Some people think that a will is the only document that you should consider using when you are planning your estate. They are under the impression that the executor that you name in the document will follow your instructions and distribute assets to the beneficiaries.
This seems like a very simple and straightforward process that is between the decedent and the executor. Why would there be any expenses to consider? In reality, this is an oversimplification that doesn’t consider the impact of probate costs, and we will look at the matter in this post.
Court Supervision
When people pass away, they typically have debts, and creditors have a right to be paid. If someone thinks that the will is not valid for one reason or another, they should have a forum within which they can make a case.
There is also the matter of oversight that protects the people named as inheritors. What if the executor plays favorites unfairly? For these reasons and others, the process of probate is in place.
Under Oklahoma state laws, the will must be admitted to probate, and the court provides supervision while the estate is being administered. Anyone that wants to contest the will can come forward during probate, and creditors are notified so final debts can be paid.
Expenses
This process is not free by any stretch of the imagination. Probate costs include a filing fee that is charged by the court, and the executor is entitled to payment. In many cases, the executor will bring in a probate lawyer and accountant, so there could be legal and accounting fees.
These legal expenses will be multiplied if there are complications, and a contested estate would certainly fit into this category. The property must be prepared for distribution to the heirs, so there can be appraisal and liquidation charges as well.
All of this red ink will consume a noticeable portion of an estate. A study that was conducted a number of years ago determined that on average, between three percent and seven percent of the value of an estate is consumed during probate.
Other Drawbacks
The cost factor is not the only probate pitfall. You probably want your final affairs to be conducted in private, but privacy is lost when you use a will to express your wishes. Probate is a public proceeding, so the records are available to anyone who wants to access them.
Time consumption is another significant negative. No inheritances are distributed while the estate is being probated by the court; it usually takes eight or nine months at minimum.
Probate Alternative
You could use a revocable living trust if you want to steer clear of these difficulties. While you are alive, you would act as the trustee, so you would have total control of the assets that you transfer to the trust.
Along the way, you can change the terms as you see fit, and you retain the right of revocation. You can actually rescind or dissolve the trust if you choose to do so, and you would reassume direct personal possession of the property.
There are no risks, and there are considerable rewards. When you are drawing up the trust, you name a successor trustee to administer the trust after your passing. They would follow your instructions and distribute the assets to the beneficiaries in accordance with your wishes.
The probate court would not be involved at all, so the administration process would be simplified and streamlined. This is one of the major benefits of a living trust, and there are others that we will cover in a future post.
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If you would like to take a look at some first-hand experiences people have had with our firm, head over to our testimonials page. If you would like guidance for your personal situation, call our Oklahoma City estate planning office at 405-843-6100. The number for our Tulsa location is 918-615-2700. And you can use our contact form to send us a message.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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