What is a Will and who may make one? A Will is an instrument in which a person provides for the disposition of his or her property after their death. Oklahoma law provides that every person of sound mind and 18 years of age or older may dispose of his or her property by Will.

When should a Will be made? A Will should be made while you are in good health and free from emotional stress. A Will that is quickly planned and drafted under pressure seldom grants you the opportunity to properly reflect on how you would like to have property pass to your loved ones and other beneficiaries at your death.

Why should I have a Will? A Will is a way of making certain that your property passes to the individuals and organizations that you want when you die. It is, but one piece of your overall "estate plan". With a Will you can name your beneficiaries, such as your spouse, family members, friends or organizations who will receive your property at your death. You also may appoint the person who will care for your children in the event you and your spouse die when the children are minors. A Will also allows you to name the executor of your estate, who is the person or institution that collects your property, pays any debts and taxes that are due at the time of your death and then distributes the rest of your estate to the beneficiaries as named in your Will.

What are other documents that are generally included in an "estate plan? The following documents generally make up part of your estate plan:

Can I change my Will? Your Will may be modified, amended or entirely revoked at any time before your death as long as you are competent.

Is the cost of administering my estate greater with or without a Will? A skillfully drawn Will generally reduces the expenses of administering your estate by giving the executor authority to act efficiently and without unnecessary delay and expense. It may provide that there is no need for a surety bond and thus save the estate considerable expense. If the Will is "self proved" court proceedings for its proof may be avoided.

What if I die without a will? If you die without a Will, state law determines who will receive your property. State law does not often reflect commonly held attitudes regarding provisions for a husband or wife as primary beneficiary. If your children are under age 18 the portion of your estate that they receive will be paid to a conservator who will manage the assets until that child is age 18. Unless the conservator is a bank or trust company the court normally requires a surety bond, which is an expense paid out of the assets that are held for that child. If your children are 18 years of age or older, or when they turn age 18 they will receive their share of the property from your estate outright to do with as they please. Many parents believe that at this age their children do not have the wisdom to handle significant amounts of assets. The law is rigid and gives no consideration to the needs or circumstances of individuals. Further, the law designates who may administer your estate and may require a surety bond at the expense of the estate. Finally, a surviving member of an unmarried couple will not inherit in the event you pass away without a Will.

Can my Will save taxes for me? Depending on the size of your estate, definite savings can be made by the careful plan disposition of your property in accordance with the provisions of a skillfully drafted Will. In this regard, the Will may provide especially for the surviving spouse to minimize or eliminate taxes payable on the death of the survivor.

When should I consider changing my Will? You should consider changing your Will when you marry or divorce; there is a birth or death in your family; your property significantly increases or decreases in value; or the person you name as guardian, trustee or executor moves away or dies. As a general rule of thumb it is a good idea to have your Will reviewed every three to five years, even if one of the foregoing events has not occurred.

Is it best to have a Will or a Revocable Trust? Wills and Trusts each have advantages and disadvantages. Although a Will may be right for one person, a Trust may better serve another person, depending on the size of their assets and the manner in which they wish to dispose of their property. Although there are some lawyers (typically those that give public seminars) that state that everyone should have a Trust, this simply is not the case. Each individual is unique with respect to their age, their family situation, the type of assets which they own and the manner in which they would like to dispose of these assets. As a result, it is not possible to make a blanket statement that all individuals should have a Trust. Generally, a Trust is more expensive to draft; requires that the individual’s property is transferred into the Trust during their lifetime in order to avoid probate; requires additional efforts to make certain that the property remains properly titled; and may require additional income tax returns. Some individual’s estates, and the manner in which they wish to dispose of their property at their death, do not warrant the expense of a Trust. Before it is possible to determine if a Will or a Trust best suits your needs you need to visit with the experienced estate planning firm of Ivester, Ivester & Ivester.

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