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"I've been practicing law for over 35 years. This gives me the ability to make decisions based on experience and sound reasoning being seasoned in trial combat." 

Oklahoma Estate Transfer Attorneys

Almost everyone who either plans an estate or is considering planning an estate understands that when a person passes away the property in the estate will be doled out in a manner consistent with the decedent’s intentions. This is only the surface level of the issue of estate transfers in Oklahoma, however.

Privett Law is a law firm in Oklahoma that has provided invaluable guidance to many clients over the years who have needed it in regards to estate transfers. There are several issues to consider when it comes to these decisions and strategies, and every different pathway could lead to different consequences, some foreseen and desirable, but others just the opposite if the estate transfers are not planned for with a basis of professional experience and knowledge.

Below is an overview of the issue of estate transfers in Oklahoma, but for an individualized breakdown of how these decisions should be made in regards to your situation, contact the firm today to schedule an initial consultation.

Estate Transfers in Oklahoma

The most basic action involved with estate transfers would be to simply change ownership in property or disburse liquid funds to beneficiaries in furtherance of the wishes of the decedent expressed in his or her will. The actual act of changing the name of ownership constitutes an estate transfer, but this is only one of many different types of estate transfers that can occur in Oklahoma, and also one that can carry tax consequences if this is the limit of the strategy employed behind such a bequest.

The decedent can make almost any reasonable decision regarding how the estate transfers should occur at the time of his or her death, and these decisions can include:

1. The specific beneficiaries, sometimes called heir planning;
2. The amount of money or assets to be transferred to each beneficiary;
3. The form of bequest, meaning one lump sum payment or regular disbursements;
4. The timing of the estate transfers, such as at the time of death or when a beneficiary reaches a certain age;
5. The duration of any disbursement payments, such as whether payments continue until the fund are exhausted or they are limited to a
     period of time;
6. What to do with any remaining funds or assets in the estate beyond any established time limit.

These are only a few of many questions that can arise when making decisions regarding estate transfers in Oklahoma, and they should generally be approached in stages, as you’ll see below with an example of how a set of estate transfers could be handled in a typical situation.

Decide on the Instrument of Transfer

If you simply want your estate disbursed in totality upon your death and to have all funds and assets distributed to your beneficiaries in one lump sum, then there is usually no need to go any further than a basic will in order to effectuate those estate transfers. However, one caveat to keep in mind in this regard is the issue of estate taxes, which can apply depending on the size of the estate.

Additionally, if you would like to be at all creative with your estate transfers, such as making payments to your beneficiaries in intervals, making payments for a pre-determined period of time or even paying one lump sum to a beneficiary once he or she either reaches a certain age, completes a certain level of education or anything along those lines, your best strategy in terms of instrument would be a trust. This instrument would be more useful than a will for many reasons, most importantly taxes and other ongoing accounting issues.

Decide on the Particulars

When you have decided on the instrument that will be used to complete any estate transfers in Oklahoma, you’ll be able to work with an estate planning lawyer to plan the specifics of your estate’s disbursement in accordance with the general and specific rules of the instrument that will govern these pay-outs and estate transfers.

For instance, you’ll be able to put to writing a schedule of your beneficiaries, the amounts that should be transferred to each, the duration of payments, any conditions that must be met before payments are made and almost anything else that you would find relevant and reasonable based on your own desires.

Your Next Step

As you see, the concept of estate transfers in Oklahoma may sound relatively elementary on the surface level, but in reality this issue is anything but. In order to make sure that everything you want included in your estate and how it’s disbursed is handled properly without any unnecessary risk of scrutiny from the probate courts or the taxing authorities, contact Privett Law Firm immediately to schedule an initial consultation.