What happens if I don't have an estate plan?

If you do not have an estate plan in place in Oklahoma, the laws of the state will govern the distribution of your assets after you pass away. According to the Oklahoma Estates Code, if you have no will or estate plan in place, the court will use the laws of intestate succession to decide how your assets are distributed. Under this system, your assets will be split among your surviving relatives in a specific order which includes your spouse, children, parents, siblings, and eventually grandchildren. If you do not have any surviving relatives, then all of your assets will go to the state of Oklahoma. Without an estate plan, you also have no say as to who will become the guardian of your children or how your assets should be managed and distributed. You also give up the power to choose who will manage your estate and who will make decisions if you become incapacitated. Without an estate plan, your family may face the hassle and expense of probate court, which can be a lengthy and expensive process. Creating an estate plan can also help you to reduce the amount of taxes your heirs must pay. Establishing trusts and taking advantage of tax exemptions can save your estate and heirs thousands of dollars in unnecessary taxes. It is always wise to consult with an experienced estate planning lawyer to discuss your individual needs and to put a plan in place that works for you and your family.

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What happens if I don't have an estate plan?

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