Anyone who has been reading this blog for a while knows that wills are important components of estate planning. While knowing this fact is important, it is also important for everyone to understand why wills are important and how to make a proper will. For readers in Oklahoma, getting answers to all their questions is a vital step in the process of making a will.
Who needs a will?
Anyone who owns property or other items needs a will. A common misconception is that only wealthy people need wills; however, wills are an effective tool for anyone who has items to pass down to loved ones. A will can be as simple or as complex as necessary to make your wishes known. If you die without having a will, you won't have any say in who gets what. The court will decide what to do with your assets based on the laws pertaining to a person who dies intestate, meaning without a will.
How do I make a will?
The answer to that varies depending on your situation, so discussing your needs with someone familiar with wills might help you to decide how to make your will. You will have to sign your will and should have it notarized. Your will should be typed in order to be more enforceable, according to FindLaw. When you make your will, you must be of sound mind, meaning you can understand what you are doing.
What can't a will cover?
A will can't cover anything that is jointly owned since it will go to the co-owner when you die. Pensions, insurance policies, bank accounts, and any other accounts with a named beneficiary can't be included in a will. Other exceptions are possible, so understanding any that may apply to you is vital.
Source: FindLaw, "Wills: An Overview" Aug. 20, 2014