Last Will And Testament Oklahoma: A Guide To Protect Your Family And Assets

Wills are legal documents that reflect how you want your assets to be distributed among people after your death without any trouble.

Some individuals confuse a last Will and Testament with a Living Will. The living Will takes effect during your lifetime and contains instructions for the executor to follow if you become incompetent to make your own health care decisions.

A Will can also be used to designate a guardian for minor children and specify burial and funeral arrangements.

Creating a Will is essential as it allows you to have full control over the disposition of your property and provide for your loved ones after you are gone.

Overall, having a valid Will in place is a great way to protect your loved ones and ensure that your wishes are fulfilled after death.

What are the requirements to create a valid last Will and Testament in Oklahoma?

The requirements to create a legally valid Will in Oklahoma are as follows -

Age

To create a legally valid Will in Oklahoma, you should be at least 18.

Formal requirements

In Oklahoma, Wills must be in writing, signed by the testator (the individual creating the Will), and witnessed by two individuals who are at least 18 years old and who are not named as beneficiaries in the Will. The Will should also include the date when it is being created.

Mental capacity

To create a Will, you must have the ability to understand the nature of your assets and the consequences of making a Will.

It will be deemed invalid if it is discovered that you were not of sound mind when making your Will.

What types of assets can you include in your Will in Oklahoma?

You can include a variety of assets in your Will, such as:

Financial accounts

Financial accounts, such as bank accounts, retirement accounts, and investment accounts, can be included in your Will.

However, if you already have the names of beneficiaries on the forms when you created them, it is not necessary to provide it in the Will. When you die, ownership is automatically transferred to the nominee.

Business interests

If you own a business, you can include your ownership interest in the business in your Will.

Real estate

You can include any real estate you own, such as your home, rental properties, etc. Some people also prefer to pass their home ownership rights to another person with a life estate.

Personal property

Any personal property that is owned by you, such as furniture, jewelry, etc., can be included in your Will.

It is crucial to realize that some assets may not be included in your Will depending on how they are owed. For example, if an asset is owned jointly with the right of survivorship or in trust, it may be excluded from your Will by the probate court.

If you want to include assets like these in your Will, consider consulting with an attorney to determine how to do it properly.

Should you consider any exceptional circumstances while creating a Will in Oklahoma?

Yes! You should consider exceptional circumstances, such as providing for a disabled family member or a minor child, while drafting your Will.

If you have a disabled family member, you should make sure in your Will that their needs will be met when you are gone. This can include making arrangements for their care or just providing financial support.

You can appoint a guardian for minor children in your Will who will take care of them in the event of your death. You should also consider including a backup guardian if the primary guardian is unable or refuses to care for the children.

Can you name an executor or a personal representative in your Oklahoma last Will and Testament?

An executor (also comprehended as a personal representative) in an Oklahoma last Will and Testament is the person named in the Will to handle the distribution of the deceased's assets and property according to the stipulations of the Will.

The executor is responsible for gathering and inventorying the deceased's assets, paying any bills and taxes owed, and distributing any remaining property to the beneficiaries designated in the Will.

The executor should be a trustworthy and responsible person who can handle the estate administration. It is critical to evaluate your executor selection carefully, as this individual will play a crucial role in carrying out your last wishes.

Can you make changes to a valid Will in Oklahoma?

Yes, you can make changes to your Wills at any time, and several options exist. The most common options are creating a new Last Will and Testament or creating a codicil.

A codicil is a legal document used to make smaller changes to an existing Will, such as eliminating a beneficiary. The document must be signed and witnessed the same way as when the last Will and Testament was created, and it must be physically attached to the Will to be valid.

If you wish to make significant changes to your Will or revoke it completely, you should execute a new one. Creating a new Will replaces any prior Wills, so you should carefully review it.

You should always work with an attorney when making changes to your Will, as they can ensure that the changes that you are making are legally valid and accurately reflect what you want.

Why should you periodically review and update your Will in Oklahoma?

Reviewing and updating your last Will and Testament to reflect your wishes as your circumstances change accurately is essential.

Some typical life events that may necessitate updating your Will include:

Changes in Oklahoma law

The law surrounding Wills is constantly changing, so you should review your Will periodically to ensure that it complies with the current Oklahoma law.

Purchase or sale of a significant asset

If you purchase or sell a significant asset, such as a business or a house, you should review your existing Will to make sure it accurately reflects what you want to do with it.

Changes in your relationships

If you get married or divorced, you can make sure that your Will accurately reflects your wishes for the distribution of your assets by reviewing it.

If you have or adopt a child, you should review your Will to ensure that it provides for their care when you are gone.

The absence of a Last Will and Testament may require your surviving spouse to report to the probate court and account for expenditures of the children's share of estate assets.

The surviving spouse may also be required to post a bond to ensure the handling of the children's property until they reach the age of majority.

Do Wills in Oklahoma have to be notarized?

Wills in Oklahoma does not have to be notarized to be valid. They need to be in writing, witnessed by two individuals, and signed by a testator to be valid.

While notarization is not required in Oklahoma, some people go the extra mile to have their Will notarized as an additional measure to ensure its validity.

Notarization entails having a notary public witness the signing of the Will and attach their official seal to it. This provides additional evidence of Will's legitimacy.

What occurs if you pass away without a Will in Oklahoma?

If you pass away without creating a Will, it is considered to be dying "intestate." When this happens, the property gets distributed according to Oklahoma's laws of intestate succession.

Since the property gets distributed according to Oklahoma law, there are chances that the distribution won't happen the way you would like it to.

Therefore, creating a Will is always a good idea, even if you don't own a huge amount of personal and real property. It helps specify how you wish your entire estate to be distributed among your loved ones after you pass away.

The bottom line

Making a final Will and Testament is critical. Making a Will and explicitly stating your preferences aids in avoiding disagreement among your loved ones and keeping your family's future safe.

While the process may appear intimidating at first, it is rather simple with the assistance of an attorney and online resources.

Updated on: January 2, 2023