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

COMING SOON...