If you were to use a Last Will and Testament to serve as your primary asset transfer vehicle, you would name an executor to handle the administration tasks after you are gone. The executor would not be allowed to act independently without any type of government oversight. Under Oklahoma State laws, the will would be admitted to probate. The court would supervise the administration of the estate. And the executor would notify creditors and establish an estate bank account. Final debts are … [Read more...] about Why Do People Avoid Probate?
Probate
Steps That an Executor Must Take to Settle an Estate
If you are going to be the executor of an estate without any past experience, you are stepping into the great unknown. Whoever nominated you for this important responsibility has given you a JOB! With this in mind, we are going to share some simple steps that you will take when it is time for you to administer the estate. First Things First First, I will use the older term "executor" due to its long-time use. Today, many states refer to this person as the "personal representative". Now, to … [Read more...] about Steps That an Executor Must Take to Settle an Estate
Avoid Probate the Right Way
Sometimes you hear bits and pieces of information about estate planning that can lead you in the wrong direction. This most often occurs when you are looking for how to avoid probate. Estate Administration If you use a simple will to state your final wishes, your executor acts as the administrator. The executor cannot complete the administration without court supervision. In Oklahoma, the executor is required to admit the will to probate and the probate court oversees the … [Read more...] about Avoid Probate the Right Way
Why Is Avoiding Probate So Important?
As your estate and your family grow, your estate plan should grow with them. Over the course of your life you will probably add additional goals and objectives to your overall plan. One of the most popular additions to the average estate plan is probate avoidance. The Probate Process Probate is the legal process typically required after the death of an individual. Probate serves several important purposes, including the identification and eventual distribution of the decedent’s estate … [Read more...] about Why Is Avoiding Probate So Important?
How Long Will It Take to Probate My Father’s Estate?
Dealing with the loss of a father is never easy. When you are also in charge of probating your father’s estate, it can be a particularly stressful time as you try to manage your grief and focus on administering the estate at the same time. If this is also your first time acting as an Executor, you may know very little about the probate process. To give you some idea how long it will take to probate your father’s estate, an Oklahoma City probate attorney at Parman & Easterday explains how … [Read more...] about How Long Will It Take to Probate My Father’s Estate?
What Executors Need to Know About Oklahoma Probate Laws
Oklahoma probate laws govern every aspect of the probate process, which occurs after most deaths within the state. Unless the deceased has taken steps to ensure all property can pass outside probate, the probate process is necessary to facilitate the transfer of the deceased's assets and the winding up of his or her estate. The executor has a fundamentally important role to play during the probate process and it is imperative the executor know all the Oklahoma laws which must be … [Read more...] about What Executors Need to Know About Oklahoma Probate Laws
What are the Rules for Intestate Succession in Oklahoma?
If you die intestate and do not have a will to provide instructions about your wishes, you will not have control over who inherits your property. Then, the state of Oklahoma will determine who should receive money and assets that you acquired over the course of your life. So, unless you want the state of Oklahoma to decide who get's your assets, it is important to create a will. That way you do not die intestate. Yes, when you create a will, you avoid the laws of instate … [Read more...] about What are the Rules for Intestate Succession in Oklahoma?
Who Gets to Administer My Father’s Estate If the Family Doesn’t Agree on an Administrator?
Whether you are 12 or 62, the death of a parent is not easy to handle. If you recently lost your father, you are probably still grieving the loss. At the same time, you may be feeling the need to get started on the administration of your father’s estate. If your father failed to leave behind a Last Will and Testament appointing an Executor of his estate, someone must petition to become the Administrator. What happens if the family cannot agree on who that person should be? If you find yourself … [Read more...] about Who Gets to Administer My Father’s Estate If the Family Doesn’t Agree on an Administrator?
Benefits of Probate Avoidance Planning
Probate avoidance planning is something not many people have heard of, but about which everyone should be aware. If you do not take steps to avoid the probate process, your assets will almost assuredly transfer through through probate after you pass away. There are significant downsides to your money and property being transferred through probate, which is why it can be smart to take steps to ensure this doesn't happen. Parman & Easterday can assist you with taking steps to ensure your … [Read more...] about Benefits of Probate Avoidance Planning
What Are the Steps in the Probate Process?
Most people will be involved in the probate of an estate at some time during their life. Your involvement may be the result of overseeing the administration of an estate or as the beneficiary of an estate. In both instances, knowledge of the probate process is beneficial. It is also beneficial to understand the probate process to help you create your own estate plan. With that in mind, the Oklahoma City probate attorneys at Parman & Easterday discuss some common steps in the probate … [Read more...] about What Are the Steps in the Probate Process?
