Family members are often called upon to serve as trustees for the estates of other relatives. During their trust planning, Oklahoma City residents might believe it is in the best interests of their beneficiaries to designate a trustee who personally knows the heirs. It is understandable to think that a family trustee will keep the best interests of other family members in mind when dealing with trust issues.
It is understandable that you want the best for your loved ones after you die. This would include knowing that the beneficiaries of your will, which would probably be your closest relatives, will spend the time after your death remembering you instead of fighting over what was left to them. Unfortunately, at Ball & Morse, PLLC, we know that it is not always possible to avoid probate or will disputes for residents in Oklahoma City. Sometimes the terms of a will may not have been clear, and sometimes the beneficiaries are not happy with what they were given.
Most people who write wills do so with the intent of avoiding any confusion regarding their estate after they die. Unfortunately, some Oklahoma City residents fail to complete their estate plan before their death. If this is the case, the probate court will likely step in to distribute assets to the surviving heirs. Many people will consider this to be against their interests, especially if they wish for certain property and personal items to be inherited by specific people.
You naturally want what is best for your loved ones after your death. You may think that preparing a will is the only thing you can do, but there are actually other options for Oklahoma City residents that can give them more flexibility over their asset management and distribution. One of these options is called a living trust. Its greatest advantage is arguably the ability to allow you to manage your trust property before your death.
Several months ago, the entire world grieved as it lost a beloved actor and comedian, Robin Williams. His loving family members, including his wife and several children from previous marriages, were also devastated. Residents in Oklahoma and across the country watched the news in sadness as they learned that some of Mr. Williams’ heirs began to dispute the property that was left behind. It is difficult enough to lose a family member without having to deal with will contests. Unfortunately, family disputes over wills and assets can and do happen.