Many people die unexpectedly; in accidents, from medical procedures, unforeseen medical conditions, the list goes on. That is why it is very important to have a legal will prepared so that if the unexpected happens, your assets and your family will be protected.
Those that die in the state of Oklahoma without a will are said to have died intestacy. This means that the state is left to divide your assets among your relatives and loved ones under intestate succession laws. Basically what this means, is that without a proper legal will, your assets will be divided amongst your immediate family that has your name, equally.
This does not include many valuable assets that do not go through your will and are untouched by intestacy laws, such as 401(k)s, retirement plans, life insurance, or property you own with someone else.
If you want your estate and assets to be divided a certain way, you must have a legal will prepared. The cost of having a legal will prepared is minimal, compared to the confusion and potential legal turmoil that could occur without a will.
Read the following to understand Oklahoma intestacy law:
-If the deceased leaves behind children but no spouse, the children will inherit everything and divide shares equally.
-If the deceased leaves behind a spouse but no descendants, parents, or siblings, the spouse will inherit everything.
-If the deceased leaves behind a spouse and descendants from that spouse, the spouse inherits 1/2 of the estate and the descendants inherit the rest.
-If the deceased leaves behind a spouse and at least one descendant from someone other than that spouse, the spouse inherits 1/2 of the property acquired together and splits the remainders equally with the descendants. The descendants also inherit everything else.
-If the deceased leaves behind a spouse and parents, the spouse inherits all of the property acquired together during marriage plus 1/3 of the remaining property, and the parents receive everything else.
-If the deceased leaves behind a spouse and siblings, the spouse inherits all of the property acquired together during marriage plus 1/3 of the property, and the siblings inherit the remainder.
-If the deceased leaves behind parents but no spouse or descendants, the parents inherit all of the property.
-If the deceased leaves behind siblings but no spouse, descendants, or parents, the siblings inherit everything.
If you or a loved one have been seriously injured in an accident, or you or a loved one has been injured or died as the result of a medical error, call Graves McLain, the Tulsa Personal Injury Law Firm for a free confidential consultation at 918-359-6600. An experienced attorney will review your situation at no cost to you. We represent victims and their families in serious injury and death cases arising from medical mistakes, vehicle collisions, and other accidents. You can speak with an experienced attorney at no cost.
At Graves McLain, You Can Depend on Us