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Frequently Asked Questions
Section 1 - General Estate Planning Questions
Question 1-A: What is probate?
Question 1-B:
What does "testate" mean?
Question 1-C:
What does "intestate" mean?
Question 1-D:
What is Guardianship?
Question 1-E:
What is a guardian?
Question 1-F: What does "incapacitated person" mean?
Question 1-G: Who is
a minor?
Question 1-H:
What does "ward" mean?
Section 2 - Questions about Estate Planning Documents
Question 2-A: What is a Power of Attorney?
Question 2-B: What is a Durable Power of Attorney?
Question 2-C: What is an Agent?
Question 2-D: What is an Attorney-in-fact?
Question 2-E: What is a Principal?
Question 2-F: What is a Trust?
Question 2-G: What is a Revocable Trust?
Question 2-H: What is an Irrevocable Trust?
Section 3 - Questions about Transfers to or Funding
of a Trust
Section 1 - General Estate Planning Questions
Question
1-A: What is probate?
Answer 1-A: Probate is a court procedure (court
case) dealing with the assets of a deceased individual where there is at
least one asset in the deceased individual’s name alone (i.e. not joint
tenants with right of survivorship) and without a beneficiary
designation. It is the legal process of transferring the deceased
individual's property to that individual's beneficiaries.
Beneficiaries are those individuals named in a valid last will &
testament to receive the property, or if there is no valid last will &
testament, then those individuals designated by state law to receive the
deceased individual's property.
Question 1-B: What does "testate" mean?
Answer 1-B: "Testate" means that a person died
leaving a valid last will & testament.
Question 1-C: What does "intestate" mean?
Answer 1-C: "Intestate" means that a person
died without leaving a valid last will & testament.
Question 1-D: What is Guardianship?
Answer 1-D: Guardianship is the court process
of appointing a guardian over an incapacitated person or a minor.
A petition for guardianship over the incapacitated person or minor must
be filed and set for hearing before a judge. At that hearing, the
judge will hear testimony as to the incapacitated person's or minor's
need for a guardian and as to whom would be the best person to serve as
guardian. The judge will then determine whether or not the person
needs a guardian and who should be the guardian.
Question 1-E: What is a guardian?
Answer 1-E: A guardian is a person appointed by
the court to make decisions about the incapacitated person's or minor's
property, health, and safety.
Question
1-F: What does "incapacitated person" mean?
Answer 1-F: Under Oklahoma law, an
"incapacitated person" means a person who is 18 years old or older and
who is impaired by reason of mental illness, mental or developmental
disability, physical illness or disability, drug or alcohol dependency,
or such other similar cause and who cannot make appropriate decisions
about his or her property or physical health and safety.
Question
1-G: Who is a minor?
Answer 1-G: A minor is any person who is under
the age of 18.
Question 1-H: What does "ward" mean?
Answer 1-H: "Ward" is the term used for the
person for whom a guardian is appointed. A "ward" can be an
incapacitated person or a minor.
Section 2 - Questions about Estate Planning
Documents
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