If you die without having executed a last Will or some other type of estate planning documents that facilitate the transfer of assets to your loved ones you are said to have died intestate. In cases such as this the probate court will get involved and ultimately distribute the resources in accordance with the accepted intestacy rules of succession in the state of Oklahoma.
Intestacy is something that should be avoided regardless of the nature of your family dynamic because there is no reason to leave anything to chance. Why not simply take the time to execute a last Will or a revocable living trust so that your wishes are clearly stated?
Despite the benefits of creating your own estate plan using a Will or trust, if for some reason you actually wanted your resources to be distributed in accordance with intestacy laws of succession your loved ones would ultimately receive inheritances. It might take some time but the law would do its job. However, this is not the case with unmarried people who are involved in committed long-term relationships.
For example, the author Stieg Larsson died suddenly in 2004 at the age of 50 without a valid Will. His brother and father ended up inheriting his fortune, but according to reports he was not close to them. Larsson had a live-in partner for many years who wound up being disinherited because of the fact that he did not execute estate planning documents naming her as an heir.
It doesn’t take a lot of effort to sit down and put an estate plan in place with the assistance of a good inheritance planning lawyer. When you walk out of the office you can go forward with the knowledge that your true wishes will definitely be carried out after you pass away.
Larry Parman
Author, President and Founding Attorney
Parman & Easterda
- What Happens to Assets When Creating a Trust? - February 27, 2017
- Are Living Wills Different from Regular Wills? - February 28, 2017
- Why Wills are Such a Common Estate Planning Tool? - March 1, 2017
