Do you need a Will or a Trust?

• Inherit: to receive property from someone who has died.
• Distribute: to give property from someone who has died.
• Executor/Personal Representative: The person named in a will to handle the property of someone who has died.
• Estate: all the property a person owns at death.
• Heirs: Any person or organization who may inherit a portion of the estate, regardless of whether there is a will.  
• Beneficiary: a person or organization named in a will who may inherit a portion of the estate.

A will is a written legal document. 

It names the people that you choose to inherit your property when you die. This can include your family and friends. You can also include organizations like schools, churches, or charities. 

A will may include personal property – cash, stocks, your interest in a business, cars, furniture, jewelry, dishes, or even your stamp collection. It can also cover real property, like a house or land.

A will is not a letter or note about what you want done with your property after your death. It is not a way to change what happens to your property that is controlled by a trust or transfer upon death deed. A will is not a trust and does not avoid probate. A will does not automatically transfer ownership of anything.

Anyone 18 or older who is of sound mind. This means you must understand a few things: 

• the important decisions involved in making a will, 
• have reasonable knowledge of what property you own, 
• how much it’s worth, and 
• to whom you are leaving it.

Note: You do NOT have to be a United States citizen to make a will.

It names your executor. The executor:

• collects any money owed to you;
• carries out other wishes;
• pays your debts and taxes; and
• gives the rest of your property to the people or organizations named in your will. 

If you don’t name an executor, the court will officially choose a personal representative to settle your affairs. This may not be the person you would have chosen. 

A will shows who receives your property. Under Oklahoma law, people who are not your relatives cannot inherit your property unless you make a will leaving them your property. For example, if you want to leave money to someone who is not a relative, like a charitable organization, you must do this using a will.

You cannot disinherit or exclude your spouse. You can exclude your children in your will. You must clearly specify that you are leaving nothing to a particular child or children. 

It lets you take special care of an older parent, a sibling who is chronically ill, a child who has an intellectual or developmental disability or who is much younger than their siblings. 

You can nominate a guardian for your minor children and identify any property you wish to leave to them.
 

Not always. A will does not cover some types of property. For instance:

• Joint Tenancy Property –property such as a house, car, checking or savings account, owned by two or more people as joint tenants with the right of survivorship. When one owner dies, all the property automatically belongs to the other owners. It is not affected by the will. In case of joint tenancy, the owners do not have to be married. 
  If you are the last surviving joint tenant or you die at the same time you should say in the will what happens with the property. If you do not leave a will, the state must give your property to your relatives in the order set by law. This may or may not be your wish.
• Life Insurance – The money from your life insurance policy will go directly to the person, trust, or estate named as beneficiary. 
• Savings Bonds – Certain United States savings bonds are not governed by your will but go directly to the person listed on the front of the bond.

Remember: All property, including property not affected by your will, are still part of your taxable estate and any taxes must be paid.