While it might be appealing to try to save money by handling things yourself, there are several potential risks if you don't have the proper information or experience.

One of the most common issues with DIY estate planning is that people do not realize how difficult it can be. There are many different variables to consider, and if you're unfamiliar with them all, you might make a mistake that will cost you a lot down the road.

Another disadvantage of DIY estate planning is that it might be tough to know whether you're doing things correctly. Unless you're a professional estate planner, there's a good chance you'll miss something critical or make an error somewhere along the way. This can result in costly legal fights and other difficulties down the road.

Finally, DIY estate planning has a lot of drawbacks. It might be tough to obtain assistance when you need it. If you have questions or run into an issue, it can be challenging to locate someone who can assist you. Estate planning attorneys are skilled in this area and may provide helpful suggestions, but if you're doing everything yourself, you won't have anyone to turn to for assistance.

There are several reasons why DIY estate planning is usually a bad idea, as outlined above. While it may save you money in the short term, it may end up costing you much more in the long run. If you're not sure what you're doing,

Please be aware of the risks if you intend to go it alone. If you don't have the proper knowledge or experience, there are a variety of concerns that might arise, so carefully consider your options before making any decisions. An estate planning attorney can assist you in developing an estate plan that is tailored to your specific needs, as this is the most secure approach to protect your property.

If you currently have a DIY estate plan, we recommend that you contact an estate planning attorney to ensure that it is up-to-date and correct. It's possible to modify or update your existing plan if necessary, but you'll need the guidance of a knowledgeable professional to ensure everything is done correctly.

Thank you for giving this information consideration. Estate planning is a difficult task, and it's critical to be informed about the potential hazards before making any decisions.

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Cortes Law Firm

5801 Broadway Extension Hwy Suite 110

Oklahoma City, OK, 73118

405-213-0856

SECOND HOME IN TRUST

If you own a vacation home, you may want to consider putting it into a trust. This can help avoid probate, especially if the property is located in another state.

A revocable living trust is a good option for vacation homes because it allows you to retain control of the property while also avoiding probate. You can also name successor trustees who will manage the property after your death. This can be helpful if you want to ensure that the property is passed down to your heirs according to your wishes.

There are several things to keep in mind when creating a trust for a vacation home. First, you should make sure that the trust document includes specific instructions about how the property should be managed. For example, you may want to include rules about who is allowed to live in the vacation home, whether guests are permitted, and what will happen if the vacation home is no longer used. You may also want to specify how long someone can stay in the vacation home if it is being used for vacation purposes.

You should name a successor trustee to manage your vacation property. Without a successor trustee, you might have trouble accessing the property after your death. Also, naming a successor trustee ensures that someone will be responsible for complying with your instructions for managing the vacation home.

While putting your vacation home into a trust can offer many benefits, there are some drawbacks as well. For example, it may cost more money to hold this type of property in trust rather than under your own name. You may also need to pay additional fees and complete more paperwork when transferring vacation property into a trust.

In order to avoid probate, you can put your vacation home in a revocable living trust . In addition, by naming a successor trustee for this type of property, you can ensure that it will be managed exactly how you want after your death.

If you have any questions about putting your vacation home in a trust or any other estate planning needs, contact a probate attorney who specializes in wills and trusts.

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Oklahoma City, OK, 73118

405-213-0856

Probate Process

Probate is a legal process that can be long and complicated. This article will discuss some of the things you need to consider when deciding whether Probate is right for you.

When hiring an attorney, keep in mind that probate attorneys are lawyers who handle wills, trusts, estates, and other legal matters related to death or incapacity. Probate attorneys don't typically practice any other type of law.

Another important concept to learn about Probate is the Probate Court. The Probate Court oversees all proceedings within Probate. Once a judge has appointed someone as personal representative (a fancy name for executor), they have the power to administer the estate of the deceased. Probate can be a long process, but Probate attorneys are knowledgeable about how to make the probate process smooth and efficient for family members. Probate attorneys will know which forms need to be filed first, what expenses are allowed or not allowed, and they may even have contacts with banks where they can help expedite matters regarding death certificates and safe deposit box access.

