Monthly Archives: March 2017

Once upon a time, owning a home outright was the norm, and dying with a mortgage was unthinkable. Today however, with home prices being as high as they are, and with "downsizing" being the new trend among elderly individuals, it is not uncommon to die with a significant amount of mortgage left to pay off. According toConsumerFinance.gov, as of 2010 35 percent of individuals aged 65-74 still had a mortgage debt (a 15 percent increase from 1992), while a little more than 20 percent of individuals 75+ still owed money on their homes (a 15 percent increase from 1992). As more and more people are buying homes later in life, those numbers are only projected to increase. Which begs the question: if you still have a mortgage on your home when you pass, what becomes of the home? There are several ways that your estate may be handled if you still owe a mortgage on your home when you pass away. If you still owe a significant amount of money on your home, and if you are worried about what will become of your home (and the subsequent mortgage) when you are gone, contact Jim A. Lyon Law Firm. Our Oklahoma City     Read More

For individuals who die without a will in the state of Oklahoma, that individual's assets will proceed to the individual's closest relatives under state "intestate succession" laws. Intestacy law in the state of Oklahoma is particularly complicated and can include a variety of issues. One common question by many individuals in the estate planning process is what effect an adoption will have on a child who desires to collect an inheritance of a biological parent under applicable law. Law about Wills in the State of Oklahoma For individuals who die without a will in the state of Oklahoma, that individual's children will receive an "intestate share" of that individual's property. For children to inherit under these laws, the state of Oklahoma must consider these individuals the legal children of the deceased individuals. Determining whether an individual is legally a deceased individual's family can be significantly influenced by whether an individual is adopted. Children who are legally adopted will receive an intestate share in the same way as biological children. Foster children and stepchildren who were never legally adopted will not automatically receive a share of a deceased individual's state. Conversely, children who were placed for adoption and legally adopted by another family will not     Read More

Estate planning is essential for individuals to make sure that their family is protected and that their property is distributed according to the individual's precise wishes rather than in accordance with Oklahoma law. Dying without adequate estate planning in Oklahoma City or any part of Oklahoma can greatly the amount of obstacles and issues that are encountered surrounding one's death. One of the groups that is often left uncertain about exactly how estate planning matters should proceed are step children, who frequently have questions about intestacy rights. Who Is Considered A Step Child Step children are the children of an individual's partner or spouse. In order to be considered a step child, the child need not be adopted by an individual. In the event that adoption does occur, a step-child legally becomes an individual's child with the same relationship in the eyes of the law as biological children. Because no legal relationship exists between an individual and a step child, an individual has no obligation to leave anything to the individual's step child. While Oklahoma has laws that protect children who are accidentally left out of a will and assign a percentage of an estate to children whose parent dies     Read More

In a number of cases, individuals desire to change a first will due to a variety circumstances that can significantly change conditions for the individual including the birth of children, disagreements with relatives, divorce, and marriage. In these situations, codicils can be of great importance. While many individuals have heard of codicils, few individuals understand exactly what codicils are. A codicil is a supplement to a will that adds or deletes conditions to an original will. It should be noted that the same requirements that apply to a will also apply codicil. The Advantage of Codicils Individuals who are interested in using a codicil should begin by asking what types of changes to the last will and testament that the codicil is intended to reflect. In cases of minor issues, codicils are a particularly wise idea to implement for estate planning. Small changes including facts, figures, personal representative names, and other revisions that do not significantly change how a will are the types of changes that can be successfully covered by codicils. Another instance where a codicil is useful are situations where the mental competency of the individual who created the will is in doubt. A codicil can limit the potential repercussions     Read More