Category Archives: Tulsa estate planning attorneys

Probate Attorneys in Tulsa

Probate Attorneys In Tulsa

Tulsa County Estate Planning Lawyers

Determining who receives what when you die requires an evaluation of your estate. This evaluation includes the type of assets you hold.  If you have a will, for instance, your assets may pass to different individuals than they otherwise would have if you died without a will.  Certain assets are not subject to probate and will pass automatically to another individual upon your death.  The following is a brief explanation of who would receive what assets when you die. For a free consultation with one of the Probate attorneys in Tulsa from Tulsa County Lawyers Group call us today.

If You Die Without a Will in Oklahoma:

If you die without a will in Oklahoma, all of your assets that would otherwise have passed through a will are affected by interstate succession laws.  Generally, this will include any assets that you hold in your name alone.  It will exclude:

  • Property in a living trust
  • Property owned in joint tenancy or tenancy by the entirety
  • Retirement accounts
  • Life insurance benefits
  • Payable on death bank accounts

This excluded property follows its own succession laws.  Items like retirement accounts and life insurance benefits go to the name beneficiaries, while property held jointly will revert to the other co-owner.

If you die intestate in Oklahoma, your property distributes as follows:

  • Children but no spouse—assets go to children alone
  • Spouse and children from both of you—spouse inherits 1/2, children inherit remainder
  • Spouse and at least one child from you and someone other than spouse—spouse inherits 1/2 of all property acquired during the marriage, other property split among children
  • Wife and no children, parents, or siblings—spouse receives everything
  • Spouse and parents—spouse inherits all property acquired during marriage and 1/3 of remaining property, parents receive the rest
  • Siblings and Spouse—spouse inherits all property acquired during marriage and 1/3 of remaining property, siblings receive the rest
  • Siblings and no parents, spouse or children—siblings inherit everything
  • Parents and no children or spouse—parents inherit everything

If You Die With a Will in Oklahoma:

Those who create a will prior to their death have greater control over who will receive what when they die.  When someone dies with a will, their assets will be distributed by the court during the probate process. This is done in accordance with the terms of a will.  For instance, if the will states that the family home will go to the spouse, while the liquid assets will be distributed among the children, the court and executor will ensure this is what occurs.  Wills need not follow the laws of intestacy and can name anyone to receive any assets held by the deceased individual.

If You Die with a Trust:

In the event you have created a trust, your assets will pass nearly instantaneously to your named beneficiaries.  Your assets will avoid the probate process and your named trustee will ensure the assets are distributed in accordance with the terms of the trust.

Free Consultation With Probate Attorneys in Tulsa:

 Estate planning is multifaceted and comes with many options.  The  Estate Planning Attorneys at Tulsa County Lawyers Group have assisted countless individuals in developing an estate plan that best suits their needs and will serve their beneficiaries to the fullest.  We assist with the creation of wills, trusts, and much more.  When you come in for a consultation, one of our experienced estate planning attorneys will examine your asset/debt portfolio and take your wishes into account to generate an estate plan that best protects your assets for your intended beneficiaries.  Contact our Probate attorneys in Tulsa Today.

Oklahoma Probate – Tulsa Probate Attorneys

Most people have heard of the term probate, but many lack a full understanding of theOklahoma Probate Oklahoma probate process.  Knowing more about probate can help you prepare in the event a loved one passes.  It can also give you a greater understanding as to what estate planning tools you would like to implement in order to either shorten or avoid probate all together.

Oklahoma Probate Defined:

          Probate is the legal process that occurs when someone dies.  It will involve:

  • Introduction of the deceased person’s will;
  • Proving to the court that the deceased person’s will is valid;
  • Identifying and inventorying the deceased individual’s assets;
  • Appraising the property;
  • Paying any debts or taxes; and
  • Distributing the remaining assets in accordance with the will (or with state law, if no will exists).

 Oklahoma Probate will typically involve much paperwork and the involvement of Oklahoma Probate attorneys.  Court fees and attorney expenses will be paid from the property, which would otherwise go to the listed beneficiaries.  Probate can be both expensive and time consuming.  Even if no litigation occurs, probate will generally take between four and six months.

Property That Goes Through Probate:

 No.  Certain property will pass outside of your will.   This includes any property put in trust or property held in joint ownership.  For jointly held property, when the first owner dies, the remainder interest transfers directly to the surviving partner, thus bypassing probate.  Most retirement accounts and life insurance policies will also avoid probate because they involve designated beneficiaries.  Any bank accounts set up to pay upon death bypass probate too.

In Oklahoma, ways exist to avoid probate when involving minimal assets.  Oklahoma probate allows beneficiaries to claim property with just a simple affidavit when the property values at $20,000 or less.

Further, the simplified probate process is available for estates valued at under $200,000.  This process is essentially a shortened, simplified version of the probate process and will save money and time.

Avoiding Probate in Oklahoma:

 As you can see, the probate process can be time consuming and the court costs along with attorneys’ fees involved will cut into the assets which would otherwise be distributed to your named beneficiaries.  Whether you should plan to avoid Oklahoma probate is a question that will best be answered with the assistance of an experienced Tulsa estate planning attorney.  An estate planning attorney will review you assets, discuss options for distributing assets, and develop a full understanding of your ultimate estate planning desires.

For those who wish to avoid probate, generally to avoid the costs and time associated, living trusts offer a viable alternative.  With a trust, you can name your desired beneficiaries as in a will, but the assets will pass directly to these individuals without the need for court involvement, which many find to be a substantial benefit.

Tulsa County Probate Attorneys

The Oklahoma probate process can be complex, costly, and time consuming.  If you are an executor in need of assistance with probating an estate, or if you are a beneficiary with concerns involving a will, the experienced Tulsa County Attorneys at our  Law Office can help.  We have assisted countless executors and individuals through difficult probate matters.  As full service estate planning attorneys, we can also assist interested individuals in avoiding the probate process entirely.  We will examine your asset/debt portfolio, and take your wishes into account, in generating an estate plan that best protects your assets for your intended beneficiaries.  Contact our probate attorneys today for a free consultation.