made him a signatory on the account where he could write checks on the account and maybe have access to the account, but he did not actually have any ownership in the account, and that's the mistake that a lot of people make.

If you're in this situation, talk to your bank, talk to your banker and see what is the best thing to do. Talk to your financial advisor and talk to your estate planning attorney so that when you pass away, Joey doesn't decide to take all of that money, which is legally all he is. And take a vacation, pay off his debt or give it to his girlfriend, who knows what Joey wants to do. But it doesn't matter because you have given him 100% of that money to the detriment of your other two children. So don't make that mistake.

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405-213-0856


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Monday, February 14, 2022

2022 Estate Planning New Year New Estate Plan

Probate Attorney OKC

2022 Estate Planning New Year New Estate Plan. Everyone is talking about resolutions, but the new year really is a great time to work on your estate planning. You have just seen the whole family, most likely, and have a better idea of where everyone is in their life. With that information, now is a great time to plan for your future.

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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
405-213-0856
https://corteslawfirm.com/
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Sunday, February 13, 2022

how much does probate cost

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Probate is expensive

How much does probate cost? 

This question we get daily. If we get 50 calls a day, I would say maybe 15 of those to 20 of those ask specifically, how much does probate cost?

You should be asking that because probate are expensive. Again, it depends on the jurisdiction because some states or jurisdictions have what's called summary probate or probates that can be done very quickly if there's not a lot of assets.

Thousands of Probate Dollars

I will tell you that what we see on a normal basis is probates costing between $3,200 and about $7500. And that is if everything goes absolutely perfectly. And by that, I mean very little creditors. No, but no creditors are fighting. 

The family members don't fight over the assets. It's just a very simple probate in which everything gets done by the statutory deadlines without any fuss from anybody.

Probate Attorney fees 

That is the cost of just a very normal probate about $3200 to about $7,500. If there's going to be fights, if family members start fighting, then I can promise you you can double maybe triple that number because the attorney costs and having to draft motions appear in court.

Draft responses to other motions are going to get very expensive, very quickly.

The best thing to do have a plan ahead of time. Talk to your family. And hopefully there's no fights so you can keep those probate costs down.

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5801 Broadway Extension Hwy Suite 110

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405-213-0856

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Saturday, February 12, 2022

2022 Estate Planning OKC

Probate Attorney Oklahoma City

Cortes Law Firm, Estate Planning, Probate, Trust Administration

What should I do in the New Year 2022?


Happy New Year, guys. This year has been a long time coming. And today we're going to talk about the three things that you should do in the new year for your estate plan.

The first thing is talk to your family. Talk to your spouse. Talk to your partner. Talk to your kids or whoever your heirs are going to be, and ask them what they think about you doing your estate plan or what they might even be thinking that they should be getting from your estate plan.

You might have completely different views on what should happen as part of your estate plan. It's important to remember that your estate plan is 100% your estate plan, but it can be nice to have input from family, especially your children, and to kind of get an idea of where they are and what they're feeling. It does not mean and you shouldn't do what they want.

THIS IS YOUR ESTATE PLAN 

This is your estate plan, but it's a good opportunity at the beginning of the year to talk to everybody and kind of get some guidance on what you think should be the perfect estate plan for you.

2022 Estate Planning OKC

2022 Estate Planning OKC - New Year New Estate Plan

INSURANCE

The next thing you should do in the new year is talk to your insurance provider and make certain that you have all the insurance you need. Life insurance you may need to adjust it either up or down, or maybe you turn in a policy.

I don't know, but talk to your insurance provider on what kind of life insurance you have.
Do you still need it? Do you need more?

All of these things should be done on an annual basis to make sure that your bases are covered and that your spouse or your partner and your kids are taken care of if something happens to you.

You also need to make sure that you have enough long term care insurance. If that's even something that plays into your estate plan, talk to a long term care insurance agent and make sure that you're covered. I will tell you guys that the earlier that you get your long term health care, the better as far as your prices are going to go.
Make sure you have all of that in place. While you're talking to your insurance agent. You might as well even check to make sure you have adequate health insurance.

That's another big one that has come up, obviously in the last few years. And so you want to make sure that you're covered.

Again, if something unfortunate were to happen to you, you want to make sure you have enough life insurance. You want to make sure that you have long term care insurance and you want to make sure you have the correct amount of health care insurance. All very important.

In the new year, talk to your insurance agent and just kind of get an idea of what you may or might not need.

ESTATE PLANNING ATTORNEY NEAR YOU

The last thing you should do, or maybe it's the first thing, is talk to your estate planning attorney on your estate plan, even if you already have an estate plan. The beginning of the year is a perfect time to sit down with your estate planning attorney and see if there has to be any changes made to your estate plan.

Estate planning attorney okc

We always tell our clients after they sign on the dotted line for their Revocable Living Trust centered estate plan, that I want to meet with them at least once a year to go over their estate plan. And the reason is there are things that happen in your life that you might not think are that important.

As estate planning attorneys, we hear these and they may not be red flags. They may just be yellow flags kind of caution areas. And we may want to talk to you about that and advise you on which way we think you should go and if there needs to be an adjustment to your estate plan at all.

It's the perfect time once a year to come into our office.

Go into your estate planning attorney's office, have coffee with them, spend an hour and figure out if anything needs to be done. Probably eight out of ten times, nothing has to be done. But those two times you want to make sure that you get them right.

If you don't have an estate plan again, the new year is the perfect time to sit down with an estate planning attorney and go over what your wants are.  Your needs are what your dreams are to get an estate plan created specifically for you.

Talk to your family, you talk to your insurance provider, you talk to your financial providers, too. I didn't mention them and you talk to your estate planning attorney and just have meetings with everybody to figure out what is going to be best for you. You're estate planning attorney can create the perfect revocable living, trust centered estate plan made and tailored specifically to you.

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Estate planning for remarriage #shshould ould

Watch on YouTube here: Estate planning for remarriage #shshould ould Originally published by Cortes Law Firm