Wills and trusts can be complicated in general, let alone when you bring in the specific criterion of each individual state. As we get older, it is of the utmost importance to have some sort of estate plan in place and to discuss your wishes with your next of kin. This will not only provide you with peace of mind, but will also help your loved ones in the event of your passing. Composing a will and appointing a power of attorney are all important steps when it comes to preparing your estate. The will itself is the document that will provide specific direction as to how you want your property, assets, and other possessions distributed.
When drawing up your will, there are a few important considerations to keep in mind:
- What property do you want included in your will?
- Who do you want to inherit your property?
- Who do you want to appoint as the executor of your estate?
- Who do you want to appoint as guardian for your children?
- Who do you want to manage your children’s property and assets?
- Where do you want to store your will?
These are just a few of the most important questions you must ask yourself when drawing up your will. An experienced estate planning attorney will be able to direct you in more detail.
Facts About Oklahoma Wills
It is important to keep in mind that a will is not simply a document that allows you to define who you want to get your assets when you pass. It also allows you to appoint important people who will ensure your wishes are carried out and your property is distributed as you wished. Another thing to make note of when drawing up your will is that different states have different criterion in place when it comes to wills and estate planning. This means that there is no one blanket law about how a will is to be created and carried out.
For example, in the state of Oklahoma there is no witness requirement, but your handwriting must be verified. Furthermore, oral and video-only walls are invalid. This means that you must have a written document in place stating how you want your property, assets, and other possessions distributed as well as who you would like to serve as executor and guardian of your children. Here is a look at some of the other important criterion surrounding Oklahoma wills:
- If you die single, but have children, your children have the right to your entire estate in equal shared. By Oklahoma law, your estate will be distributed based upon your legal heirs.
- The probate process is that which governs how your property is transferred to other parties. In Oklahoma, there are no asset amounts that are exempt (unlike some other states)
- However, estates estimated at less than $150,000 can be submitted for Summary Administration, which is expedited probate process.
- In Oklahoma, a trust that has been carefully established will likely avoid probate.
- When it comes to healthcare directives in your will, Oklahoma recognized two kinds of advance directives (or legal arrangements):
- A living will that outlines what type of medical measures you desire
- A healthcare proxy that names another person who can make decisions for you, should you be unconscious or comatose
These are just a few of the important criterion that must be met when creating a will in Oklahoma. To ensure no steps are missed, we encourage you to contact an Oklahoma estate planning attorney from Atkins & Markoff today.