Oklahoma Pour-Over Wills

By Jim Lyon of Jim A. Lyon Law Firm on Saturday, January 21, 2017. Many individuals are uncertain of exactly what constitutes a pour-over will. Pour-over wills must meet specific legal requirements in order to be effective estate planning tools. Pour-over wills are designed to work in conjunction with another estate planning tool called a revocable living trust. This article will understand some of the key elements about pour-over wills that individuals in Oklahoma who interested in estate planning should understand. The Relationship Between Pour-Over Wills and Living Trusts Many individuals in Oklahoma are familiar with the concept of a will, which is the most common type of estate planning tool. A last will and testament can be used by individuals to make gifts to whomever the individual likes. Individuals have the ability to revise the terms of a will at any point or even complete revoke the will if the individual's wishes change. Living trusts are another important type of estate planning tool. With living trusts, individuals transfer assets into the trust's name. The trust is then used as a tool through which an individual can name beneficiaries. Living trusts are an excellent option because these devices allow individuals [...]