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Navigating the probate process for a loved one's estate requires a Purcell Oklahoma probate attorney who will work in an efficient and effective manner. If you're an heir, it's possible this is your first encounter with the complexities of settling an estate through probate.
Probate oversees the administration of a deceased individual's estate, ensuring assets are appropriately distributed to rightful heirs or beneficiaries. This critical process validates the deceased's intentions are honored, and their property is distributed as they desired.
Given its complexity and potential duration, the guidance of a probate attorney well-versed in probate law can be invaluable. Such a professional can offer strategic advice, outline their services, and ensure the estate's management aligns with the deceased's wishes. Many attorneys offer an initial consultation at no cost, providing a chance to discuss your situation. The approach can vary significantly based on the existence of wills, trusts, or the absence of any estate planning.
Probate and Trust Administration Services in Purcell, Oklahoma.
SUMMARY PROBATE
Sometimes a full blown probate that can last months and cost thousands of dollars is not the right answer. We have seen families walk away from their loved one's estate because it would cost more to probate than what the heirs would get. Think about someone on social security living paycheck to paycheck and living in an apartment. When there is no money - there is no money.
Other times a loved might have owned their home, a car and had a few thousand dollars in the bank. If it all adds up to less than $200,000 a Summary Probate might be the way to go. Especially because a Summary Probate generally only takes a couple of months as opposed to 5 to 7 months in a regular probate. This means it also usually costs less money to the estate to administer.
Key requirements for a Summary:
1. Total assets under $200,000;
2. All heirs must agree and consent in writing to a Summary Probate; and
3. Real estate cannot be sold during the probate.
Regular Oklahoma Probate
Handling a Purcell, Oklahoma probate can often be a lengthy and detailed process, sometimes taking months or even years to complete, especially when there are disagreements among those involved. The first step for lawyers is to determine if there's a Last Will, a pour-over will, or if the deceased died without a will, known as dying intestate.
The lawyer meets with the clients to draft an initial Petition for Probate. Once the clients approve the wording, the law firm files the Petition with the McClain County Court Clerk. The court then schedules a future date to hear the Petition. Probate lawyers will publish a notice of the hearing in the local newspaper and send a copy of the Notice of Hearing to all interested parties.
At the initial hearing, the Court will usually make four determinations:
Does the McClain County Court have jurisdiction to hear the matter? If the decedent did not live or have assets in Purcell or McClain County, then the Court might not have jurisdiction.
Is there a valid last will and testament and should it be admitted into probate?
Who should be the Personal Representative of the Estate? This is sometimes called the Executor and is usually the person who hired the probate attorneys.
Who are the legal heirs or beneficiaries of the estate.
Probate, Estate Planning and Trust Administration.
Consequence of No Probate
Not going through the probate process can lead to several issues. Without court supervision, identifying the legal heirs becomes difficult, potentially causing family disputes and complicating asset distribution. Creditors may not be notified of the deceased’s death, leading to prolonged debt collection efforts and tying up assets unnecessarily. The absence of probate can delay asset distribution, particularly with real estate, as there's no legal mechanism to transfer property titles. Additionally, any outstanding taxes must still be settled. Probate ensures that assets are distributed according to the deceased's wishes, debts are paid, and beneficiaries receive their inheritance promptly.
AVOID PROBATE
The best way to avoid probate is to plan ahead with a revocable living trust-centered estate plan, a transfer on death (TOD) designation, pay on death designation, or similar beneficiary designation.
A revocable trust is a legal arrangement where a trustee manages assets for the benefit of one or more beneficiaries.
A testamentary trust can also offer asset protection to beneficiaries. As part of a revocable living trust-centered estate plan, it provides protection during incapacity, avoiding costly and stressful guardianship or conservatorship hearings.
Assets held in a trust are not part of the probate estate, so they bypass the probate process entirely.
A POD designation allows individuals to transfer ownership of certain assets, such as bank accounts or securities, directly to a designated beneficiary upon death, without the need for probate. A TOD works similarly with real property.
If you have a trust, consider creating a pour-over will. This type of will ensures that any assets not transferred to the trust during your lifetime are transferred to the trust upon your death. While probate is still required for assets not in the trust, this will allows them to be distributed according to the terms of the trust.
Review and update all beneficiary designations on retirement accounts, life insurance policies, and other assets with designated beneficiaries to ensure they align with your overall estate plan.
It's important to note that estate planning requires an investment of both money and time, but it can save significant time, money, and stress for heirs in the long run. An estate plan that avoids probate helps ensure that your assets are distributed according to your wishes and in a timely manner, providing peace of mind for you and your loved ones.
Cortes Law Firm proudly serving families in Purcell, Oklahoma.
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