Determining who receives what when you die requires an evaluation of your estate. This evaluation includes the type of assets you hold.  If you have a will, for instance, your assets may pass to different individuals than they otherwise would have if you died without a will.  Certain assets are not subject to probate and will pass automatically to another individual upon your death.  The following is a brief explanation of who would receive what assets when you die. For a free consultation with one of the Probate attorneys in Tulsa from Tulsa County Lawyers Group call us today.

If You Die Without a Will in Oklahoma:

If you die without a will in Oklahoma, all of your assets that would otherwise have passed through a will are affected by interstate succession laws.  Generally, this will include any assets that you hold in your name alone.  It will exclude:

• Property in a living trust
• Property owned in joint tenancy or tenancy by the entirety
• Retirement accounts
• Life insurance benefits
• Payable on death bank accounts

This excluded property follows its own succession laws.  Items like retirement accounts and life insurance benefits go to the name beneficiaries, while property held jointly will revert to the other co-owner.

If you die intestate in Oklahoma, your property distributes as follows:

• Children but no spouse—assets go to children alone
• Spouse and children from both of you—spouse inherits 1/2, children inherit remainder
• Spouse and at least one child from you and someone other than spouse—spouse inherits 1/2 of all property acquired during the marriage, other property split among children
• Wife and no children, parents, or siblings—spouse receives everything
• Spouse and parents—spouse inherits all property acquired during marriage and 1/3 of remaining property, parents receive the rest
• Siblings and Spouse—spouse inherits all property acquired during marriage and 1/3 of remaining property, siblings receive the rest
• Siblings and no parents, spouse or children—siblings inherit everything
• Parents and no children or spouse—parents inherit everything

If You Die With a Will in Oklahoma:

Those who create a will prior to their death have greater control over who will receive what when they die.  When someone dies with a will, their assets will be distributed by the court during the probate process. This is done in accordance with the terms of a will.  For instance, if the will states that the family home will go to the spouse, while the liquid assets will be distributed among the children, the court and executor will ensure this is what occurs.  Wills need not follow the laws of intestacy and can name anyone to receive any assets held by the deceased individual.

If You Die with a Trust:

In the event you have created a trust, your assets will pass nearly instantaneously to your named beneficiaries.  Your assets will avoid the probate process and your named trustee will ensure the assets are distributed in accordance with the terms of the trust.

Free Consultation With Probate Attorneys in Tulsa:

 Estate planning is multifaceted and comes with many options.  The  Estate Planning Attorneys at Tulsa County Lawyers Group have assisted countless individuals in developing an estate plan that best suits their needs and will serve their beneficiaries to the fullest.  We assist with the creation of wills, trusts, and much more.  When you come in for a consultation, one of our experienced estate planning attorneys will examine your asset/debt portfolio and take your wishes into account to generate an estate plan that best protects your assets for your intended beneficiaries.  Contact our Probate attorneys in Tulsa Today.