Part of a blended family? Intentional Oklahoma estate planning is particularly critical

Everyone needs to be intentional about Oklahoma Estate Planning because, as I have written about previously, if you don’t have an estate plan, the State of Oklahoma has an estate plan for you.

However, a blended family must be particularly careful to do Oklahoma estate planning because if not, the results might be surprising and disappointing.

Consider this example.

Husband and wife had previous relationships in which they each had two children.  Now, they have married, forming a blended family with four adult children.  Lets assume there are no written estate planning documents (e.g., a trust, a last will and testament) for either spouse.  The husband passes away, leaving the wife and the four children leaving among other things bank accounts and mineral interests that are solely in his name.  How would you expect the husband’s estate to be handled?  Well, it’s probably more complicated than you think.

Initially, there is likely to be an Oklahoma probate case covering the husband’s estate.  Then, the question is likely to be what part of the husband’s estate is”property acquired by the joint industry of the husband and wife during coverture” (essentially marital property) and what part is “not acquired by the joint industry of the husband” (essentially separate property).  It matters because the wife and her husband’s two kids are going to split the marital property and an undivided equal part of the separate property.  If you wonder where this information is coming, you can look at Title 84 O.S. section 213B.

Is this distribution okay with you?  It might be or it might not be.  The point is that your estate doesn’t have to be handled this way; you have the power to tailor your own estate plan, one that fits your family.

 

If you are interested in taking control of your situation and doing your own Oklahoma estate plan, feel free to reach out to me.

Posted by Shawn Roberts

On this blog, I write about and try to answer practical Oklahoma legal questions. My focus and most experience is in estate planning and business issues including Oklahoma non-compete law. I make a living as an attorney in the law firm I founded, Shawn J. Roberts, P.C. in Oklahoma City. I live in Edmond with my wife Amy and my two children, Sam (19) and David (11). We live precisely in the path of where the "wind comes sweeping down the plains."