Not many people are comfortable talking about their death, even if it is inevitable. If you have worked hard and accumulated wealth over the years, it is only prudent to think about what will become of your assets upon your passing. This is where estate planning comes in.
A will is an estate planning tool that outlines what you want to happen to your assets when you die. Basically, a will speaks for you when you are no longer around to speak for yourself. What happens, then, if you die without a will?
What dying without a will means for your estate
If you die without a valid will in place, your estate will be distributed according to Oklahoma intestate laws. This means that the state rather than your family will decide who your heirs should be and what they should receive.
So who benefits from your estate if you die intestate in Oklahoma?
The probate court will take a number of factors into account when distributing your estate. Some of these include whether you were married at the time of your passing and if you had any children. Here is a breakdown of how your estate will be distributed if you die without a will in Oklahoma:
- If you were married with children – 50 percent of your estate will go to your spouse as the remaining 50 percent is divided equally among your children
- If you were married but with no children – all the marital property will go to your spouse. One-third of your property will go to your spouse. The remaining two-thirds of your property will be distributed to your close relatives such as your parents and siblings.
- You were not married but had children – your estate will be equally distributed among your children.
A will is, without a doubt, one of the most crucial legal documents you can ever create. Find out how you can create a will that will safeguard your legacy and your loved ones’ future.