Estate Planning for Married Couples in Oklahoma

Married couples need a proper estate plan in place to ensure that a surviving spouse is taken care of in the event of one spouse’s death. Oklahoma has some unique rules that make it quite different from most other states. These differences can have a substantial effect on your estate planning, so it is important to understand these rules in order to make the right decisions for your family’s future. Keep reading below to learn all the details.

Oklahoma-Specific Estate Planning Rules for Married Couples

If you live in Oklahoma, there are some rules that you need to be aware of. These rules can impact the decisions you make when putting your estate plan in place. Here is what you need to know.

Oklahoma Is a Common Law Property State

One important thing for married couples to understand is that Oklahoma is a common law property state. This means that property acquired during the marriage is owned by each spouse individually unless it is titled jointly. This is vastly different from the states that follow community property rules, and this difference can have a substantial effect on how your property is distributed after your death.

Spousal Rights in Oklahoma

Oklahoma offers a surviving spouse strong rights and protections under the law. These protections make it difficult to disinherit a spouse. Even if you choose not to leave your surviving spouse many assets, they may be entitled to half of your estate under Oklahoma law. This is a consideration that should be carefully weighed during your estate planning.

Oklahoma Allows “Transfer on Death” Deeds

Real estate almost always requires the probate process for the transfer of ownership after the owner’s death. However, Oklahoma allows “transfer on death” deeds. This means that you can have real estate pass directly to your heir after your death without going through probate. Even when you use one of these deeds, you still retain control and ownership of the property during your lifetime.

Which Estate Planning Documents Do Married Couples Need?

Many couples wonder exactly which documents they need in order to put together a comprehensive estate plan. The answer ultimately depends on your personal family and financial situation. Some of the documents you should consider with your spouse include:

• Last will and testament: Used to direct asset distribution and name a guardian for minor children
• Revocable living trust: Can help your family avoid probate and also protect your children until they are financially mature
• Durable power of attorney: Allows you to appoint your spouse (or someone else) as your agent to make financial or other decisions on your behalf
• Advance health directive: Used to make your own medical decisions so that your family is not put in a tough situation

Many married couples have all of these documents as part of their overall estate plan. If you need help deciding which documents are right for your situation, call Helton Law Firm today to schedule a consultation. We can help evaluate your needs and put a comprehensive plan in place that protects your spouse, your assets, and your family.