Navigating the intricacies of probate proceedings in Tulsa can be an exhausting task. This is especially the case for individuals dealing with the sudden loss of a loved one. During such emotionally trying times, seeking the guidance and support of a skilled probate attorney can provide invaluable assistance in ensuring a smoother and more efficient administration of the estate. With a comprehensive estate planning practice, the probate attorneys at Tulsa County Lawyers Group are here to help you.
Probate involves a direct but complex process of proving that a deceased person’s will is valid. Further, it also provides an inventory and appraisal of your loved ones property. Through this process, both debts and back taxes are paid. Probate is also useful when distributing assets as directed by the will. Further, if there is no will, a probate case distributes assets by intestate distribution.
Oklahoma Probate Process:
Probate is the process the court uses to ensure that all the property of the deceased is accounted for and all debts and taxes are being paid. Below are some of the most common steps when it comes to this process:
- Initiating Probate: The probate process typically begins by filing a petition with the appropriate court in the county where the deceased resided. This petition requests the appointment of a personal representative or executor to manage the estate.
- Inventory and Appraisal: The personal representative is responsible for taking inventory of the deceased’s assets and obtaining appraisals where necessary to determine their value. This includes real estate, financial accounts, personal belongings, and any other property owned by the deceased.
- Notifying Creditors and Settling Debts: Oklahoma probate law requires that creditors be notified of the decedent’s passing so they can make claims against the estate for any debts owed to them. The personal representative must review and settle valid creditor claims using estate funds.
- Court Hearings: It is necessary for the personal representative and any interested parties to present to the court upon notice of hearing. This ensures that everyone’s issues are heard. The court will take all testimony into consideration when making their final determination on the estate.
- Distribution of Assets: After debts and taxes are paid, the remaining assets are distributed to beneficiaries according to the terms of the will or the state’s intestacy laws if there is no will. This distribution process must adhere to Oklahoma probate laws and any specific instructions outlined in the will.
Given the complexity and potential pitfalls of probate proceedings, it’s crucial for individuals of the estate administration to seek the guidance of an experienced probate attorney. An attorney can provide valuable assistance in navigating the legal requirements. This includes minimizing estate taxes, resolving disputes, and ensuring that the estate distribution is efficient and according to the decedent’s wishes.
Role of a Will in Probate
Probate proceedings will often initiate in order to validate a decedent’s will. This allows the court to determine its legitimacy. Should the court deem the will to be valid, the personal representative will follow the will’s directives. Alternatively, in the absence of a valid will or if one does not exist, the estate’s assets will distribute according to intestate succession laws. These laws prioritize heirs based on their familial relation to the deceased, also known as heirs at law.
In terms of estate management, the decedent’s will typically appoints a personal representative. This person is responsible for overseeing the probate process and all financial aspects. If the will fails to designate a personal representative, it becomes the beneficiaries’ responsibility to appoint one. As with most proceedings, the person must be at least eighteen years of age to act as a personal representative.
It’s important to note that not all estates will require a probate action. In situations where the total estate value, post-settlement of debts and liabilities, falls below $50,000 as per Oklahoma inheritance laws, the estate can bypass probate proceedings through a court affidavit. A probate or estate attorney will be the best person to consult regarding if your loved one’s estate qualifies for this exemption.
Property of the Probate Estate
Note, some of the decedent’s property may not go through the probate process. This is because it passes to another person contractually. This includes things like proceeds of an insurance policy and property owned as joint tenants with the right of survivor-ship. Revocable and irrevocable trust held during the decedent’s lifetime also avoid probate.
A common misconception about probate is that with the existence of a valid will, you can avoid the probate process. Although the existence of a valid will can help speed up the process, many cases still require probate. This is due to complications that could arise with the distribution of assets and many other factors.
Probate Fees, Costs, and Taxes
Court costs, estate and inheritance taxes, and attorney and personal representative fees are common costs associated with the probate process. Court costs depend on a schedule of charges made for each matter handled by the court. Federal guidelines set estate and inheritance taxes on a yearly basis.
- 2004-2006 – Exemption amount = $1.5 Million
- 2006-2008 – Exemption amount = $2.0 Million
- 2009 – Exemption amount = $3.5 Million
- 2010 to later – Exemption amount = $5 Million
Oklahoma no longer charges a tax against an estate for persons who passed away before 2010. Attorney fees to administer the probate though depends upon reasonable charges, which most people will find in the industry. Further, the court allows the personal representative a fee. The law sets this based on a percentage of the probated estate. The percentage varies from 2.5% to 5%, depending on the nature of the services the representative must perform. Fees for attorneys and personal representatives are subject to the approval of the district court.
Hiring Tulsa County Probate Attorneys
Hiring experienced Tulsa County probate attorneys offers numerous benefits. Firstly, they will provide you with expert guidance through every step of the probate process. This starts from initiating the proceedings to the final distribution of assets. We possess a deep understanding of Oklahoma probate laws and local court procedures, which enables us to navigate the complex legal requirements with ease. This knowledge helps you to avoid costly mistakes and delays that could arise from attempting to handle probate without the assistance of a knowledgeable attorney.
Additionally, our attorneys can help to mitigate disputes among the heirs or beneficiaries, minimizing the potential for conflicts that could prolong the probate process and strain familial relationships. Overall, entrusting the probate process to our expert attorneys in Tulsa County can provide you peace of mind and assurance that the handling of the estate will be effective and in accordance with the law. Call today for a free consultation at 918-379-4864, or use our Ask A Lawyer feature.