The distribution of assets after a person passes away can be handled in two ways. It can go through the probate process, or it can pass to the heirs through a trust. The manner in which the property is distributed will depend on if the person has conducted the proper estate planning before they passed away.
Estate Probate can be a lengthy and costly process for the remaining family members. This type of process requires that the remaining assets of the person who has passed away be cataloged, appraised and then distributed to the heirs as determined by the Court system. Debts and taxes on the estate must first be paid from the assets, and any remaining assets must be distributed according to the Court, not necessarily the wishes of the decedent.
If there are questions about the distribution of assets, missing heirs, or disputes, the process could take a very long time to complete. Every process that the Court must decide is more legal fees and time taken from completing the process.
Probate Can Be Avoided
You can avoid the costs and time associated with the probate process by working with a Tulsa estate planning lawyer. Your attorney can help you protect your assets and your family by helping you create a Trust.
A Trust is a legal document that protects your assets from over taxation and from the probate process. It establishes heirs and distributes your assets as you desire. There are several types of trusts, and your Tulsa estate planning lawyer will help you determine which type of Trust best fits your needs.
Estate planning is something that everyone should do. It does not matter how large or how small your assets are, they need protection. When you pass away, your family will endure much emotional stress. Adding to this hardship worrying about finances and the estate can be avoided through estate planning.