A will is a document containing your instructions and wishes as to how your property and assets are to be distributed after your death. A will is the expression of the person’s wishes concerning how their property is to be distributed. It is a legal document containing the names of the people you want to benefit, as well as details of your possessions at the date of your death. The people you want to benefit are called beneficiaries.
Your property or possessions will include everything you own, such as your home, land, vehicles, bank accounts, furniture, boat, investments such as shares, personal jewelry, artwork, and so on. A will is the only way you can ensure your assets will be distributed according to your wishes after your death.
What is a Valid Will?
A valid will is a will that is signed according to state law, accepted by the court and put into effect by the court granting what is known as probate. Probate is approval or acceptance by the court of how your assets are to be handled.
How do I make a Will?
Most people know that they need to put together a will sometime before they die. Unfortunately, the majority of people do not have a will. Writing a will need not be expensive. Once it is done you can rest easy, knowing that your wishes will be followed after your death. Most wills can be composed quite simply. Your attorney will work with you to draft the will you need. In Oklahoma, handwritten wills can be admitted, but they are not recommended.
Why Make a Will?
If one dies without making a will then the state laws of distribution will apply and you are considered to have died “intestate”. If you die intestate, then the state law will decide on how your estate is wrapped up, how your property is distributed, and who the beneficiaries will be.
Investments and insurance offered through the Trust Department of First National Bank & Trust Co. are not insured by the FDIC, are not deposits or other obligations of, and are not guaranteed by, any bank or any bank affiliate. Investments are subject to risks, including possible loss of principal amount invested.