There are multiple ways to arrange for the transfer of financial resources to your heirs after you pass away. Without question, the one that is most commonly understood by typical laypeople is the Last Will and Testament.
As you probably know, this document is utilized to state your final wishes and let everyone know how you want your remaining resources to be divided. What you may not know is that this is not something that is going to take place privately among family members and family members alone.
There could be debts outstanding owed by the deceased individual and an interested party or parties may contest the will that is being presented as the last one. To provide protections the estate must be probated when a Last Will is utilized, and this is a process that takes place under the supervision of the probate court that is local to the deceased.
This process can take quite a bit of time to run its course, especially if the Will is being contested. The heirs to the estate do not receive inheritances until everything has been hashed out and the estate has been closed by the court. In complicated cases this can take years; even in routine cases it can take months.
Things can be greatly streamlined by choosing another vehicle for transferring assets after you pass away. The most popular is the revocable living trust. When you use such a trust to elucidate your wishes, the distribution of your assets after you pass away takes place quickly and efficiently outside of the process of probate.
There is a lot to take into account when you are making plans for the future, and you may not know the best way to proceed. If you would like to discuss your legacy with an expert, take action right now to arrange for a consultation with a licensed and experienced Oklahoma City estate planning lawyer.
Author, President and Founding Attorney
Parman & Easterday