Life is unpredictable, and people of any age can face unforeseen circumstances. Crafting a will is essential for everyone, regardless of age. Even younger individuals benefit from taking this proactive step, providing clarity for loved ones and minimizing potential legal complexities in the event of an unexpected tragedy.
When someone passes away without a will, or dies intestate, it prompts questions about what happens to their assets in Oklahoma. In the absence of a will, the state’s intestacy laws dictate how the estate gets distributed, and the results may not align with the deceased person’s desires.
Distribution under intestacy laws
Without a will, the state decides how to distribute assets based on legal rules. In Oklahoma, this often means assets go to surviving spouses, children or other relatives in a predetermined order. However, this may not reflect the deceased person’s wishes or the needs of their loved ones.
Complications in intestacy
Intestacy laws can create issues, especially in blended families or when individuals want specific assets to go to non-relatives. Without a will, the distribution process might not consider unique family dynamics, potentially causing disputes or leaving some beneficiaries with unintended consequences.
The advantages of estate planning
Estate planning offers a proactive solution to intestacy. By creating a will, individuals maintain control over distributing their assets, ensuring that survivors honor their wishes. Here are some key benefits of estate planning:
A will lets you specify how to distribute your assets, like property, money and personal belongings, among heirs.
Parents can designate guardians for minor children, ensuring their care aligns with their preferences.
Clear instructions in a will can help minimize disagreements among family members, reducing the likelihood of legal battles over inheritance.
Estate planning allows individuals to use strategies that minimize tax implications on their assets, preserving more for their beneficiaries.
While intestacy laws provide a default plan in Oklahoma, it may not match your vision for asset distribution.
It is not too early to start
Although the average life expectancy for Oklahoma residents is 74.1 years, death can come at any time. People often delay writing a will because of discomfort discussing death, lack of awareness about its importance or the misconception that it’s only necessary for the elderly. Procrastination can lead to potential complications for loved ones.
Significant life events such as marriage, the birth of a child, divorce, acquiring substantial assets or when facing changes in health or finances are all great times to write or update your will.