If an individual over the age of 18 is considered incapacitated, the state of Oklahoma may appoint a guardian to handle certain duties for that person. In Oklahoma, there are three types of guardians. A general guardian will have power to make all decisions for the individual and decisions regarding that person's property. Limited guardians will have the power to make some decisions for the individual and regarding that individual's property.
Oklahoma residents who draft a last will and testament may wish to regularly revisit the document to ensure that its provisions remain accurate and truly reflect their wishes. Sometimes, it may be necessary to change beneficiaries, especially when testators change their mind about who should inherit their estate. In other cases, the terms of the will become outdated.
Trusts can be an effective tool to use in planning an estate. A trust can be used to manage assets upon the death of a person for the benefit of children or others, protect the privacy of the person who established the trust, protect assets from additional tax burdens and manage a person's own assets while they are still living in case they become disabled.
By establishing a living trust, Oklahoma individuals may be able to avoid the lengthy, public and expensive process of probate. Additionally, they can create a plan to handle disability and retain control over their assets so that they can use them during their lifetime. At the same time, they can prepare for the future and set parameters around how heirs should use assets and income from the trust.
Many Oklahomans who want to leave money for their beneficiaries after their demise use trust structures. Those who worry about their beneficiaries' money management skills may take the additional step of designating their trusts as spendthrift trusts. These structures are expressly designed to give their creators a greater degree of control over the disbursement of the assets they leave behind.