What Happens if I die without a Will or Estate Plan?
The simple answer to this question is:
Oklahoma Law will dictate where your assets and property will go.
But many people ask why should I care?
Every one of us has family and friends but also enemies. Enemies can even be family who we despise and want no contact or dealing with. When someone dies without an Estate Plan, such as a Will, the state laws of Oklahoma will prevail. This means the family member you dislike could actually get a part or your entire estate.
This doesn’t really happen
Think again! One of the most recent cases on point is when the singer Prince died. He left no estate plan not even a will. He had millions of dollars in property, assets, and music rights. Because he had no estate plan, it was left to the court to decide how to split up his assets. In fact, after his death 29 people came forward claiming to be heirs to obtain a piece of his large fortune. This cost his Estate money to litigate and figure out who could get a piece of the pie.
If Prince had an estate plan to begin with the costs associated with administering his estate could have been minimal if even nonexistence as with the case of Trusts. Instead the Estate is forced with going through a long probate process which with the cost being deducted from his left behind fortune.
Please do not make the same mistake, contact us today to find out about our low cost Estate Planning packages.