It has been said that “those who fail to plan … plan to fail.” Even if your estate is small, failure to plan can result in distribution of your assets in ways you never dreamed, and be very stressful for family members left behind to wrestle with your estate. Should you have children, it can also make it difficult for your loved ones, in deciding who you would want to care for them.

      Without planning, the Oklahoma laws of intestate succession will dictate how your assets are distributed. These laws, many enacted at the time of statehood, may cause results vastly different from those you anticipated during your years of hard work. For instance, although you may have thought your entire estate would go to your spouse, these laws will give a portion of your estate to your children, parents, or others. Assets may pass outright to minors not equipped to deal with money, especially if the sums are large. The usually simple act of determining who your heirs are can be difficult – even disastrous -- in cases where a will has not been made.

      Issues involving who will be in charge of the estate, who will care for minor children and how that will be paid for, how and to whom title to real estate or mineral interests will pass, and so on, can create significant family conflict. And, since 9-11, dealing with banks, stock brokers, and others, has become more complicated. A will allows you to appoint the person you know best and trust most, to manage the estate and deal with banks and others who may require proof of who is in charge of your assets. The personal representative appointed in a will may have greater knowledge of your estate than the one designated by intestate laws.

      A well thought out will can solve most of these problems. While many people believe estate planning is expensive, in most cases it is not. By taking a little time to plan, your estate will be distributed as you wish, and the process can move smoothly. Your family will be protected and will appreciate your thoughtfulness.