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Estate Plan | Why is a will important?

If a person dies without a will, they are said to have died intestate. The Oklahoma intestacy statute provides for distributing the person’s estate, and the courts will utilize a default last will and testament provided by the legislature. The statute also provides for distribution of an individual’s estate by following a detailed set of rules based primarily on the decedent’s familial relationships.† By dying without a will, unintended beneficiaries such as the Internal Revenue Service (”IRS”) will likely reduce the value of the estate, which in turn will reduce the amount of money and property that the descendant's true beneficiaries will receive.

† 84 O.S. 213(B).