Financial issues » Wills

Simultaneous Death

admin — Mon, 13 Jul 2009 18:50:49 +0000

The will may provide that testator’s spouse shall be presumed to have survived the testator if both should die in a common disaster under circumstances that make it uncertain who died first. If the will does not contain such a simultaneous death clause, Oklahoma’s statute (Title 58, Oklahoma Statutes Annotated, Section 1001) directs that in event of such common disaster causing the simultaneous death of both husband and wife, it shall be ruled by the court that neither spouse shall have survived the other. The estate of each then would pass to his or her respective heirs or in accordance with their respective wills. The statute would disqualify the marital deduction savings on federal estate taxes if this provision is not included.

General Provisions Applying to All Wills

admin — Sun, 12 Jul 2009 17:25:22 +0000

General provisions that apply to all types of wills include:
• A spouse may dispose of all his or her separate estate by will, without the consent of the other spouse.
• A will cannot take precedence over:
1. A written antenuptial agreement. An antenuptial agreement is one made up between a man and woman prior to their marriage in which each agrees upon death of the other to take less property or different interest than which the law allows the surviving spouse.
2. A spouse’s elective share. The amount of property a spouse may receive under the laws of succession cannot be reduced by will without approval of the surviving spouse. If by chance this happened, the surviving spouse could elect to receive property under the state laws of succession which would, in effect, invalidate the distribution provisions to him or her under the will.

Importance of Legal Assistance

admin — Tue, 14 Apr 2009 17:26:56 +0000

By all means, consult a lawyer in planning and writing your will. If your will is not executed as the law prescribes, or if it attempts to do illegal things, it may be declared invalid. An untrained person is likely to use inaccurate or ambiguous language in drawing his will that when contested would be subject to the interpretation of the courts.
A lawyer is equipped by training and experience to help accomplish what you desire. Tell your lawyer what you want done and allow him to put your wishes into draft form and have him explain the language and effect to you. Careful thought should be given in drafting a will. Remember, at the time the will goes into effect, you will not be around to explain what you meant to say.

Changing or Correcting a Will

admin — Sun, 12 Apr 2009 17:25:35 +0000

A supplement to a will, consisting of revisions, additions, or alterations made after the will has been made, is known as a codicil. The codicil must be executed (signed, witnessed, etc.) in the same manner as the will being amended. Corrections should not be made in a will by erasures, insertions, or cross-outs. All corrections or other changes should be made by codicil and in many cases it may be preferable to execute a new will.
If a new will is made, it should state that all prior wills are revoked. It may also be desirable to physically destroy a previous will to avoid any possible confusion later.