Author Archives: Tyler Barrett

In a probate case, one of the primary responsibilities of the personal representative is to collect, maintain and manage the assets of the estate. This includes filing with the probate court an inventory of the estate’s assets. Here are three things every personal representative should know about preparing the inventory in a probate case: What […]

You’ve found your soulmate, your one and only. The wedding went great. The honeymoon was pure bliss. What now? For newly married couples, there is much to ponder. As you settle into your new life together, you might want to think about estate planning. Here are three reasons why: The In-Laws: Ah, the in-laws. Cue […]

During estate planning consultations, people often ask me: “What will happen to my pets?” It is a very good question. For many of us, our dogs, cats and other animals are an integral part of the family. In the past, one had to rely on informal promises or non-binding language in a last will and […]

A loved one has named you as personal representative in their last will and testament. Now what? In the immediate future, the answer is…nothing. That’s right: a last will and testament determines what happens to a person’s estate AFTER they pass away. While that person is alive and has capacity, he or she continues to […]

Clients sometimes ask me, “Aren’t living trusts just for rich people?” Granted, a living trust is the foundation of many wealthy families’ estate plans. However, living trusts have numerous benefits — whether your net worth is $500,000 or $20 million. Here are three reasons why: Probate Avoidance – If a deceased person left property and […]

I cannot emphasize enough the importance of estate planning, particularly a Living Trust – which can save your loved ones significant time and expense, maintain financial privacy, allow you to control how and when beneficiaries get their inheritance and protect your assets from creditors. However, the fact remains: most people do not have a Living […]

In addition to navigating the court system, marshaling the deceased’s assets and dealing with creditors, the personal representative must contend with various tax issues in probate. While Oklahoma abolished its estate tax beginning in 2010 and most people are no longer subject to federal estate taxes, income and capital gains taxes still come into play. […]

For many of my clients, a chief goal of estate planning is to provide for the education of a child or grandchild. One can accomplish this goal through the use of an education trust, a special type of trust established to fund the educational expenses of one or more beneficiaries. There are three main types […]

For many Americans, debt is a necessary part of life. Aside from the most fortunate among us, without borrowing money, we would not be able to afford our houses,  our cars or our children’s college education. So what happens if you pass away leaving unpaid bills? Oklahoma’s probate laws provide a process to deal with […]

In my opinion, a revocable living trust is the best estate planning tool available to avoid probate, maintain the privacy of your affairs and provide for incapacity or disability. However, for some people, a revocable living trust may not be the right fit. In these instances, it makes sense to consider a transfer-on-death deed, which […]