By: Sarah Stewart Legal Group
Sometimes families don’t get along. Sometimes there are people you just don’t like who are your family members. Since we don’t get to pick our family, it’s not all that uncommon. So, what do you do when you don’t want your family to inherit your hard-earned money and assets?
Lately, more and more people are asking how to disinherit those family members they don’t like very much. The answer: make an estate plan.
If you do not have a Will or Trust in place, your assets will pass according to Oklahoma law. That law may include giving assets to family members you don’t want to get them. Who wants the government deciding who gets their assets when they die?
So, in Oklahoma, how can you disinherit family in your estate plan?
If you want to disinherit your children in Oklahoma, you have to make it clear in your estate plan that disinheritance is your intention. You will usually state your family history (marriage, children, etc) and if you are looking to disinherit a child, you will want to state that directly.
Under Oklahoma law, the spouse has the right to take a marital share of the property upon the other spouse’s death. So, to disinherit your spouse in any way, your spouse must agree to the disinheritance. Keep in mind that your spouse will still have the right to the marital property as long as he or she is living, and can always ask for the marital share of property in Court. If the spouse has agreed to the disinheritance, it is less likely he or she will succeed, but it is still possible the Court would rule in his or her favor.
(3) Other Family
If you have a Will or Trust in place, no other family members are automatically entitled to inherit from you. If you do not have a Will or Trust in place, your property will pass under the Oklahoma laws of intestacy. Generally speaking, these laws allow those who are your closest relatives to split your assets.
For example, if you die with a spouse, but no children, your spouse would split your assets with your parents and/or siblings. If you do not have a spouse and children, your parents are first in line to inherit your assets, then your siblings, then grandparents, aunts, uncles, etc.
The only way to truly control who receives assets from your estate when you die is to plan for your death. There is a common myth that if we have a Will or Trust, we will die. The truth is, you will die anyway, so you might as well have a plan for the people you care most about.