Probate Process: How to Probate a Decedent’s Estate?
The probate process can be long, complicated and costly. In truth, using the Court system to finalize an estate and distribute assets should only be used in extreme cases. Estates that have extensive debts, missing assets or disputing heirs are the only types of cases that should go before the court.
Probate involves having the court go through the estate, determine the value of assets, pay all the debts of the deceased through use of the assets, and then distributes the remainder of the property to the heirs. On average, this can take up to a year to complete.
Of course, the court does not do any of these services for free. The estate will be charged for all services performed by the representative of the court. This can quickly add up, with costs related to closing an estate equaling up to one third of the value of the estate.
Avoiding The Costs Of Estate Distribution
You can avoid the time and costs associated with the court system settling an estate through estate planning. Working with a Tulsa estate planning attorney can help you protect your assets now, protect your heirs in the future, remove the need for probate, and lower your tax burden now and in the future.
Your attorney can help you protect your assets through the establishment of trusts and other financial instruments that can be easily passed along to your heirs without hassle. Your attorney will also make sure that all of the proper estate planning paperwork is in place and in compliance with the law.
Your Tulsa estate planning attorney will prepare your Last Will and Testament so that you can make sure that your wishes are followed after your death. Personal items that you wish to pass on to others will be clearly stated in this document so that there is never an issue about who receives what from your estate.
Your attorney will also make sure that you have the proper documentation in place to protect your health and well-being while you are alive. This may include establishing a healthcare advocate in the event you are unable to make medical decisions or granting power of attorney to someone to help you with financial issues in the future.