May 20, 2019

Understanding the Role of Executor

estateplan3When you are creating your Last Will and Testament, one of the biggest decisions you will face is naming an executor. In order to decide who would best fill this role, it's important to fully understand the role of executor. Keep reading to find out what an executor does for a Will in Oklahoma.

What Does an Executor Do?

Essentially, the executor is the guardian of your estate after you pass away. This person is responsible for paying any taxes or outstanding debts you may have. Then, when those debts are paid, the executor divides the remainder of your assets according to your wishes in your Will.

When choosing an executor, it's important to choose someone who you trust. The person doesn't necessarily have to be good with finances and managing money. Instead, it's more important that he or she is honest and trustworthy.

Can Anyone Be an Executor?

There are rules that govern who can and who can't be an executor in Oklahoma. Each state has its own rules so, if you're not in Oklahoma, make sure to research the guidelines from your state. In order to be an executor in Oklahoma, you must be over 18-years-old and of sound mind. This means that the executor must not have been judged incapacitated or incompetent by a court. Also, the state of Oklahoma prohibits any executors who have been convicted of a felony.

Can My Executor Be Out-of-State?

Yes, you may absolutely have an out-of-state executor. However, this is not a very practical idea for two main reasons. First, your executor is responsible for paying your bills and handling your post-mortem finances. This can be quite an undertaking that could last for several months. A distant location makes it harder for your executor to stay on top of paying your debts.

Second, the state of Oklahoma imposes some extra rules on out-of-state executors. For example, if you choose to have an out-of-state executor and you are deceased, your executor will have to name a local agent--someone who resides within the county of your estate--to act on his or her behalf. This local person will handle any paperwork regarding your estate on behalf of your non-resident executor.

Do You Need Help Creating a Will?

If you are thinking about creating a Last Will and Testament, Pence Law Firm, PC can help. Our knowledgeable experts can answer any questions you may have about naming an executor or creating your Oklahoma Will. Give us a call today at 918) 367-8505 or contact us online to learn how we can help.

April 20, 2019

Served with a Lawsuit? Take These 6 Steps Immediately

ContractWhen your business is faced with a lawsuit, it can be very emotional. You might feel anxiety, fear, or even start to panic. However, it's important to stay calm. Yours is not the first business to get sued, and it won't be the last. Lawsuits happen, so just take a deep breath and follow these six steps.

1. Contact your business lawyer.

Hopefully, you had help from a business lawyer when you created your business. If you didn't, you should search for a business lawyer right now. A lawyer who specializes in business will be the best-equipped to handle any of your business's legal issues (such as a lawsuit). Once you have chosen a lawyer, schedule an appointment for a meeting to review your lawsuit.

2. Do not communicate with the plaintiff.

Although it might be tempting to contact the person or people who are suing you, you should absolutely not have contact with them under any circumstances. Do not call, email, or text the plaintiff. Even if that individual reaches out and sends a message to you, do not reply. At this point, you can bet that anything you say to that person will be part of the lawsuit, so it's best to just cease communication.

3. Carefully read your lawsuit.

After you call your lawyer to schedule an appointment for a consultation, take time to carefully and clearly read the lawsuit papers. Find out exactly what you're being accused of. You might find it helpful to jot down counter-points on a notepad as you read, but make sure to thoroughly read your lawsuit.

4. Gather your evidence.

Once you completely understand the charges against your business, you can get an idea of how you want to reply. If you would like to dispute the charges, start searching for any papers or emails that might serve as a defense. Bring these when you meet with your lawyer.

5. Meet with your lawyer.

When you meet with your lawyer, you will review the lawsuit. You will also want to show your lawyer any papers or emails that might be helpful for your defense. Be completely honest with your lawyer about what has happened, and he or she can help you decide how to proceed with your case.

6. Inform your insurance company that you have been sued.

It's likely that your business has insurance for in case you get sued. Find out the best way to notify the company and do so. Even though it's still early in the process of the lawsuit, it's courteous to give your insurance company an early warning.

Has your business been sued?

If your business is facing a lawsuit and you're in need of a qualified business lawyer, contact Pence Law Firm, P.C. Our experts can help you understand your lawsuit and decide how to proceed. To learn how we can help, give us a call today at (918) 367-8505 or contact us online.

March 20, 2019

Own Firearms? Here's What Happens to Them If You Die Without Creating a Gun Trust


There are many advantages for you today, and for your loved ones when you're gone, if you have a good estate plan in place. For gun owners, one of the most important steps in estate planning is creating a gun trust that will "hold" your guns for you today and for your heirs in the future. Having this type of trust can provide you with a variety of benefits, but it can also offer your loved ones some important protections when you pass away. Without a gun trust in place, some or all of the following things could occur.

Gun Ownership Becomes Public

When you die, most belongings that are not in a legal trust will need to go through the probate court in order to be passed on to your heirs. The probate process is a matter of public record, so if a gun passes on to a relative, everyone will have the ability to know this. For many people, this is a serious violation of their privacy and should be avoided if possible.

Loved Ones Inadvertently Violate the Law

If a gun passes to a loved one upon death, they may actually be breaking the law without even realizing it. If your heir lives in an area where gun ownership is restricted, for example, this type of inheritance could cause problems. If you have an heir that is prohibited from owning guns due to prior legal issues, this too could cause serious issues. Having your firearms in a gun trust, however, will ensure your heirs do not become the legal owners of these guns so they aren't breaking any laws.

