Receiving an inheritance can change a person’s life, so it should come as no surprise that people often have questions about how inheritances are received. The following will provide some details about how inheritances work.

 

What Happens if You Die Without a Will?

 

When a person dies without a will, the individuals who inherit from the estate are determined by Oklahoma intestacy law. Many people believe that if a person dies without a will, that individual’s spouse will inherit everything in the estate. Exactly who inherits, however, depends on several critical factors including the value of an estate and how assets are held. 

 

What Happens if the Terms of a Will are Violated?

 

If a will is valid under Oklahoma law, it must be followed unless doing so would violate another law. If a will is not followed, an interested party can file a petition and raise the issue in front of a probate judge. 

 

What Happens if Someone Misuses Estate Property?

 

There are probate laws in Oklahoma that create strategies to block an individual from misusing or taking estate property. If you end up in this situation, however, it is important to immediately take action to protect yourself by filing a petition with the court. 

 

How Much can You Leave to Beneficiaries Without Facing Estate Tax?

 

The truth is that most people do not have estates that will end up subject to estate taxes even if the amount they pass on is lowered by giving away a substantial amount of assets during their lifetime. This is because to face the estate tax, single individuals must have passed on $11.4 million in assets in 2019. This amount increases for married couples and is $22.8 million for couples.

 

How are Benefits Received from a Loved One’s Retirement Account? 

 

In most cases, all that is required to receive assets from a retirement account is a valid death certificate. This is provided that the beneficiary is properly listed on retirement account documents. As a beneficiary of the account, the appointed individual will have the automatic right to these assets at your death. 

 

Are You Entitled to Assets after a Spouse Dies?

 

In some unfortunate situations, spouses are not named as beneficiaries in a deceased spouse’s estate planning documents. In many situations, it is, fortunately, possible to receive some type of assets. In these situations, however, you might be entitled to receive some funds. It is often a good idea, however, to see an experienced lawyer who can review your options. 

 

 Is it Possible to Pass on an Inherited Roth IRA?

 

It is possible to pass on an inherited Roth IRA to whoever a person chooses provided that the desired beneficiary is properly appointed. When this beneficiary receives the assets, they must continue to the exact RMD schedule that the original recipient used on the inherited account. 

 

Speak with an Experienced Estate Planning Lawyer Today

 

If you have questions or concerns about the estate planning process or inheritances, it can help to speak with an experienced attorney. Contact attorney Jim A Lyon today to schedule a free initial consultation.