The literal meaning of probate is the administration of an estate under the supervision of the court. There seems to be many misapprehensions regarding the probate process but our Oklahoma estate attorneys provide our clients with information, which is easy to understand. Our simplistic explanations can help you understand how probate can affect your situation. State planning tools are used to avoid or reduce the brunt probe can have and Atkins and Markoff makes sure that you are fully aware of them.
Probate is not always required and our potential clients should understand that. Similarly probe cannot be avoided by drafting a will. There are many factors in deciding whether or not a property would be probated. Other deciding factors such as if one person owns the property or multiple people, if there is outstanding debt owed to the decedent and the net worth of the property also comes into play when establishing the end result.
Property distribution during probate
We like to think of probate as a set of guidelines, which are applied to your property after your passing. The person given the responsibility to handle the dealings of the estate ensures that debts and taxes are paid promptly. That person also has to ensure that the remaining property is legally distributed to appointed beneficiaries. If a decedent happens to die in state, or without having crafted a will, local legislation will establish the partition of property.
Before being able to distribute any property there are a few steps that need to be followed to make sure that everything is correctly in place for the proceedings;
- Administration costs which are inclusive of legal advertising, appraisal fees etc
- Family allowances – for living dependents of decedent
- Funeral Expenses
- Taxes and debts
- All remaining claims
After these payments have been made the rest of the assets will be distributed amongst heirs and beneficiaries.
Common Probe Disputes
It is not unusual to see a will, which is unexpected. Based on personal motives, people can change whom they want to leave their estate to and this can cause issues in the future. For example a father might want to leave most of his estate to a relative instead of his direct family. Something like that can lead to future disputes and cases. To avoid such situations and make estate transfers swift, our Oklahoma attorneys can ensure that these delicate matters are handled professionally.
Forms of Probate
There are two different forms of probate found in Oklahoma. The first one is known as supervised probate. Supervised probate requires the court’s permission for every step of the process. This is time consuming and has proven to be expensive. The second type of probate is unsupervised probate. It is much more efficient than supervised probate as the main concern is of appointing a representative to overlook the estate rather than actively participating in the transfer procedure.
GET YOUR ESTATE PLANNING CASE EVALUATED TODAY
It is not uncommon to witness clients who do not want to indulge in the probate process entirely. By not getting involved in probate, they can save themselves precious time, effort and money. Our Oklahoma estate planning lawyers can assist you in creating a detailed plan, which will ensure a smooth transfer of assets to your beneficiary. With over a combined experience of more than a 100 years we aim to provide the best advice in the field of estate planning. If you wish to handle your affairs with the least amount of hassle and avoid financial burden on the ones close to you, contact Atkins and Markoff today.