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
Probate
Is the Uniform Probate Code Used Everywhere?
We will share some information about the Uniform Probate Code (UPC) in this post, but before we get there, we will provide an explanation of the probate process in general. Estate Administration When an estate plan consists of only a will, or when no estate plan exists, the probate court provides supervision during the administration process. The hands-on administration tasks are completed by the executor of the estate. The probate process exists for multiple reasons. In addition to the … [Read more...] about Is the Uniform Probate Code Used Everywhere?
What Is Probate and Why Do People Avoid It?
There are those that think an executor can read the terms of a will to the people named in it and distribute assets immediately. In reality, this is not the way it works. The will must be admitted to probate, and the court will provide supervision during the estate administration process. The court also has jurisdiction when a deceased person dies without any type of estate plan. When a will is executed, the executor or personal representative named by the testator (the person who created … [Read more...] about What Is Probate and Why Do People Avoid It?
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. An Overland Park probate attorney at Parman & Easterday explains why avoiding probate is so important. The Probate Process Probate is the legal process typically required after the death of an individual. Probate serves … [Read more...] about Why Is Avoiding Probate So Important?
When Might an Estate Accounting Be Required?
If you recently lost a loved one, you are likely going through a period of grief and other heightened emotions. If your loved one appointed you to be the Executor of his or her estate, you still must focus on the legal and practical steps required during the probate that follows. Normally you will be required to provide an estate accounting. For a first time Executor, an Overland Park probate attorney at Parman & Easterday can assist you when an estate accounting is required. What … [Read more...] about When Might an Estate Accounting Be Required?
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
