When Oklahoma residents begin to create their estate plan, one of the first things they might decide to do is write a will. There are many different kinds of wills. However, many people may find that a simple will is all they need.
Simple wills can be a good option for people who have a small estate. According to FindLaw, a simple will usually explains how property should be distributed. If people have children, this document also names a person who will take care of the children’s finances and act as their guardian. Some people may be surprised to learn that their will might need to go through probate. This is why it is important for people to make sure they name an executor of the estate in their will.
When people first sit down to write their simple will, they may feel overwhelmed. U.S. News says that some people may want to write a letter to include with this document. Sometimes people may feel that their will does not adequately explain their wishes, and a letter can sometimes help clarify the choices people make about their estate. It is important for people to remember that their will is not necessarily a static document. It is a good idea to look over this document periodically to update information, especially if someone has recently experienced many changes in his or her life.
People usually need to consider who will receive their assets. Many parents typically list their children as their beneficiaries. In some situations, though, a person may want to leave some of his or her belongings to close friends or family members. It is important for people to remember that it may not always be possible for them to distribute their assets equally. Because of this, it is a good idea for people to contact their beneficiaries and explain the estate plan. This can be especially helpful when parents name their children as their beneficiaries. A conversation about the estate plan can help parents understand if there are particular assets their children want to inherit. Additionally, if people know they want certain people to inherit particular assets, it is a good idea to specify this in the will.