This is a continuation of a previous post that defines terms related to estate planning. Previously, we talked about wills and intestacy. Here we will focus on trusts and powers of attorney.

Terms related to Trusts:

Trust – A contract that a grantor writes that binds the trustee to manage the property in the trust for the benefit of the beneficiaries. Trusts can be revocable, which means they can be changed at any time by the creator, or irrevocable, which means the terms will continue as written and cannot be changed (under most circumstances). Terms such as “living” and “inter vivos” typically describe revocable trusts.

Grantor/Trustor/Settlor – The person who writes the Trust and puts in all of the provisions of the Trust.

Trustee – The person named in the Trust who will be in charge of managing the Trust property and must abide by the written terms in the Trust.

Beneficiary – The persons who get the benefit of the trust property. In a typical revocable trust, the creator occupies all three positions: Grantor, Trustee, and Beneficiary.
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Terms related to Powers of Attorney

Power of Attorney – A document that nominates an Agent to act on behalf of a Principal. The power of attorney can be very broad (General) or very narrow (Limited or Special). If you are executing one of these for estate planning purposes, then you should ensure the power of attorney is “Durable”, which means it extends beyond the Principal’s incapacity. The use of a power of attorney can typically negate the need for a guardianship or conservatorship.

Principal – The person who creates the power of attorney and nominates the Agent to act on his behalf. The power of attorney is only valid as long as the Principal is alive. Once the Principal dies, either a probate must be initiated or property must pass by other designation.

Agent – The person nominated to act for the Principal. The Agent is under a duty to act in the best interest of the Principal.

Incapacity – This is a disability that renders the Principal unable to understand the consequences of his own actions. This may be the result of a physical disability, mental degradation, or advanced disease. Most documents equate incapacity with incompetency and disability.

Here are a few terms that are used in estate planning. I hope these help clarify some of the legal jargon often used, but if you would like to know more, then please call and schedule a complimentary consultation.

Terms related to a Last Will and Testament:

Last Will and Testament – A document that directs a probate court how to distribute any property in an estate of a deceased person. The Will has no effect while the creator is alive. It only gets power once a probate court approves it and authorizes a personal representative.

Testator/Tesatrix – This is the person who created the Will. This term applies while they are alive and after they pass away. (The “tor” or “trix” suffix applies to the masculine or feminine, respectively.)

Executor/Executrix/Personal Representative – This is the person nominated in the Will to be in charge of the probate process. The Executor has the responsibility of paying creditors, finding and managing property, and ulitmately distribution to the persons named as devisees/legatees of the estate.

Devisee – A person named in a Will that will inherit real property like land or minerals.

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Heir-at-law -  A person that is related to the testator. The heirs are the people most closely related at the time of death according to state law. For more information, see the Intestate definitions below.

Terms related to Intestate administration

Intestate – This is when a person dies with property, but without a will. Basically the State writes the deceased’s plan for him by setting priorities for an administrator and heirs-at-law.

Administrator – The person who is in charge of the intestate estate. The Administrator has the responsibility of paying creditors, finding and managing property, and ulitmately distribution to the persons named as heirs of the estate. The priority is spouse first, followed by children, grandchildren, parents, siblings, children of siblings, all the way to creditors.

Heirs-at-law – The people who will inherit from the intestate estate. The spouse is considered first, then children. If no children, then parents, siblings, nieces and nephews, and many other relations. If no kin can be found, then property goes to the State.

As part of my mission to find the best, most informed clients, I will be hosting a seminar in Hollis, Oklahoma, at the community center, on October 30, 2012. There will be an afternoon seminar and an evening seminar, too. Both will focus on basics of estate planning and will look to spread knowledge on why you shouldn’t Tadalista is indeed the best medicine that helps you to best price for sildenafil last longer during the sexual activity. Shatavari: Shatavari has viagra pills in canada always been used as a key ingredient in the Kamagra tablets. This medicine can help http://twomeyautoworks.com/?attachment_id=265 ordine cialis on line you perform well on bed. They brought gel and soft tablet version in the market. http://twomeyautoworks.com/?author=3 order generic viagra delay in putting your legacy in place, whether through a will, joint tenancy or a revocable, living trust.

Call and RSVP if you would like to come to learn more about legacy and estate planning from the only specialized tax attorney in southwestern Oklahoma. I would love for there to be a couple of large crowds.

I was looking back through my files and this last week was the one year anniversary of when I moved back to Altus, so I thought this was a good time to re-post about who I am, what my qualifications are, and why I chose to move my practice back to Altus and southwestern Oklahoma.

My name is Brent S. Howard. I am the youngest son of Bob & Renee Howard. I grew up working with my parents on a wheat and cattle operation east of the Navajo School. I attended the same school for grades K-12 and participated in basketball, track, 4-H, TSA, FFA, student council, and academic teams. I graduated as valedictorian of my class and chose Oklahoma State University to pursue higher education.

While at OSU, I attained dual majors in Agricultural Economics and Accounting. I graduated cum laude and was honored as a top ten senior male for the whole university, as well as various distinctions within the Agricultural College. I then attended Oklahoma’s other main university, OU, for law school. During my time there I helped establish the Volunteer Income Tax Assistance program and was highly involved with the tax professors for class and research. During my last year at law school, I was notified of a scholarship with New York University (NYU) where I could highly refine my tax knowledge.
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NYU is regarded as the premier school for learning complicated and high value tax scenarios and the most esteemed tax attorneys usually have the same LL.M. degree from there that I attained. The only problem I had with the high value tax cases in New York City, was New York City, itself. I longed to be back home near the farm and the good people of Oklahoma. After one year in NYC, I found a job in Oklahoma City. I continued to work in the estate and tax planning area for clients in OKC.

In mid-2011, I finally decided that OKC still was not close enough to where my heart and family really were, so I made the move back to the Friendship area. I remodeled the home my father grew up in and now split my time in my office and on the farm. This is just a short summary, but it can give you the idea of why I am the only specialized tax attorney in southwestern Oklahoma. Here is where my roots are and I hope that I can share my knowledge with the people that I came back to be near.