Probate is the legal process where the court distributes assets and pays the debts of a deceased person. This can occur when a person dies without the proper legal instruments in place, such as a Will or a Living Trust. This process can take an extensive period of time and can incur many large expenses.
Estate Planning Can Solve This Problem
One of the best things that a person can do for their family is complete their estate planning. It does not matter what the value of your assets are, estate planning should be conducted to ensure that your family is not burdened with the Probate process or complications when the assets are distributed.
If the court decides who receives your assets, there are no personal feelings involved. The assets are distributed according to the guidelines of the State and in no other manner. This can lead to people disputing the distribution and cause long and extended court battles over the assets. In some cases, the estate is exhausted in court fees and there is nothing left for an inheritance.
To avoid this type of problem and to protect your assets now, you should speak with a Tulsa estate planning attorney. Your attorney can make sure that you have all the legal framework and documents in place to have your estate distributed as you desire after your death without interruption from the court system.
In addition, your Tulsa estate planning attorney can help you establish legal documents to help you better manage your estate now. This includes establishing Trusts and similar documents to help you manage tax burdens and similar issues. Your attorney will also make sure that you have the proper paperwork together for your Last Will, Medical and Financial Powers of Attorney and end of life wishes.