What If A Loved One Dies Without A Will In Place?
There are numerous reasons why an individual might desire to develop a comprehensive estate plan. One of the most pervasive, however, is the ability to decide who gets what and when. Through a will and trust, individuals can determine the distribution of assets and provide financial security to loved ones or organizations. Dying without a will in place, however, can make the distribution of assets much more complicated.
At Helton Law Firm in Tulsa, we have extensive experience guiding clients through the estate planning and administration processes. We understand clients’ legal needs from start to finish and can provide the legal representation necessary. When an individual dies without a comprehensive estate plan in place, it can add a layer of complexity to the process.
If you die without a will in Oklahoma, your assets will be distributed to your closest relatives based on intestate succession laws. The distribution is all handled by statute and the decedent has lost the ability to specify who gets what outside of certain situations:
- Property that has been transferred to a living trust
- Life insurance proceeds with a specified beneficiary
- Retirement account funds, including 401(k) or pension with a specified beneficiary
- Real estate or other assets held by a transfer-on-death deed
Even without a will, the decedent can impact the distribution of these assets. However, without a will in place or these provisions made, assets are distributed to relatives based on numerous criteria including who your survivors are. For example, many clients are surprised to learn that if you leave a spouse and children, your spouse has to share the estate with the children. Our firm can help guide you through the estate administration process whether it centers on intestate succession or probate.
Schedule A Consultation With An Experienced Tulsa Lawyer
If you have lost a loved one who did not draft a will, our firm can help. Handling the intestate succession process in Oklahoma can be complex. An experienced estate planning attorney can provide the guidance you need. Schedule a consultation at our firm by calling 918-928-8941 or complete our online contact form.