The amount of time it takes to probate an estate will depend on a number of factors, including the size and complexity of the estate, the abilities and dedication of the Executor/PR, and whether or not any challenges are filed against the estate. Furthermore, creditors have two months within which to file a claim against an estate in Oklahoma and then those claims must be evaluated and paid or denied. In any case, probate cannot be concluded until the appropriate statute of limitations on … [Read more...] about How long does it take to probate an estate?
Although every probate is unique, there are some common steps, including: Locating the original copy of the decedent’s Last Will and Testament and obtaining certified copies of the decedent’s death certificate. Submitting the Will with a petition to open probate with the appropriate court. Inventorying and valuing estate assets. Notifying creditors that probate is underway and claims may be submitted Evaluating any claims submitted by creditors Paying valid claims … [Read more...] about What are some common steps in the probate process?
There is no legal requirement that you hire an attorney to assist you in the probate of an estate. Probate involves a number of complicated legal concepts that require at least a basic knowledge of the applicable laws. As a general rule, if the estate requires formal probate, it is in your best interest as the Executor to consult with an experienced estate planning attorney to ensure you do not make costly mistakes. A probate court judge cannot advise you and if everything is not done … [Read more...] about Is an attorney required to probate an estate?
If the decedent left behind a valid Will, the terms of the Will dictate how the estate assets are distributed. If the decedent died without a Will, referred to as dying “intestate,” the Oklahoma intestate succession laws will decide what happens to the estate assets. In that case, only a spouse and/or close relatives will likely inherit from the estate. … [Read more...] about What happens to the estate assets if the decedent dies without a Will?
If the decedent executed a Last Will and Testament prior to death, the person named as the Executor in it will oversee the probate of the estate. If the decedent died intestate, or without a Will, any competent adult can volunteer to be the Personal Representative of the estate and oversee the probate process. If no one volunteers, the court will appoint someone, usually a local attorney, to be the Personal Representative. … [Read more...] about Who is in charge of the probate of an estate?
Some assets are considered non-probate assets. One of the first things that must be done following the death of an individual is to determine which property is probate property and which property is non-probate property. Non-probate property bypasses probate and may be distributed right away. Common examples of non-probate property include: Assets held in a trust Proceeds of a life insurance policy Certain annuities Funds held in accounts designated as “payable on death (POD)” or … [Read more...] about Are all assets part of the probate process?
Some type of probate is almost always required; however, formal probate may not be necessary. The State of Oklahoma has alternatives to formal probate for small estates without complex assets. A Small Estate Affidavit may be used if estate assets are less than $50,000 and the estate meets some additional requirements. A simplified court process is available if the estate’s assets do not exceed $200,000. … [Read more...] about Is probate always necessary after someone dies?
Probate is the legal process that follows the death of an individual. Probate serves several functions, including: Authenticating the decedent’s Last Will and Testament (if applicable) Identifying, valuing, and transferring estate assets Allowing creditors of the estate to file claims Settling any legal disputes related to the estate Ensuring that all taxes owed by the decedent and/or the estate are paid … [Read more...] about What is probate?
A Oklahoma City probate attorney can provide assistance to those who are involved in the probate process. One of the things that a probate attorney can do is to help an inheritance proceed as fast as possible. An attorney can facilitate the timely transfer of estate assets to new owners by providing advice during the probate process. With help from an attorney, executors can ensure they file the correct paperwork, fulfill their obligations, and move the probate process forward in as timely a … [Read more...] about How can an Oklahoma City probate attorney help an inheritance to come faster?
During the probate process, an interested party can challenge a will, or contest the validity of a will. In order for someone to successfully challenge a will and have the will declared invalid, they must prove that there was a problem when the will was created. There are specific legal formalities and requirements for a will to be valid. If these formalities are not present, the will likely be challenged, further delaying the probate. A will may also be declared invalid if it … [Read more...] about What makes a last will and testament invalid?