• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Parman & Easterday

Oklahoma Estate Planning Attorneys

Call Now: (405) 843-6100 |
(918) 615-2700

Attend an Education Program-Oklahoma City Area Attend An Education Program in the Tulsa Area
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Business Succession Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • Asset Protection Worksheet
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
        • Yukon Elder Law
      • Medicaid
      • Nursing Home Resources
    • Estate Planning
      • An Overview of Estate and Gift Taxes
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Alzheimer’s FAQs
      • Asset Protection Planning
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Inheritance Planning for Minors
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Nursing Home Asset Protection
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Probate Resources
      • Midwest City Probate
      • Moore Probate
      • Oklahoma City Probate
      • Overland Park Probate
    • Published Books
    • Pre Consultation Form
  • Communities We Serve
    • Edmond
    • Midwest City
    • Moore
    • Norman
    • Oklahoma City
    • Yukon
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
Home » Guardianship » What Are the Drawbacks of Probate?

What Are the Drawbacks of Probate?

January 24, 2014 by Larry Parman, Attorney at Law

Many people are not aware of the existence of probate. When you draw up a last will to state your final wishes, the document is not confined to your family members. Instead, the will must be admitted to probate, and the probate court must supervise the administration of the estate.

Let’s look at some of the drawbacks of probate.

The Time Factor

It is likely that you want your loved ones to receive their inheritances as quickly as possible after you pass away. This could actually be a necessity for some families depending on the financial circumstances of everyone involved.

Probate is time-consuming. Even very simple and straightforward cases will take months. More complicated probate cases can take years.

Why would probate be time-consuming? There are a number of factors to consider. The probate court would hear any disputes that may be presented, and a contested estate case can get quite lengthy.

Final debts must be paid during probate.  Creditors must be notified, and they are allowed a certain amount of time to come forward.

There is also the matter of the liquidation of property. It can take time for the executor to liquidate property of various kinds to prepare this property for distribution to the heirs.

Public Record

Probate records can be accessed by the general public. For a variety of reasons,  you may not want anyone and everyone to know exactly what went on during probate.

Expenses

In addition to the time factor and the loss of privacy, there are considerable expenses that can accumulate during the probate process. The court is going to impose a filing fee, and the executor must be paid. The executor will often engage the services of an accountant and an attorney. Liquidation and appraisal expenses can also be a factor.

Probate Avoidance

When you hear about these drawbacks you may wonder if it is possible to arrange for future asset transfers outside of the process of probate. The answer is yes, probate avoidance strategies do exist.

The best way to avoid probate will vary on a case-by-case basis. Some people simply want to facilitate direct asset transfers outside of probate. Others have additional concerns.

If you would like to discuss probate avoidance strategies with a licensed attorney, we invite you to contact our firm to set up a free consultation. We will listen as you explain your objectives, answer any questions that you may have, and make the appropriate recommendations.

It is important to understand the fact that you have options when you are planning your estate. There is no reason to limit yourself. If you want to avoid probate and the drawbacks that go along with it, you have every right to do so.

Blaine Peterson
Author, Attorney
Parman & Easterday

To learn more, please download our free drawbacks of probate in Oklahoma report.

  • Author
  • Recent Posts
Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
Latest posts by Larry Parman, Attorney at Law (see all)
  • Why Do You Need an Elder Law Attorney? - January 31, 2023
  • Inheritance Planning for Blended Families - January 26, 2023
  • 4 Things Trusts Do That Wills Can’t Do - January 24, 2023

Filed Under: Guardianship Tagged With: asset protection planning, insurance policies, Supplemental Trusts

Other Articles You May Find Useful

incapacity planning
Take Proactive Steps to Prevent a Guardianship
Parman & Easterday
Estate Planning For Domestic Partners
Overland Park estate planning attorney
Are Your Assets In Harm’s Way?
overland park probate attorneys
Understanding Guardianship Proceedings in Probate Court
Parman & Easterday
How Does a Court Choose a Guardian or Conservator?
Parman & Easterday
Guardians, Conservators, and More – What Does a Guardian/Conservator do?

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

SUBSCRIBE TO OUR BLOG

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018

MAP

parman_sidbr_map

Where We Are

TULSA, OK
Memorial Place 7633 E. 63rd Place
Tulsa, OK 74133
Phone: (918) 615-2700

MAP

parman_sidbr_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 12:00 PM

Footer

footer-logo

The information on this Oklahoma Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Oklahoma City Estate Planning Attorneys at Parman & Easterday offer estate planning services in the Oklahoma City, Oklahoma and surrounding areas. Contact us for help today.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2023 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube