There are several reasons to have a will or a trust. Most importantly, having a will or a trust allows you to decide who will receive your property rather than leaving that choice to state law.
Having a will allows you to choose your personal representative (otherwise known as an executor under your Last Will & Testament). Without a will, the court could appoint someone as executor other than a person you would have preferred.
Having a Trust allows you to avoid a probate altogether provided your trust is validly created and funded properly.
Equally important, if you have minor children you can name their legal guardian in your will or trust. Your selection is not binding on the court, but the court will give strong consideration to your selection. Without a will or court, the court may appoint a guardian that you would not have otherwise selected.
In summary: what if I die but leave no Will or Trust behind? This is said to be an intestate estate. In the event that no Will or Trust is drafted your property will go to those heirs set forth under Oklahoma’s Intestate Heir Statute rather than those next of kin that you might otherwise want the property go to.
In selecting a lawyer when viewing a list of Trust Lawyers in Broken Arrow – look no further than Broken Arrow Law Center! We have you covered when it comes to Wills, Trusts, Probate, and Estate Planning. Call us at: 918-286-8001