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Oklahoma Estate Planning Lawyers

If you are beginning the process of planning your estate so that your property can be easily transferred with a minimal chance for confusion, hard feelings or even challenges from heirs or those who feel they should be heirs, there is a specific process you need to complete to be sure that everything is accounted for and handled in a manner that will allow your executor to simply manage your assets and complete the process.

Privett Law has helped countless clients plan their estates over the years, and one of the first steps that needs to be taken involves your estate’s property. There are management steps involved with any estate’s property, and if you’d like to clarify these issues as they deal with your estate, contact the firm today to schedule an initial consultation. Below is a brief overview of how one handles estate property in Oklahoma.

Step One – Define Your Estate’s Property

The first step you need to take when dealing with your estate’s property in Oklahoma is to define it and to account for all of it, regardless of form. For instance, a few of the most basic forms of estate property can include:

1. Real property or land;
2. Cash;
3. Investment property;
4. Stocks and bonds;
5. Ownership interests in land or a business;
6. Household items;
7. Family heirlooms;
8. Antiques;
9. Automobiles;
10.Property in other jurisdictions.

Obviously, these are only a few examples of property, but you need to take account of everything you own that could be of value either to you or to anyone else who could be a beneficiary or would want to be a beneficiary of your estate. This will only make the next step of the process easier to complete.

Step Two – Organize Your Estate Property

After you’ve put together a complete schedule of your estate property that exists both in Oklahoma and outside the jurisdiction, you need to move forward by organizing this property in such a way that anyone who reads your will or estate documents will understand what it is, how it should be handled and what their inheritance interests will be when the property is released to them.

This also involves the process of clarifying any ambiguities and taking the preliminary steps necessary to allow for an efficient estate transfer when it’s time to handle your estate after your death. For instance, if you own real property with someone else, you need to define the percentage of your ownership, whether or not your co-owner would be willing to sell this property upon your death or would prefer to simply take on a new co-owner, and clearly define these steps in your estate documents.

Depending on the type of property you’re leaving for others, you may also be well-advised to obtain releases or other documents that allow an agent or your executor to effectuate a sale of such property so that no questions will arise when this eventuality takes place in the years to come.

Finally, you’ll need to state specifically which property is being left to whom, where this property, real or tangible or otherwise, is located and how the transfer should occur and when this transfer should occur. As you see, the bottom line is that if mistakes are to be made, they should be made on the side of being overly particular as opposed to ambiguous in any way in order to prevent conflicts and delays.

Step Three – Bequeath the Property

The final step in dealing with your estate property in Oklahoma is to lay out a schedule of how this property will be doled out upon your death. This should be a relatively simple process at this point, as you’ve already taken the time-consuming steps of accounting for all of your property and organizing it, which means that the final step of defining who should receive what and when and for how much in terms of intervals can be done simply by working from the schedules you’ve already compiled. Once again, you need to be sure to state your intentions as clearly as possible in every situation.

Your Next Step

Aside from all the organization and compilation you need to complete, you also need to be sure that the steps you’re taking are in compliance with Oklahoma law. The best way to make sure this happens is to contact Privett Law today to schedule an initial consultation. Your attorney can help you locate the ownership instruments for all of your property, lay out the schedules of that property and work with you to clearly and legally define who should receive this property and when they should receive it. Contact the firm today to get this process started immediately.