Your selection of a guardian is not binding on the court, but the court will give strong consideration to your selection. Having a trust allows you to avoid the probate court system altogether if your trust is created and funded properly.Įqually important, if you have minor children you can name their guardian in your will or trust. Without a will, the court could appoint someone as personal representation other than a person you would choose. Having a will allows you to choose your personal representative. Most importantly, having a will or a trust allows you to decide who will receive your property rather than leaving that choice to state law. There are several reasons to have a will or a trust. Often a person with a small or modest estate is most in need of a plan to provide for the proper transfer of that property at death. If you own a home or a car or have a checking or savings account, you have an estate. In Oklahoma, if you are of sound mind and 18 years or older, you may dispose of your property by will.Ī: A person does not have to be wealthy or elderly to do some serious thinking regarding an estate plan. This term is interchangeable with “executor,” being a male personal representative, and “executrix,” being a female personal representative.Ī: A will is a written instrument by which you provide for the disposition of your property after your death. “Personal representative” is the person appointed by the court to oversee a deceased person’s estate. In this brochure, those terms include “legatees” and “devisees,:” being those persons entitled to receive property under the terms of a will, and include the term “heirs” when referring to those persons entitled to receive property from a deceased person’s estate. “Beneficiary” and “beneficiaries” are persons entitled to receive property, including money, under the terms of a trust or insurance policy. Some of the terms used in this article are described as follows, with explanation: Preface regarding terminology: Terminology used in the legal profession can be confusing.
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