The Basics of Probate: What it is and How it works?
The probate process follows a very specific guideline so that the debts and assets of the deceased are paid correctly. Sadly, this process can take an extensive amount of time, especially if heirs must be located or any of the property requires a special appraisal or sale before distribution. For many, the process can take up to a year to complete.
During this period when the Court is sorting through the estate, the main beneficiaries can request a small sum of the inheritance so that they can pay their bills or live. This will come from their share of the estate.
It should be understood that any and all actions taken by the Court in regard to the estate will have a cost. The Court does not process anything without a fee, including giving money to the heirs to live on while the estate is being settled. All of these fees can have a large impact on the overall value of the estate.
To avoid all of the excessive and often unnecessary costs associated with probate, every person should go through estate planning.
When you work with a Tulsa estate planning lawyer, not only will you ensure that your last wishes are clearly and legally stated, but you will also protect your family from unnecessary costs and high taxes. Your estate planning attorney can help you manage your estate in such a manner that it will pass to your heirs seamlessly and many of the tax penalties will be avoided.
Estates of every size should take part in estate planning. As your Tulsa estate planning lawyer will tell you, if there is any type of titled property in the estate, such as a home, bank account, vehicle, or similar type of asset, you need to plan your estate.