Oklahoma City Probate Attorney
Legal Representation During Estate Planning & Probate
The probate process may be confusing, but at its core it is really just taking the assets of a deceased person and distributing the inheritance as determined in the estate plan. Although the deceased person may have a will, the courts must decide if it is valid.
They also must make sure all of the deceased person's debts and taxes are paid. It is important to note that even if you die intestate, or without a will, your estate will still go through the probate process, and a judge will appoint a personal representative in the place of an executor.
The assistance of an Oklahoma City probate lawyer can make the process easier and help you achieve the best possible outcome for your situation in the following areas:
Wills
A
will can help you select what you would like to pass down to your future heirs.
If you are a parent of young children, we can also help you select a guardian
for your children in the event of your passing. No matter your situation,
having an estate plan can be very beneficial.
Inheritance
You may consider leaving your assets to your surviving loved ones an important
part of your legacy. Using estate planning tools like wills and trusts,
we can help you pass your estate
inheritance on to future heirs in the quickest, most tax-effective way possible.
Estate Administration
If you have been selected as an executor or personal representative after
the passing of a loved one, we can walk you through the entire process.
From handling the taxes to distributing the assets, the
estate administration aspects of an estate is a complicated legal matter that is best handled
by a qualified lawyer.
Estate Planning
Many individuals do not realize the importance of setting up an estate
plan or do not realize the massive implications for improperly setting
up one. To learn more about
estate planning and how Elizabeth A. Richards, Attorney at Law, can assist you in this
endeavor, click on the link above.
Inheritance Tax
Whenever you are creating a solid financial plan it's important to carefully
consider all relevant
inheritance tax consequences. With estate planning, consumers want to consider whether
or not their estate will be subject to state estate tax and federal estate tax.
Last Will and Testament
A last will and testament is another name for a will. A will is a written
document which defines how your property will be distributed upon your
death and to whom. However, a will can do much more as it can name an
executor for your estate, it can name a guardian for minor children, and
you can specify if you want to leave certain heirs out of the will etc.
Probate FAQ
Since many of our clients frequently have questions about what probate
entails, we have compiled a Probate FAQ page. We encourage you to read
our commonly asked questions to learn more about how probate works in
Oklahoma City.
Probate Litigation
Probate litigation is another term for contesting a will. When one or more
beneficiaries have disagreements with the executor or how the executor
is managing the estate, or if there are disagreements over how assets
and property are being distributed, then litigation may become necessary.
Probate Process
Probate is a court process where the will is validated, an executor or
personal representative is appointed, claims against the estate are paid,
and property is distributed to the heirs according to the will.
Probate Real Estate
Dealing with property can be one of the most difficult aspects of the estate
administration process. We can advise you on how to best handle real estate
matters regardless of whether the property involved was being rented to
tenants or was a personal residence.
Trust Administration
Trust administration is a large responsibility; the trustee is expected
to resolve outstanding debts, pay taxes and distribute assets to the beneficiaries
according to the instructions in the trust. If a trustee acts dishonorably,
they can be removed from their position and held financially and legally
accountable for any damage done to the estate.
Understanding the Probate Process in Oklahoma County
When someone passes, the courts must assess their assets and then distribute them appropriately. If an individual has debt, for example, the probate process allows for the filing of creditor claims, which may be approved or disapproved by the personal representative and, if approved, be paid from the assets of the estate if there are sufficient assets available.
After the debts and taxes are paid, the remaining assets will be distributed to beneficiaries either listed in the will or determined according to state intestate laws for those who die without a will. Estate administration can be lengthy, and the minimum amount of time to complete the process is six to 12 months. If the decedent has property in Oklahoma, but resides in a different state, that piece of property will be subject to an ancillary proceeding in Oklahoma.
Importance of Estate Planning
Although the probate process can seem long and inevitable, there are steps you can take to reduce the time of your estate's probate and clearly establish the inheritance of your future heirs. Drafting a clear will, for example, can reduce the amount of time that your estate is in probate by making your wishes obvious to the court. Another possible option is placing your assets into trusts, which will cause them to completely avoid the probate process.
A qualified attorney can help you draft a valid will to protect those close to you. Our team has over 30 years of experience at Elizabeth A. Richards Attorney at Law, and we can prepare your estate for the future of your loved ones.
If your loved one has recently passed on or you are concerned about protecting your loved ones after you are gone, contact our office today!