Common Question: I have a will. It may be a few years old, but not much has changed in my life, so why do I need to review it and look at other areas of my estate plan.
Summary: A will is the standard document most people think of with estate planning. It is based off of common law and was the standard for imposing your wishes back in turn of the century (the 16th Century!!) England. That being said, a Last Will and Testament still functions in the same way that a horse still functions for transportation…it will still get you there (distributing assets after your death), but it will just take a little longer and is not as comfortable for those going along with it (your surviving family).
What a Will does: Nothing, in and of itself. It is a document where one lays out his wishes while he is alive and has capacity for who he wants to get what after he dies. The Will cannot do this on its own and has to be presented to a probate court for actual proving and following through, according to the rules of the Probate Court. It does let one name who gets what, and who is in charge, but other than that, there is little more a Will actually does. The probate court is always in charge and can override what the last will and testament says.
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Much like the transportation example above, there are many developments in the law related to estate planning. A last will and testament can work, but you should know your options when you look at your plan. As always, if you want to specifically review what you want to do, I will offer a complimentary consultation with the mention of this website. Just call 580-318-8829 to set up an appointment.
Brent S. Howard is an estate planning attorney in Altus, Oklahoma that focuses solely on wealth transfer and family wealth building. This is commonly done through planning with wills, trusts, limited liability companies (LLC) and other family planning instruments.