Estate planning is important for all responsible adults. Some people do not take action even though they should because they are prone to procrastination. They intend to take care of it at some point in the future.
Of course, many times the individual who thinks this way dies before he or she ever gets around to planning his or her estate.
And then there are those who make assumptions that come back to cause problems for their loved ones. One of these is the notion that the state has a ready-made estate plan already in place for you. If you die without a will, the assets that you have in your possession will magically fall into the correct hands.
The Condition of Intestacy in Oklahoma City Oklahoma
Intestacy is the process that results if you die without a last will or some other type of estate planning documents directing the distribution of your property. If you die intestate in Oklahoma City, the probate court will be forced to sort everything out.
First of all, this is going to slow everything down to a standstill. The court has to determine whom the living relatives are, figure out what property is involved, and attempt to make sense of it all.
Each state has its own intestate succession rules. In the state of Oklahoma your children would inherit everything if you did not have a spouse still alive. If you died intestate and had a surviving spouse but no descendents, parents, or siblings, your spouse would inherit everything.
However, if you had a spouse and parents and/or siblings still alive, your spouse would not inherit everything.
It is logical to assume that a great many people would want to see their spouses inherit everything rather than allowing for their parents or siblings to get a portion of what they had to leave behind.
If a surviving spouse is left behind along with descendents produced by you and this spouse, your children would inherit half of the intestate property and your spouse would inherit the other half.
Perhaps you would prefer to allow your spouse to make his or her own decisions with regard to the distribution of inheritances after you pass away.
These are just a few scenarios that could exist. There are others. For example, if you pass away without any living relatives at all, the state could absorb your property under escheat laws.
There is no reason to take your chances with intestacy. If you don’t know where to begin when it comes to estate planning, simply take a moment to contact our firm to request a free consultation.
We can be reached by phone at (405) 843-6100, and you can also contact us through this website.
Parman & Easterday
Latest posts by Larry Parman, Attorney at Law (see all)
- Clarity is Key to Planning & How Tom Petty Could’ve Done It Better - July 18, 2019
- Why Crowdfunding May Cost You Medicaid Eligibility - July 16, 2019
- Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - July 11, 2019