Do You Need an Oklahoma Estate Plan if You Don’t Have Children?

Many adults put off creating an estate plan until they start a family. They may have a misconception that when they die, everything will go to their spouse, or if they don’t have a spouse, it will go to their parents.

Unfortunately, Oklahoma’s intestacy laws don’t necessarily work that way. Furthermore, an estate plan is more than just about distributing your assets after you die.

Planning for the unexpected

If you were to die without a will, all marital property will go to your spouse. If you have any separate property, half will go to your spouse and half to your parents. If your parents predeceased you, then their half is split between your siblings. That distribution may not align with your wishes. By naming beneficiaries, you can designate beneficiaries and make bequests if you wish a particular family member to receive a special personal item, such as a family heirloom.

Creating an estate plan also allows you to appoint an executor who will manage your estate after you pass away. Furthermore, if you have pets, you can designate a guardian to care for them.

An estate plan is also about preparing for the potential that you may become incapacitated. An advance health care directives and powers of attorney help ensure that people you trust can make medical and financial decisions if you are unable to.

If you have specific charities or causes you are passionate about, an estate plan allows you to leave funds to these organizations. Without a plan, your support ends when you pass away.

The primary purpose of creating an estate plan is to give you and your loved ones peace of mind. Clear instructions on handling your affairs and your final wishes can help alleviate some of the stress during an emotional time.