An important thing to consider when thinking about Probate is whether you plan on using Probate as part of your estate planning. Most people understand Probate in terms of dealing with deaths, but Probate is often used by people who simply want to ensure their estates go exactly where they want them to after their deaths. Probating a person's will ensures that Probate Court judges oversee everything so there can be no mistakes. Probate of a Will is a lengthy process, but probating the Will in Probate court makes it easy for executors to administer the estate and ensure all assets are distributed to their rightful beneficiaries.

If Probate isn't right for you, an alternative type of legal document is called a Living Trust. A Living Trust allows people to avoid Probate when they die. The idea behind life trusts in that instead of appointing someone in your will to take care of your assets after death, you place the assets in a trust during your lifetime. Probate is avoided because you retained control over the assets while you were alive, and upon death, your estate goes to beneficiaries without Probate.

A Living Trust can be very meaningful for people who have children from multiple marriages or relationships who may not get along with each other. In this situation, it's important that the people involved place their assets into a trust instead of leaving everything directly to their children. By placing assets into a trust, they ensure that Probates don't need to be probated after they die if there are any disagreements about how inheritances should be distributed.

Having said all this; Probate still remains one of the most common ways to leave an inheritance behind when someone dies. Probate is a valuable tool that Probate attorneys have at their disposal when administering estates.

Probate attorneys know Probate and Probate Court, and they can help you ensure your estate goes along smoothly and doesn't get bogged down in bureaucratic red tape.

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Oklahoma City, OK, 73118

405-213-0856

 You've probably thought about who should be your successor trustee- the person you want to take over when it comes time for them to handle all of those property deals and legal affairs. But have no fear! You're not alone in feeling unsure how or if this decision will impact future generations, which is why today we'll talk through some tips.

How do you decide who will be your successor trustee? It's one of the most important decisions that need to be made when creating an estate plan. And in this video, I'll share some tips on choosing someone for this job - somebody with the right attitude and agenda rather than their own self-interest!

As always, for more information visit the Cortes Law Firm website.

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Oklahoma City, OK, 73118

405-213-0856

 Business announcement:   We're continuing to grow our YouTube channel. Check out the latest video on estate planning and probate. Subscribe here: http://youtube.com/CortesLawFirm and stay tuned for more content coming soon! To learn more about what we do, please visit CortesLawFirm.com or call us at (405)213-0856 anytime during regular business hours Monday through Friday from 8am-5pm Central Standard Time. If you have any questions please feel free to email or call us anytime day or night at (405)213-0856. We look forward to hearing from you!   More information can be found at www.corteslawfirm.com

 

10 Estate planning statistics that should convince you to get an Estate Plan stat. A lot of people do not like talking about Estate planning. I think the big misconception is that folks think it is just for after death. However, the most important thing about estate planning is what YOU want to happen during your lifetime. Credit to the Advance Capital management blog for some of these statistics.

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405-213-0856

 Putting real estate into a trust and bank accounts into trust to avoid probate. If you have a revocable living trust then putting real estate into a trust is essential for your estate plan to work properly. An estate planning attorney near you can assist you with putting real estate into a trust and creating an estate plan customized to you, so that your real estate does not go to probate process.

 

Estate Planning Attorney Favorite Comments that we get when people call our office

A couple of my favorite comments that I get on a regular basis when people call in, the first one is I don't need an estate plan. I don't have anything. I don't care what happens after I pass away.

And it always makes me wonder, why are they calling into our office to tell me that? They're the ones called me. I can't call people. So that's kinda the first one is that people call and tell me why they don't need an estate plan. So that one always makes me giggle a little bit.

And the second comment we sometimes get when people call in is they tell me that they downloaded a will off of the internet. They found a free one someplace, and they filled it out and they are good. Well, you know, guys, maybe they are, maybe they aren't, but I guarantee that there's a big difference between having a downloaded will off of the internet in which you're literally just filling in the blanks. I hope you fill 'em in correctly and you know how to execute it correctly. But the bigger thing is that just having a last will in place is not an estate plan. That's just a distribution plan.

What we talk about, and you've heard me say this in other videos, is that when you have an estate plan in place, you're not only providing directions on what you want to happen after you pass away, but more importantly, you're giving directions on what you want to happen right now, during your lifetime. And that's the important difference between just having a will that you downloaded over the internet and actually having a well-thought-out estate plan in place.

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 bell 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.