The Uniform Probate Code (UPC) is a set of laws that provide a uniform system for the probate of wills and the administration of estates. The Uniform Law Commission (ULC) developed the UPC. The ULC is a non-profit organization that works to promote uniformity in state laws. The UPC has been adopted by 18 states, but Oklahoma is not among them.
In addition, it extends to the guidelines for trusts, guardianships, and conservatorships. The UPC is designed to provide a consistent and predictable legal framework for these areas. This can help to streamline the probate process and reduce the risk of disputes.
One of the key provisions of the UPC is that it allows for the use of small estates procedures in certain cases. Specifically, if the value of an estate is below a certain threshold, the executor or administrator of the estate can avoid the full probate process. Instead, they can use a simplified process to distribute the assets of the estate. This can save time and money for the estate and its beneficiaries.
Although Oklahoma has not implemented all of the provisions in the UPC, there is a simplified probate procedure for small estates. It can be used if the value of the estate in question is $50,000 or less. In such cases, property could potentially be claimed with a small estate affidavit.
The UPC also provides rules for the appointment of personal representatives (also known as executors or administrators) to handle the probate of a will or the administration of an estate. This is necessary when the decedent did not name an executor in their will. These rules ensure that the personal representative is qualified to serve in this role. They also provide guidance on their duties and responsibilities.
The UPC also sets out rules for the distribution of an estate’s assets under some circumstances. These rules are based on the idea of intestate succession. This means that if a person dies without a will (also known as “intestate”), their assets will be distributed according to a predetermined set of rules. These rules generally prioritize close family members, such as spouses and children. They also include more distant relatives if there are no closer relatives.
In addition to these provisions, the UPC includes provisions on the rights and duties of beneficiaries, the powers of personal representatives, and the duties of trustees. Moreover, it includes provisions on the creation and termination of trusts, and on the appointment and duties of guardians and conservators.
Overall, the UPC is a useful tool in the probate and estate administration process. It provides a consistent and predictable legal framework that can help to ensure that the probate process is fair and efficient. It facilitates the distribution of assets according to the wishes of the deceased or, in the case of an intestate estate, according to the rules of intestate succession.
Probate Avoidance
For the most part, the probate process is as efficient as it can be. However, it is possible to avoid probate altogether when you are planning your estate. Why would someone want to do this?
Any way you slice it, probate is time-consuming. The inheritors receive nothing while the estate is being probated by the court. Expenses accumulate that reduce the value of the estate. In addition, it is a public proceeding. As a result, interested parties can access the records to find out how the resources were distributed.
The living trust is a commonly utilized probate avoidance structure. Assets in the trust are distributed to the beneficiaries in accordance with the wishes of the decedent outside of probate. This is just one of the benefits. we will explore other benefits in a future post.
We Are Here to Help!
There are many approaches that can be taken when you are planning your estate. The ideal way to proceed will depend on the circumstances, and this is why legal counsel is invaluable.
When you work with our firm, you will receive personalized attention. At the end of the process, your plan will be carefully crafted to suit your specific needs.
If you are ready to get started, you can schedule a consultation at our Oklahoma City estate planning office by calling us at 405-843-6100. Our Tulsa location can be reached at 918-615-2700, and you can use our contact form to send us a message.
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