The Oklahoma City, Oklahoma-based law firm Cortes is reaching out to the local community to explain what a “last will payment” is and why it’s so important. Cortes Law Firm provides high quality estate planning and administration services to residents of Oklahoma City and surrounding areas.
Founder of Cortes Law Firm Steve Cortes says, “An installment will is simply a formal term for a last will when it is part of a client-centric estate plan created by a lawyer. Usually, the purpose of having a revocable living trust is to place all of your assets in that trust. However, sometimes a person forgets to title a property in the name of the trust. This is not ideal, but when this happens, the transfer will with probate proceedings transfers (pays) the asset into the trust. The pour-over will also play an important role for parents in appointing guardians for minor children. These factors make installment wills a very important part of your estate planning.
As Cortes explains, a will of installment is a legal document that guarantees that an individual’s remaining assets will be automatically transferred to a previously established trust upon their death. Installment wills work in conjunction with a trust. Typically, trusts take the assets that have been funded into them and distribute them among the beneficiaries (according to the settlor’s instructions). Installment wills cover assets that may not have been funded into the trust at the time of their death. Without explicit instructions provided by a will, the remaining assets would be subject to the laws of intestate succession, as established by the jurisdiction in which the individual died.
For-over wills can alleviate problems that might arise when executing a living will. If there are assets that a settlor has not added to the trust, either by accident or on purpose, a payout will ensure that they are distributed to the correct beneficiaries. It can also provide additional protection against legal issues with a trust; in the event of invalidity or lack of capitalization of the trust, it can ensure that the assets intended for the trust will be distributed to the beneficiaries of the trust.
According to the law firm Cortes, estate planning attorneys will help match installment wills with living trusts. Small estates typically use revocable living trusts, which allow settlors to control trust assets until their death. Larger estates sometimes use irrevocable trusts – where they cannot alter or terminate the trust after it is created and the trust is entirely in the control of the beneficiaries (to make life easier for the beneficiaries). Installment Wills work with either type of trust without any problems – and ensure that all assets not part of the trust can be smoothly transferred to beneficiaries.
Cortes says, “Estate planning and creating a last will is a complex process, and it’s understandable that you can’t handle it yourself. The Cortes law firm is here for you. We can help you properly plan your estate and establish a testamentary will for you so that your beneficiaries can obtain all the assets that are owed to them.
The services provided by Cortes Law Firm have earned them an excellent reputation among their clients. Cathy Padilla writes in her 5 star Google review: “Thank you for the clear and direct communication and for helping to get my things in order. It was a very pleasant experience and I have peace of mind knowing that my estate will be managed exactly as I wish when the time comes!
Teresa T. also writes that the firm was “very professional, meticulous and attentive to our specific needs. I highly recommend Steve. I had been with a previous lawyer who happened to be in court before ours. They had to reschedule, and when my probate case was called and Steve went to the judge, the judge said, “I don’t have to worry about you, you have your dotted i and your t crossed out.” It was reassuring and true.
Those wishing to learn more about Cortes Law Firm or the range of legal services it offers can visit the law firm’s website. Steve Cortes encourages interested parties to contact his office by phone or email. Social media users can also find Cortes Law Firm on a number of platforms.
For more information about Cortes Law Firm, contact the firm here:
Cortes law firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118