Estate Planning

Chris Griswold, P.C. was established in 2001 with the focus of providing estate planning services to both private individuals and the business/commercial real estate communities.

All too often, the estate planning component of a real estate or business transaction gets overlooked and Chris Griswold, P.C. strives to provide world class service in this particular arena.

Furthermore, high net-worth individuals have often turned to Chris Griswold, P.C. to ensure the efficient and seamless transfer of wealth from their generation to the next and beyond….

Focus Areas:

• Formation of Irrevocable/Revocable Living Trusts
• Formation of Business Trusts
• Creation of Last Will & Testaments
• Trust and Probate Administrations
• Medical & Durable Powers of Attorney
• Advance Directives for Health Care Providers
• Insurance Inventory Assessments
• Assistance to trust beneficiaries to determine possible exposure to creditors’ claims

What is a living trust?
It’s a legal vehicle that gives you the advantage of automatic asset distribution upon your death while allowing you to maintain total control of those assets during your lifetime.

How is it that I continue to maintain control of my assets during my lifetime if I put all my assets into my living trust?
Simple.  You are named trustee of your own living trust.

What are the advantages of using a living trust?
First, it automatically transfers title of all the assets in the trust without the expense, delay and hassle of probate.  Second, it can save you thousands of dollars on death transfer taxes (if married).  Third, unlike probate, administering a trust upon your death is not of public record like probating a will.  In other words, when administering your trust, nobody will know what you own or to whom you’re giving it.

If I don’t have a trust, how will my property be distributed?
If you don’t have a will, a judge (whom you don’t know) will appoint a personal representative (whom you also might not know) and use state law to distribute your assets (probably in a manner which you wouldn’t have done).  This personal representative will have to post a security bond to act as your personal representative (and this money to post bond will eventually be paid by your estate).

If you have a will, a judge will still have to approve and sign off on the distributions to your heirs and this process will take months, and, worse, may even be contested which will make it even longer….  Needless to say, probating a will can be very expensive compared to the cost of creating a living trust.

What are the average costs of probate?
On average, around $5,000-$30,000, possibly more or less (depending on a number of factors such as, among other things, whether the will is contested).

What does it cost to have a living trust created?
Usually $1,500 for individuals and $1,750 for married couples (contingent upon unusual complexity).  Upon death, the trust will also have to be administered but these costs usually run around only an additional $1,500-$2,000.  Accordingly, using a trust to distribute your assets costs much less than what it costs to probate a will.

Remember, a living trust automatically transfers title of all the assets in your trust upon your death without the delay and expense of probate.

I’ve heard that joint tenancy eliminates the need to do a will or a trust.  Is this true?
No.  There are many instances where joint tenancy will not serve either your best interests or your last wishes – especially with non-married couples and single persons.  The only safe, reliable and recommended method to secure the successful transfer of your assets (which, by the way, you’ve worked your whole life to amass) is through a will or, more preferably, a trust.

What My Clients Are Saying:

“Chris’ knowledge and experience with trusts, estates and wills helped us avoid the common pitfalls of estate planning.  Papers were signed and ready within a week.  We are very pleased.”
Charles and Nancy Freeman / Edmond, OK

“Thank you Chris for being so accommodating with my time schedule during my trust creation process.  You eliminated all my anxiety concerning the implementation of my wishes.  You answered my questions thoroughly and provided professional and sincere recommendations throughout the process.  I am very pleased with your expertise and would enjoy working with you again.”
Valetta Bentley / Rush Springs, OK

“My wife Heather and I could not be more satisfied with the comprehensive estate planning solutions that attorney Chris Griswold developed for our family.  As the parents of young children, we had several questions about how to structure our estate – including the guardianship of our children in the event of our sudden deaths.  We now have peace of mind thanks to the expertise and careful approach of attorney Chris Griswold.  Thanks Chris!”
Richard & Heather Collins / Luther, OK