When people are preparing to draft a will or set up a trust in Oklahoma, they do so with the idea that their assets will be passed to their intended beneficiaries according to their wishes. This desire can be derailed if, after the testator or grantor dies, a disgruntled potential beneficiary files a challenge to the will or to the trust.
As some Oklahoma residents have already learned, protecting assets may be difficult. For many individuals, there are reasons to use tools for asset protection, especially those that offer enhanced security for the future of an individual's family. Asset protection trusts are an example of such a tool.
Oklahoma residents who are planning their estate should be aware that recent advances in fertility technology have the potential to affect the future execution of the provisions of their will. Modern science has developed techniques to remove viable eggs from a human ovary and cryogenically preserve them for an indefinite period of time. This may have unexplored effects on the administration of an estate.
Some Oklahoma residents mindful of estate planning sway back and forth on the idea of starting a trust. In general, a trust is either living or testamentary, with the latter type taking effect only after the trustor's death. Living trusts can be further divided into those that are irrevocable and those that are revocable.
An Oklahoma living will tells medical professionals exactly what types of life-sustaining treatments they can or cannot use on a patient who is terminally ill or injured and who will not survive without any treatment. Some states even allow the directive to apply to conditions that would leave the person permanently unconscious with no detectable brain activity. The law requires at least two medical professionals to agree on the person's condition before enacting these directives.