16th Oct 2020
Dying intestate or without a Will affects the following major areas from an Estate perspective:
One important function of a Will is to name who will be the Personal Representative or Executor. This person is in charge of taking the lead in of all aspects of the Estate – from gathering assets, to dealing with creditors and debt, to filing final tax returns.
In Oklahoma, if there is no Will, a Judge will appoint an Administrator, based on guidance in the law.
Not making a Will fails to name who will be in control of the Estate.
Who Gets What
Another important function of a Will is to name who will receive the property of the deceased person.
In Oklahoma, if there is no Will, the law will create a pattern of distribution for the Estate, based on the family structure of the deceased person. Sometimes this works out okay; sometimes this is far from what the person wanted.
Not making a Will fails to distribute property how a person wants.
Not making a Will can fail to plan in important areas such as taxes, business succession, and charity.
Not making a Will can fail to nominate a guardian for minor children.
If our office may be of assistance to you in these areas, do not hesitate to contact us at (580) 686-4360 or at firstname.lastname@example.org or using any of our contact information in the profile. You can also visit www.fieldandhicks.com for more information.
This blog contains general information and the opinions of the author – not legal advice; you should seek the advice of competent counsel (attorney/lawyer) when considering any legal issues.