No Need for Fingerprints or Photos

When an individual buys a firearm, they typically need to have their fingerprints and photo taken to be run through the FBI's criminal database. If you have your loved ones listed as owners or authorized users of the gun trust, this process won't be necessary.

Create a Gun Trust Today

While there are other options such as using an LLC or a revocable trust to protect your guns, none of them were designed specifically with this task in mind. Using a gun trust is the ideal option for protecting yourself, your firearms, and your loved ones from any problems associated with passing your firearms on to your loved ones. Contact the Pence Law Firm, P.C. to discuss your options, and begin a gun trust for you right away.

Oklahoma Estate Planning: Wills vs. Trusts

Estate PlanningWhen starting the process of estate planning, all the options and choices can be overwhelming. For most people, understanding the difference between a Will and a Trust is one of the first obstacles to overcome. This post will explain the differences and help you understand how each one can be used in your estate plan.

What is a Will?

A Will is a legal document that is used to identify your final wishes for your estate. It is by far the most common type of estate planning device, and virtually every adult should have one in place regardless of the size of their estate. A Will goes into effect only after you have died, so it will have no impact on your day to day life or how your estate is managed until your death. If you only have a Will in place, and no other estate planning tools, your entire estate will typically have to go through the probate process. This is where the court gathers your estate, evaluates its value, settles all debts, and distributes your assets according to your wishes listed in your Will.

What are Trusts?

A legal Trust is a type of estate planning tool that allows you to plan out what you want to happen with your estate now and after you have passed away. There are many different types of Trusts available, each designed to accomplish specific goals. Unlike Wills, a Trust can go into effect while you are still living. Another thing that sets Trusts apart from Wills is that they typically won't have to go through the probate process, which will save your loved ones a lot of time and money when the time comes.

One of the most important things for using Trusts is choosing the right type. When going through the estate planning process, you and your attorney will pick which types of Trusts are needed to accomplish your goals. You can have multiple different Trusts, or just one, depending on your needs. Some of the most common types of Trusts are:

  • Revocable Trusts - A revocable Trust can be changed or even revoked as long as you are still living. This gives you a lot of flexibility, and is often used by people who likely still have quite a few years of life ahead of them.
  • Irrevocable Trusts - This type of Trust can not be modified or revoked after it is in place. While this does limit your options, it comes with certain legal and tax benefits that make it a great option for many situations.
  • Charitable Trust - Placing assets into a charitable Trust will allow you to give money or other assets to your favorite charity after you die. You can set up the Trust to ensure the charity uses the money in very specific ways, which can help to ensure your money is used in the best way possible.
  • Special Needs Trust - If you have a loved one with special needs, you can set up a Trust that will provide them with the assets needed for their care long after you are gone. You can specify how the money is to be used as well so you know it will be there for your loved one when it is needed.

Working with an Estate Planning Attorney

An estate planning attorney will work with you to identify your specific needs, and tailor your estate plan to meet them. When done properly, an estate plan will include both a Will and Trusts, all set up in such a way as to ensure the assets you have worked for your entire life will be there when you need them and will then be distributed according to your wishes. Please contact us to discuss your estate planning needs in greater detail.

Feb. 4, 2019

4 Ways You can Handle a Business Dispute

When having a business dispute, make sure to follow these steps to mitigate the argument

Running a business comes with a lot of hard work, but also some great rewards. If you operate a  business long enough, however, it will also come with some type of dispute. This could be a dispute between you and another company, you and a customer, or even you and your business partner(s). If handled incorrectly, conflict in business can cause huge problems, cost lots of money, and if serious enough, even result in the closing of the business. Knowing how to handle a business dispute ahead of time will help ensure the conflict is resolved quickly and without any further issues.

Sit Down and Talk

Most conflicts can be resolved by getting the impacted parties together in one room and talking it out. To the greatest extent possible, leave emotions out of the discussion. Don't look at who is right and who is wrong, but rather, look for what is in the best interest of your business. When people are in the same room and focused on finding solutions, it is often possible to work things out more easily than through email or on the phone.

Use a Mediator

If the issue is one that can't be resolved by just talking it out, consider bringing a mediator or arbitrator in to help. These are professionals who will act as a neutral third party. Their goal will be to help facilitate a resolution that everyone is happy with, even if nobody gets 100% of what they wanted. Depending on the situation, you can even give the mediator the legal authority to settle a dispute so you are sure that the conflict will be resolved.

Go to Court

If all else fails and the other party is being completely unreasonable, you can take disputes to court. Just keep in mind, even if you win your case in court, you'll often end up spending a lot of time and money, which might not even be worth it in the end. Additionally, going to court can cause harm to your business reputation, which can have long term impacts. While it is sometimes necessary to bring a dispute to court, it should really be the last resort.

Talk to an Attorney

As soon as you know that there is a serious dispute that you need to address, it is a good idea to discuss the situation with an attorney. They can help you decide what your best options are for resolution and provide clear legal advice on how strong your position is. A good business attorney is invaluable regardless of which method you choose to resolve your business dispute. Please contact us to schedule a consultation so we can discuss your specific situation.