Families in Oklahoma try their best to avoid trust & estate disputes, but these arguments are sometimes inevitable. A Will or trust can leave behind a fortune, but they may also disrupt families and cause lasting rifts. Some of these disputes are never truly resolved – despite the best efforts of everyone involved. After a loved one passes away, beneficiaries in Oklahoma may disagree on how the estate should be handled. Families may need to push back against irresponsible trustees. There may also be questions over the validity of estate planning documents, such as Wills or trusts. While resolving these trust and & estate disputes can be challenging, it is by no means an impossible endeavor. Families have the option to turn to experienced estate planning lawyers in Oklahoma, and they can discuss their unique issues in more detail with My Estate Advisor.
Estate disputes occur when there are questions over the legal validity of estate planning documents. These might include Wills, trusts, and powers of attorney. Families may also dispute the validity of living wills, also referred to as “advanced healthcare directives” by the Oklahoma Bar Association. When families raise these legal questions, the estate may become “contested.” Litigation in probate court could help resolve these disputes, but families may choose to handle their disputes behind closed doors. Trust disputes specifically involve trusts – estate planning tools that are usually more complex compared to Wills. Trusts are also highly varied, giving estate planners many options for tax planning, asset protection, and avoiding probate. Because trusts are popular among high-net-worth families, trust disputes often involve highly lucrative assets. Trusts are overseen by trustees, and questionable management of trust assets (or lack thereof) could spark legal disputes. In addition, trust disputes may arise over the validity of the trust documents, the rights of beneficiaries, and other issues. Trust administration becomes even more important with legacy trusts (also known as dynasty trusts). Oklahoma is one of a handful of states that allow perpetuities, which means a legacy trust could theoretically last forever in the Sooner State. If a grantor chooses a family member (or any other individual) as their trustee, what happens when they pass away? For a more long-term, stable solution, it makes sense to choose an organization rather than an individual. A third party trustee such as a bank or trust company can outlast the average adult, who may pass away within a few decades after taking on their role as trustee.
Trust & estate disputes may occur for various reasons. Numerous laws and regulations apply to estate planning documents, and any potential violation could lead to legal action. To determine whether it might be possible to dispute a Will or trust, consider discussing the circumstances further alongside My Estate Advisor.
Wills and trust are only valid in Oklahoma if they meet certain requirements. Many of these requirements apply not only to Wills, but many other kinds of legal contracts and documents. If a testator (the person who creates a Will) is incapacitated, they cannot create a valid estate planning document. If the testator is subjected to undue influence, manipulation, or duress, any estate planning document they create is also invalid. Every Will in Oklahoma requires the signatures of two witnesses to be valid. That said, Oklahoma Statues do allow for holographic wills so long as they meet the statutory requirements. Many of these disputes also apply to trusts. However, trusts involve distinct documents – and these documents could be invalid for different reasons. For example, witnesses are not required for trusts in Oklahoma – but all trusts in the Sooner State must be notarized.
Even if the trust is valid, beneficiaries may still raise legal disputes if they believe the trustee is breaching their fiduciary duty. A trustee is legally bound to serve the best interests of the trust beneficiaries, and any failures in this regard could lead to legal action. Perhaps the most obvious example is a trustee who embezzles trust assets for their own personal use. Other examples include extremely poor investment choices, failure to notify beneficiaries, or favoring one beneficiary over the other. Executors of Wills may also face accusations of breaching their fiduciary duties. Executors are legally required to handle the estate as quickly as possible while serving the best interests of beneficiaries. If a beneficiary suffers unreasonable losses due to the mistakes, omissions, or misconduct of the executor, legal action may ensue.
Estate planning fraud can easily lead to legal disputes in Oklahoma. Seniors today face the risk of financial abuse from various parties – including their closest friends and family members. In many cases, caregivers and healthcare providers commit estate planning fraud after becoming close with seniors. Examples include forged signatures or estate planning documents, romance fraud, fraudulently altered Wills, and more. Estate planning lawyers in Oklahoma can help families expose this fraud – ensuring legal penalties for scam artists. For example, an estate planning lawyer might compare signatures to highlight forgery. Another option is to show that the senior was mentally incapacitated when they altered their estate planning documents. Executors of Wills may also face accusations of breaching their fiduciary duties. Executors are legally required to handle the estate as quickly as possible while serving the best interests of beneficiaries. If a beneficiary suffers unreasonable losses due to the mistakes, omissions, or misconduct of the executor, legal action may ensue.
Although trust & estate disputes can be resolved by family members, a more proactive and preventative approach makes sense. Proper estate planning documents leave little room for interpretation, providing clear instructions and minimizing potential arguments. In many cases, estate disputes arise because of vague or unclear Wills and trusts. A single poorly-phrased sentence can lead to many possible interpretations, and each beneficiary might have a different idea about what it means. Estate planning lawyers in Oklahoma may be able to help draft clear Wills and trusts, and they can also review existing estate planning documents for potential issues. It is never too early to get started with estate planning. If a decedent passes away without a Will, probate and intestate succession can spark numerous conflicts within their family. While protecting assets and minimizing taxes is important, an often-underappreciated benefit of estate planning is fewer disputes between loved ones. Leaving behind assets is one thing, but wise estate planners can also leave behind peace and harmony instead of anger and confusion. Trust administration becomes even more important with legacy trusts (also known as dynasty trusts). Oklahoma is one of a handful of states that allow perpetuities, which means a legacy trust could theoretically last forever in the Sooner State. If a grantor chooses a family member (or any other individual) as their trustee, what happens when they pass away? For a more long-term, stable solution, it makes sense to choose an organization rather than an individual. A third party trustee such as a bank or trust company can outlast the average adult, who may pass away within a few decades after taking on their role as trustee.
Families in Oklahoma can resolve their trust & estate disputes without lasting bitterness and resentment. With help from an experienced estate planning lawyer, dispute resolution may occur in a streamlined, civil, and productive manner. Of course, estate planning lawyers in Oklahoma can also help families take preventative steps by creating clear Wills & trusts that minimize the potential for future disputes. To discuss trust & estate disputes in more detail, consider booking a consultation with My Estate Advisor today.
