Oklahoma City Wills Attorney
Understanding the Importance of a Will
Wills are powerful estate planning tools. Your will allows you to identify your heirs and the person who will handle your affairs if you die.
Your will is part of your minimum estate plan (along with your power of attorney, and healthcare directives). You still need a will even if you have a trust – but only as a “backup” tool. Wills must go through probate to be activated.
Reach out to our Oklahoma City will lawyer to draft your will today. Call (405) 896-3615 or contact us online now to get started.
What is a Will?
A Will, formally called a Last Will and Testament, is an essential part of any complete estate plan. It is the legal statement of your wishes made in such a way that your instructions can, and must, be followed when you are gone. In short, it is a way for you communicate your intent regarding your estate (your property, debts, etc.) even after you have died.
It may seem obvious, but it is important to remember that your Will has no effect until you have died. It is also important to understand that until such time as a court of law accepts your Will as valid, it has no legal effect.
Does this mean your family cannot carry out your wishes without a court proceeding? No, it simply means that they are not legally empowered to do so. The court proceeding that determines the validity of your Will is called Probate.
During the Probate proceeding the court Will appoint a person to settle the affairs of the deceased person – called the “Decedent.” That person that the court appoints, called the Personal Representative (also called the executor), ensures that all bills and taxes are paid, all property is protected until it is distributed to the Decedent’s heirs, and execute the Decedent’s other wishes.
As you can see, your Will is much more than merely the instrument where you indicate who Will receive your property at your death.
If you die without a Will, state law controls the disposition of your property. In other words, if you don’t express your wishes in writing – in your Will or your Trust - then Oklahoma law determines who gets what at your death. Without a Will, the process of settling an estate is much more troublesome, time consuming, and costly. In virtually all cases, to be administered, a Will must go through probate.
A properly drafted Will can work in conjunction with your Revocable Living Trust. If you have a Trust, an instrument called a Pour-over Will is a simple Will which is in place as a “safety net” in case of you mistakenly leave some assets out of your Trust.
Should I Have a Will?
In general, virtually everyone should prepare a Will. Unfortunately most of us associate the preparation of a Will with dying and in turn would rather not think about such an unpleasant subject. In reality, the preparation of your Will is just one more way in which you protect yourself and your family from life's uncertainties.
We wouldn't hesitate to wear our seatbelts while driving, install smoke detectors in our home, or purchase life insurance, all to protect ourselves and our families. Remember, creating a well-drafted Will is just as important!
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My wife and I have a "blended" family. We reached out to McBride and Associates to build an estate plan that would benefit our entire family and be "fair" to all parties...that sounds dry and hum-drum...but we wanted to be able to take out all of the drama and mystery of dividing up our estate after our (very much hopefully in the distant future) death. Their team put together a plan that works for everyone. We can not thank you enough, David McBride.- Robert -
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I first met David when he was with his elderly father. I noticed how kind he was to his dad. I also noticed that David made sure his dad’s opinions were listened to and validated. I thought, “I like this guy. He is a good man.” Then I found out David was an attorney. I have not lived in the OKC/Edmond area for very long, and I didn’t know any attorneys. However, I needed one. Isn’t it funny how the universe places the right people in your path at the right time? I had co-signed my daughter’s mortgage. She became unable to pay her monthly payment and was too embarrassed to let me know. It was at that point I should have got legal counsel, but I didn’t. Things progressed without her or me doing anything right in this situation. The house went up for Sheriff’s sale. I was afraid I was going to end up owing a lot of money. However, David worked everything out to a happy ending. I highly recommend David McBride. He will listen to you. He will explain things in terms you can understand. He will give you all the options to consider. He is fair in his billing. I recommend David McBride.- Shelley -
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I have had nothing but excellent experiences with the law firm of McBride & Associates. McBride & Associates has helped my family and extended family with many legal situations including estate planning, an auto accident, and dealing with prior creditors. I have known David McBride for years and he is very knowledgeable and not only a great attorney but someone who truly cares. I never would want anyone else representing me but David and his staff!- Darrell -
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My family and I have been working with McBride & Associates for many years in the areas of Estate Planning, Business Start Up and Non-Profit 501 C-3 status. Their knowledge of the law, attention to detail, combined with a compassionate staff that understands their client needs, is why I recommend them to all my friends and business associates.- Denna -
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David McBride is an excellent attorney. I cannot thank him enough for putting me at ease and for resolving my legal problems.On occasion when I needed to contact him and he was not available, his staff were amazingly helpful, and David promptly followed up with me even though his staff had already addressed my concerns. If I ever need additional legal assistance, David McBride will be the first attorney I turn to.- Leslie -
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Why you need a Will
- You may name a guardian for your minor children.
- You select the person you want to manage your estate (the Personal Representative).
- You decide who gets what proportion of your estate and when they Will receive it.
- You determine certain tax elections and options.
What happens when you do not have a Will?
- The court selects an administrator for the estate, who could be a creditor.
- Every action of the administrator to sell or manage estate assets must be approved by the court.
- State law controls the distribution of assets and property.
- Any beneficiary of legal age (18 in Oklahoma) gets his or her inheritance immediately and without any supervision. Few young people are sufficiently prepared for this responsibility.
When Should I Make My Will?
There is rarely, if ever, any harm in signing a comprehensive, well thought-out Will. So, why not create one now? Certainly one must consider the time, effort, and cost of preparing a Will versus the often severe (and expensive!) complications of not doing so.
While there is often some expense involved in preparing a Will, the resulting benefits make doing so well worth it. Don't assume you cannot afford to speak to an attorney, in many cases your Will need not be expensive.
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Think of it this way, those with relatively modest estates value-wise, can ill-afford to make a mistake in planning. In other words, those with an average or even small size estate, in many cases, need a Will and Trust more than a "rich" person!
Secondly, many people mistakenly evaluate the size, and in turn the complexity, of their estate based upon the amount of personal property (household items) and real property (land, real estate) that they own.
Should a small child or elderly person who owns virtually no assets prepare a Will? Probably not. Again, as stated above, these are merely factors in determining the details of your Will, and should not be the sole criteria in deciding whether to make a Will.
You will likely be rather surprised when your attorney demonstrates that your assets, including real estate, personal items, vehicles, banking and investment accounts, life insurance, and other assets, add up to far more in value than you would expect. Even if your estate is small, other factors may make preparing a Will and Trust essential. Remember, your age, estate size, health, family matters, or other similar factors alone determine whether and what sort of Will, Trust, and other Estate Planning tools you should create.
Thirdly, some people wrongly assume that they may resolve all of their estate planning problems using some form of co-ownership of their property (such as joint tenancy). It is important to understand that co-ownership addresses only the narrow issue of distribution (who will receive your assets when you die).
Only your Estate Planning attorney can provide you with a complete answer in your particular case. Getting started is easy, simply make an appointment to visit with one of our attorneys at McBride & Associates and you are on your way.
Don't worry, the initial consultation is free. Contact us today. We are here to help!
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