Imagine being a successful entrepreneur, running a thriving Tulsa business that you’ve built from the ground up. You have a loving spouse, two children, and a substantial amount of assets. Life seems good, and you’re busy managing your company and enjoying time with your family.
One day, tragedy strikes unexpectedly. You’re involved in a fatal accident, leaving your family and business in a state of shock and uncertainty. Amidst the grief, your family begins to realize the importance of having a Last Will and Testament.
Although the above is a hypothetical, it is a scenario that plays out all too often. The absence of a last will and testament magnifies the importance of estate planning. The Tulsa law firm Fry & Elder empathizes with any family which has gone through a similar situation and just as importantly want families to be proactive with planning ahead.
Fry & Elder will be offering a Last Will and Testament summer special throughout the summer months to encourage families to plan ahead in the unfortunate event of a tragedy.
“Unfortunately, having a Last Will and Testament properly drafted out is something that families often overlook,” Fry & Elder managing attorney Simon Harwood said. “We thought running a special during the summer would be a good way to persuade those who have not prepared a Last Will and Testament to do so.”
The special begins at $200 per person and $350 per couple which could total up to $500 in savings.
Fry & Elder’s team of attorneys are well well-versed and experienced in estate planning and drafting out iron-clad Last Wills and Testaments. Below they answer a few questions central to the importance of a Last Will and Testament.
What Is a Last Will and Testament?
A last will and testament is a legal document that allows you to dictate how your assets and responsibilities will be handled after your passing. It serves as a roadmap for distributing your property, appointing guardians for your children, and managing your estate. Let’s explore why creating a will is essential and how it can benefit you and your loved ones.
Why Do You Need a Will?
Asset Distribution:
- A will specifies who inherits your property, money, and possessions.
- Without a will, state laws determine how your assets are distributed, which may not align with your wishes.
Executor Appointment:
- You can name an executor in your will. This person oversees your estate, settles debts, and ensures your assets are transferred correctly.
- Choosing a trusted executor is crucial for efficient estate administration.
Guardianship for Children:
- If you have minor children, a will allows you to designate a guardian.
- You can ensure your children are cared for by someone you trust.
Estate Management:
- Specify how your estate should be managed during probate (the legal process of validating a will and distributing assets).
- Address any outstanding debts or obligations.
How to Create Your Will
Consult an Attorney:
- Seek legal advice from an adoption attorney or estate planning lawyer.
- They’ll guide you through the process and ensure your will complies with state laws.
Include Key Elements:
- Identify yourself as the testator (the person making the will).
- Clearly state your wishes regarding asset distribution, guardianship, and other matters.
Sign and Witness:
- Sign your will in the presence of witnesses (usually two or more).
- Witnesses must also sign to validate the document.
What Happens Without a Will?
Intestacy Laws:
If you die without a will (intestate), state laws determine how your assets are distributed, which may lead to unintended consequences.
Complex Probate:
Without clear instructions, probates can become lengthy and costly. Having a valid will streamlines the process.
Why Experience the Fry & Elder Difference?
The Fry & Elder name has been synonymous with Oklahoma legal excellence since 1932. Our team of attorneys are well-versed in divorce mediation, and we also have successfully defended and fought for our clients for decades.
Our commitment to excellence has not gone unnoticed. The firm has been named to the U.S. News & World Report’s Best Law Firms List every year since 2014. Preparation and the desire to give our clients the best representation possible are the motivating factors that enable us to be better informed and prepared than other attorneys.
Contact Fry & Elder today to take advantage of our Last Will and Testament summer special and make sure your affairs and family’s future are in order.
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