The Process of Probate: How it Works?
Probate is the legal process where after a person has passed away the Court distributes their assets. In most cases, the Court only handles titled assets such as homes, vehicles, investment accounts and similar financial products. Personal items are generally distributed through the Will.
Once probate has started the Court will go through the assets and finalize their actual value. They will contact all the heirs named as beneficiaries to the assets. Once all of the taxes, debts, and court related expenses have been paid from the estate, the Court will distribute the assets to the heirs.
It is usually that simple. That is unless it is contested by one of the heirs. If the estate is contested by a disgruntled heir, the process can quickly become complicated and the process will be a lengthy and expensive process.
Avoiding Chaos With Proper Estate Planning
The best way to ensure that your wishes are followed, that your heirs are protected, and that your estate is not burdened with excessive taxes is to have a good estate plan in place. Estate planning is something that every person should complete regardless of the size or amount of held assets.
Working with Tulsa estate planning lawyer can help you create a plan that will effortlessly transfer your assets to your heirs. Your attorney can help you with everything from creating a Trust to updating your Last Will.
A Tulsa estate planning lawyer will also help you make sure that all areas of your estate are covered by the right legal documentation. They will go over your accounts to make sure beneficiaries have been established, and make sure that you are always in compliance with the law.
Your attorney will also help you set up your accounts and asset transfers in a way that will reduce estate taxes. Proper planning will protect your family from the chaos of probate while ensuring that your wishes are met when your assets are distributed.