Estate Planning is an important part of protecting your loved ones and assets. In Oklahoma, things can get complicated quickly. It is important to understand the statutes and common mistakes so that you can ensure that your estate plan is executed properly. Here are some of the main things you should keep in mind when creating your estate plan in Oklahoma.
Understanding Oklahoma's Legal System
Oklahoma's legal system is a mix of common law and statutory law. Common law is based on the decisions of the courts, while statutory law is based on the written laws passed by the legislature. When creating your estate plan, it is important to understand the legal principles of both common and statutory law in order to ensure that your plan is properly executed.
Estate Planning Documents
In Oklahoma, there are many types of estate planning documents that can be used to protect your assets. You may need to create a trust, a will, or a power of attorney. It is important to understand the purpose of each document and ensure that the documents you create are tailored to your specific needs.
Executing the Documents
Once you have the documents in place, it is important to make sure that they are properly executed. According to Oklahoma law, wills must be signed in the presence of two disinterested witnesses. Trusts and other estate planning documents must also be properly executed in order to be valid.
Beneficiaries
When creating your estate plan, it is important to make sure that your beneficiaries are properly listed. This includes naming the beneficiaries of any accounts and making sure that their information is up to date. If you fail to list a beneficiary, the assets may be distributed according to the state's intestacy laws.
Avoiding Common Mistakes
It is important to avoid making common mistakes when creating your estate plan. This includes failing to update your plan in a timely manner, neglecting to name beneficiaries, and failing to properly execute documents. By avoiding these errors, you can ensure that your estate plan is properly executed and your loved ones are protected.
Creating an estate plan in Oklahoma can be a complicated process. By understanding the legal principles, creating the proper documents, and avoiding common mistakes, you can protect your loved ones and ensure that your assets are distributed according to your wishes.