The purpose of preparing a will before you die is two-fold: to insure that your estate is disposed of in the manner you wish and to save your family time and money, and the need to make difficult decisions while grieving your death.
Ordinarily, you do not need an attorney to prepare a will in Oklahoma. However, there are a number of circumstances when hiring an attorney to prepare your will would be advantageous. This article discusses whether or not you should hire a lawyer to prepare a will in Oklahoma.
The Benefits of Preparing a Will
Preparing a will allows you to do the following things:
1. Dictate how your assets are to be distributed after your death
2. Name an executor for your estate
3. Name a custodian for your children
4. Name an individual to manage your children’s money and finances
The Legal Requirements For Preparing a Will
You do not need an attorney to make a will in Oklahoma. The only legal requirements are:
1. That you sign it in front of two witnesses; and
2. That your witnesses also sign the document.
Hiring a Lawyer
With the aid of readily available software tools and do it yourself templates, the average individual can prepare a valid will without an attorney. However, it would be to your advantageous to hire an attorney to assist you in preparing your will under the following circumstances:
1. You plan to leave behind a large sum in property and other assets that will be the subject of estate tax. Generally, if you plan to leave behind more than 3 million dollars in assets, you should be a concern about estate taxes and you should consult with an experienced attorney to write you will and assist you in estate planning.
2. If as business owner with partners, you are concerned about how your share of the business will be distributed.
3. You have questions regarding how you can provide for your current spouse and your children from previous a relationship.
4. You would like to insure against your will being contested by parties who my claim that it was made under duress or that you were not mentally competent at the time it was drafted.
5. You wish to disinherit your spouse. After you die, your wife is entitled to everything you owned jointly and minimum of 1/3 of everything else. If you wish to leave her less than the minimum required by law, you should consult with an attorney.
Conclusion
To summarize, you should hire a lawyer to prepare a will in Oklahoma if you wish to reduce or avoid estate taxes; if you a concerned about the transfer of business interests; provide for your children; avoid probate; or disinherit someone.
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