Schneiter Law, PLLC

Most people underestimate the importance of estate planning. Many people, both young and old, find it morbid to think about their death and what will happen afterwards. Thus, they put off forming an estate plan. The truth is, however, that life is unpredictable. No one truly knows when the end will come. Proper estate planning provides the peace of mind that (1) we know exactly what will happen to our assets when we die, (2) our families will be taken care of, and (3) probate will be as orderly as possible.

WHAT IS AN ESTATE?
WHAT IS ESTATE PLANNING?
WHAT IS A WILL?
WHAT IS A TRUST?
WHAT IS A CODICIL?
WHAT IS A POWER OF ATTORNEY?
WHAT IS AN ADVANCE HEALTH CARE DIRECTIVE/LIVING WILL?
WHAT ARE THE ESTATE PLANNING DEVICES OFFERED BY SCHNEITER LAW, PLLC?
WHAT ARE THE COSTS OF THOSE ESTATE PLANNING DEVICES?
AT WHAT LOCATION ARE THE ESTATE PLANNING DEVICES EXECUTED/SIGNED?

WHAT IS AN ESTATE?

An estate as used in "estate planning", is defined as the "amount, degree, nature, and quality of a person's interest in land or other property" at death. See BLACK'S LAW DICTIONARY 586 (8th ed. 2004).
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WHAT IS ESTATE PLANNING?

Estate Planning is the arrangements made for the distribution and management of a person's estate at death through the use of legal devices mainly to reduce administration costs (e.g. probate) and tax liability (estate tax, gift tax, and generation-skipping transfer tax). See BLACK'S LAW DICTIONARY 589 (8th ed. 2004).
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WHAT IS A WILL?

A will is a legal document that if executed by a person over the age of 18 and of sound mind (called the testator), disposes of the person's real and personal property. See 84 O.S. 2001 § 41(A). Further, according to John R. Price & Samuel A. Donaldson, Price on Contemporary Estate Planning 4-6 (2008 ed. 2007), a will can be used to

Disinherit children in favor of a spouse, or otherwise deviate from the local intestate succession law;
Appoint guardians of the person and estate of minor children;
Consolidate assets in intervivos or testamentary trusts for postmortem management;
Exercise testamentary powers of appointment;
Direct the source from which debts and death taxes should be paid;
Achieve income and transfer tax savings by giving survivors limited interests in testamentary trusts;
Dispose of the proceeds of policies of insurance on the life of the testator if the beneficiary does not survive the testator; and
Vary the consequences of simultaneous death or require the beneficiaries to survive the testator for a limited period.

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WHAT IS A TRUST?

A trust is "a fiduciary relationship in which one person is the holder of the title to property subject to an equitable obligation to keep or use the property for the benefit of another. The settlor/trustor of a trust is the person who intentionally causes the trust to come into existence. The trustee is the person who holds title for the benefit of another. The trust property is the property interest which the trustee holds subject to the rights of another. The beneficiary is the person for whose benefit the trust property is to be held or used by the trustee. The trust instrument is the document by which property interests are vested in the trustee and beneficiary and the rights and duties of the parties (called the trust terms) are set forth." George T. Bogert, Trusts § 1 (6th ed. Hornbook Series, Practitioner's Edition 1987).

There are 3 types of trusts: revocable, irrevocable and testamentary. A revocable trust may be revoked, altered and amended at any time by the settlor/trustor until death. An irrevocable trust is a trust that normally cannot be revoked, altered or amended. The settlor/trustor permanently gives up any property interests in the items transferred to the trust. A testamentary trust is a trust created in a will after the death of the testator.
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WHAT IS A CODICIL?

Codicil is a fancy legal word for a will amendment. For the codicil to be valid, it must meet the same stringent requirements as executing a new will.
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WHAT IS A POWER OF ATTORNEY?

A power of attorney is the authorization to act on another's behalf. The person giving the authorization is called the principal and the person receiving the power is called the agent or attorney-in-fact. Under Oklahoma law, 15 O.S. 2001 § 1005, a power of attorney empowers the agent to:

Demand, receive, and obtain by litigation or otherwise, money or other thing of value to which the principal is, may become, or claims to be entitled and to conserve, invest, disburse, or use anything so received for the purposes intended;
Contract in any manner with any person, on terms agreeable to the agent, to accomplish a purpose of a transaction, and perform, rescind, reform, release, or modify the contract or another contract made by or on behalf of the principal;
Execute, acknowledge, seal, and deliver a deed, revocation, mortgage, lease, notice, check, release, or other instrument the agent considers desirable to accomplish a purpose of a transaction;
Prosecute, defend, submit to arbitration, settle, and propose or accept a compromise with respect to, a claim existing in favor of or against the principal or intervene in litigation relating to the claim;
Seek on the principal's behalf the assistance of a court to carry out an act authorized by the power of attorney;
Engage, compensate, and discharge an attorney, accountant, expert witness, or other assistant;
Keep appropriate records of each transaction, including an accounting of receipts and disbursements;
Prepare, execute, and Me a record, report, or other document the agent considers desirable to safeguard or promote the principal's interest under a statute or governmental regulation;
Reimburse the agent for expenditures properly made by the agent in exercising the powers granted by the power of attorney; and
In general, do any other lawful act with respect to the subject.

Under normal circumstances, a power of attorney becomes ineffective upon revocation by the principal or the incapacitation of the principal. A durable power of attorney, on the other hand, only becomes ineffective upon the revocation by the principal. Incapacitation has no effect on a durable power of attorney.
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WHAT IS AN ADVANCE HEALTH CARE DIRECTIVE/LIVING WILL?

An advance health care directive/living will is a legal document that governs the provision, wihthholding or withdrawal of life-sustaining treatment when a person is terminally ill or incapacitated. See 63 O.S. 2001 § 3101.4. A living will leaves instructions for treatment only, while the advance health care directive not only includes a living will, but appoints a health care proxy (an agent to make health care decisions for the principal if the principal is incapacitated), and allows the principal to leave anatomical gifts if the principal so chooses.
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WHAT ARE THE ESTATE PLANNING DEVICES OFFERED BY SCHNEITER LAW, PLLC?

Schneiter Law, PLLC provides all of the following estate planning devices: simple wills, long form wills, pour-over wills, revocable (living, inter vivos) trusts, irrevocable trusts, trust amendments, will codicils, powers of attorney, living wills (advance health care directives), and supplemental documents. For more information on these estate planning devices, click here.
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WHAT ARE THE COSTS OF THOSE ESTATE PLANNING DEVICES?

By offering our services online, we hope to minimize costs for our clients. Our prices include 1 hour of Attorney Time for initial consultation, client counseling, and document review/overview, except for Irrevocable Trusts and Trust Amendments / Codicils. After the 1 hour has been used, the rate for additional time is $150.00 an hour, billed in tenths of an hour. All estate planning devices are offered in packages. Only Simple Wills, Long Form Wills, Durable Powers of Attorney, Living Wills, and certain Supplemental Documents are offered à la carte. All devices, whether offered in packages or à la carte, come with supplemental documents at no extra charge. For more information on pricing, click here.
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AT WHAT LOCATION ARE THE ESTATE PLANNING DEVICES EXECUTED/SIGNED?

Normally, it is the responsibility of the client to ensure that the documents are signed and executed properly. In these situations, Schneiter Law, PLLC informs the client on what documents and how the documents are to be executed. If the client and Schneiter Law, PLLC agree otherwise, the parties shall meet at a mutually agreeable place and time for execution. This service, however, costs $150.00 per hour with a minimum purchase of 1 hour of Attorney Time.
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