Easy Questions  
Free Legal Documents

What is a Last Will and Testament in Albany, OK

What is a Last Will and Testament in Albany, OK

An important legal document, the last will and testament, is the first building block of a good estate plan. Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. The estate is the assets or property. You may need to choose between either a will-based estate plan or a trust-based estate plan. Your last will and testament will largely depend on your overall estate planning strategy.

Option 1: Will-Based Estate Plan

All essential details of your last will and testament will be outlined in the will-based estate plan. It will provide information including the person to be put in charge of settling your final affairs (the executor), the persons who will inherit your property (beneficiaries), and the provisions on how they will inherit it. Your last will and testament with a will-based estate plan will cover the following:

1. Who will serve as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will inherit your property

4. How and when your property will ultimately be transferred to your beneficiaries

5. Who will serve as guardian of your minor children until they become adults


Option 2: Trust-Based Estate Plan

In the trust-based estate plan a document called a revocable living trust will cover all the important points listed above in the will-based estate plan with one exception: the person in charge of settling your final affairs after you die is called an administrative or successor trustee instead of an executor. If you have a revocable living trust you will still need a last will and testament so. Ideally, you will fund or move your assets into your trust before you die. If you fail to fund even one asset into your trust, then the last will and testament will be the necessary document that will "catch" the unfunded property and transfer it to your trust after you die. The last will and testament in this case will function as a pour over will that will cause the unfunded assets to "pour over" into your trust through a probate process.


A pour over will needs to cover:

1. Who will be in charge of your assets that were not funded into your trust as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will serve as guardian of your minor children until they become adults

4. What will happen in the absence of a Last Will and Testament?


In order for your property to go to the beneficiary of your choice after you are gone, a last will and testament is recommended.


The absence of a will could result in the state providing a last will and testament on your behalf under the state's intestacy law. The laws of the state that your property is located in will prevail. This can get complicated if you own property in multiple states.

 
Personalize & Print a Free OK Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free OK Living Trust Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Albany, OK
Brent S. Howard
501 N Hudson St
Altus, OK 73521
(580) 318-8829
Attorneys,  Tax Attorneys,  Estate Planning, Probate, & Living Trusts,  Wills, Trusts & Estate Pl
Mcmahan & Vernon
100 N Main St
Altus, OK 73521
(580) 482-8800
Real Estate Attorneys, Financial Planning Consultants
Gunkel Renee W
106 W Broadway St
Altus, OK 73521
(580) 482-8204
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorney
Womack Rana Atty
106 W Broadway St
Altus, OK 73521
(580) 482-8204
Attorneys
Olson Harrison & Hall
115 N Hudson St
Altus, OK 73521
(580) 482-7812
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorney
Darb Ken Attorney
115 N Hudson St
Altus, OK 73521
(580) 482-7811
Attorneys
Moore Dresback & West Attys
120 W Broadway St
Altus, OK 73521
(580) 482-7711
General Practice Attorneys, Attorneys, Legal Service Plans
Nelson Phillip
1000 N Main St
Altus, OK 73521
(580) 482-7134
Corporation & Partnership Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Wil
Mills Tabitha
1000 N Main St
Altus, OK 73521
(580) 482-7134
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Business Bankruptcy Law Attorneys,  General P
Latham Nelson & Associates PLLC
1000 N Main St
Altus, OK 73521
(580) 482-7134
Attorneys, Divorce Attorneys, Family Law Attorneys
Braddock David B
1000 N Main St
Altus, OK 73521
(580) 482-7134
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Kroll David A
905 Falcon Rd
Altus, OK 73521
(580) 482-6020
Attorneys, Accountants-Certified Public
Mc Mahan Robert A
217 W Commerce St
Altus, OK 73521
(580) 482-5551
Business Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Criminal Law Attorneys,  Labor
Mark T Coke
205 W Cypress St
Altus, OK 73521
(580) 482-5474
Attorneys, Estate Planning, Probate, & Living Trusts, Wills, Trusts & Estate Planning Attorneys, Ins
Huntsman Law Firm P
PO Box 1584
Ada, OK 74821
(580) 332-4541
General Practice Attorneys, Attorneys, Legal Service Plans
Powell Morgan K
118 N 11th St # 104
Collinsville, OK 74021
(918) 371-3622
Attorneys, Legal Service Plans
Oden Tal Law Office
209 N Hudson St
Altus, OK 73521
(580) 482-3456
General Practice Attorneys, Attorneys
Horton Charles P
216 W Commerce St
Altus, OK 73521
(580) 482-3355
Adoption Law Attorneys,  Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  R
Goza Washington & Coleman
123 W Commerce St
Altus, OK 73521
(580) 482-3337
Attorneys, General Practice Attorneys
Haynie Timothy C
222 W Cypress St
Altus, OK 73521
(580) 591-2720
Attorneys, Criminal Law Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Military & Veterans La
Mitchell Joel K
1318 W Main St
Collinsville, OK 74021
(918) 371-1896
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Services,
Mc Mahan Dan
101 E Broadway St
Altus, OK 73521
(580) 482-0560
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
Beason Law Firm PLLC
108 W Broadway St
Altus, OK 73521
(580) 477-0400
Attorneys, General Practice Attorneys, Adoption Services
Rana Womack, P
100 N Main St
Altus, OK 73521
(580) 482-0082
Probate Law Attorneys, Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US