Don’t let the state plan your estate
Many of these people intend to implement some type of strategy at some point in the future. They are not in a hurry because they believe there is a safety-net. Is this a good idea?
Intestate Estate
If you were to die without any type of estate plan at all, the condition of intestacy would exist. The state would intervene in this situation to supervise the estate administration.
The court will appoint an executor to be the actual administrator. Creditors would be notified about your passing, and valid final debts would be paid from assets that comprise the estate.
Ultimately, the court would approve of the distribution of the assets, using the intestate succession laws of the state of Oklahoma.
Intestacy Drawbacks
That may sound neat and tidy, but your true wishes may not be carried out if you allow this to take place through your inaction.
For example, if you are married with living parents and you have no children, you may want your surviving spouse to inherit all of your property. In Oklahoma, your spouse would inherit all of the property jointly acquired during the marriage and one-third of the remaining property.
Your parents would be entitled to the rest under the intestate succession laws in our state. This is one example of the succession rules that may not be consistent with your wishes, and there are others.
Guardianship
Another thing to consider is the state’s potential role in your life if you were to become incapacitated as a senior citizen. You should be aware that many people in their 80s are unable to make good decisions for themselves. Many people would rather choose someone to represent them, but they fail to do so when they have the opportunity. You could include incapacity-planning within your estate planning. You can use a living will to make financial decisions and to name a trustee for disability. A durable power of attorney for property could be added to empower someone to manage assets that you never conveyed into the trust.
Advance directives are part of this equation as well. A durable power of attorney can be used to name an agent who will handle your financial decisions. With a living will, you can state your wishes regarding the utilization of life-sustaining measures if you are ever in a terminal condition with no hope of recovery.
Attend an Educational Seminar!
We conduct seminars on an ongoing basis that cover the most important estate planning and elder care topics. Attending one of these sessions will allow you to learn a great deal. Visit this page for more information and to view the dates: Oklahoma City estate-planning seminars. Need Help Now?
As can be seen, if you don’t have an estate plan you could face unintended consequences. We can help you schedule an appointment right now at our OKC location by calling 405-843-6100. You can reach us at our Tulsa office by calling 918-615-2700. You can also use our contact form. Read More!
