In Oklahoma, many parents want to make certain their children who are disabled will be able to have their needs taken care of when they are adults without interfering with their children's ability to continue receiving federal and state benefits. A special needs trust is a legal vehicle by which parents can provide funds designated to take care of certain expenses that would otherwise not be covered through SSI or Medicaid and Medicare benefits.
There are times when the decision-making capacity of an Oklahoma resident can deteriorate due to mental or physical problems. In anticipation of these events, many estate planning attorneys recommend preparing a power of attorney that would appoint a trusted individual to act on the grantor's behalf as attorney-in-fact and to make certain types of decisions.
Oklahoma residents interested in setting up an estate plan may wonder if they should establish both a will and a trust. While both are ways to transfer assets to heirs after someone dies, a trust offers certain benefits. Will go through the public process of probate, where the will is validated. During probate such liabilities as taxes and debts the deceased may have owed to creditors are paid. The probate process may take months before assets are distributed to the heirs. Some states have an accelerated type of probate for estates with total assets under a certain dollar amount.