Common Oklahoma Probate Myths Debunked
When a family faces the process of probate in Oklahoma, there are many myths and misconceptions that can cause unnecessary stress and confusion. Understanding the truth of the probate process and how you can streamline the process for your family after your passing can help you take your estate planning to the next level. At Entz Burton & Associates, we focus on helping Oklahoma City families prepare for whatever the future may hold. Call our probate law firm at 800-633-7230 to set up a consultation with our team of Oklahoma City probate lawyers now.
What is probate? Probate is the legal process that happens after an individual passes away. The court validates the individual’s will if there is one available and oversees the management of their estate. This involves paying off any debts that the decedent had incurred, finding and contacting beneficiaries, cataloging and valuing assets, and ensuring that assets make it to the right people.
Probate Is Always a Long and Costly Process
Many people believe that every probate case in Oklahoma drags on for ages and racks up huge expenses. This isn’t always true. The complexity of the deceased person’s estate, whether they left clear instructions, and if the family agrees on important matters, all play a part in determining the timeline and the financial impact. Some probate processes are straightforward and resolved quickly, especially if the estate is well-organized and uncontested.
On the other hand, if there are disputes or complications, it could take longer and cost more. This is why many people choose to avoid probate whenever possible through their estate planning strategies.
If There’s a Will, You Can Avoid Probate
A common misunderstanding is that simply having a will means your estate can skip the probate process in Oklahoma. This isn’t the case. A will is incredibly useful because it outlines your wishes for how you want your assets distributed, but it doesn’t eliminate the need for those wishes to be officially approved by the court. The probate court still needs to confirm the validity of a will, which means the will itself must go through probate. This step is crucial because it ensures that the will meets all legal standards and truly reflects the intentions of the deceased. There are estate planning tools that can help assets bypass probate—for example, trusts—but a will is not one of them.
Small Estates Don’t Need Probate
It’s a common belief that smaller estates bypass the probate process entirely in Oklahoma. However, the reality isn’t quite so straightforward. Oklahoma law does provide a path for simplified probate procedures for estates that fall under a certain value, but it’s important to understand what qualifies as a “small estate.” Should a decedent’s estate fall under the definition of small estate, assets can be transferred by affidavit. You’ll still need to confirm that the estate is truly a small estate before going this route.
You Don’t Need an Attorney for Probate
Navigating this process without a probate lawyer is a path some may consider, especially when trying to keep costs down. Diving into probate without legal guidance can lead to unforeseen challenges and complications. Probate law is intricate, with various steps and requirements that must be precisely followed to ensure the estate is handled correctly. Mistakes or oversights can delay the process, increase expenses, or even result in legal issues.
An experienced Oklahoma City probate attorney can simplify this complexity, guiding you through each step and helping to avoid common pitfalls. Their expertise not only ensures compliance with Oklahoma law but also acts as a shield against potential disputes that could arise among beneficiaries.
Probate Is Only About Distributing Assets
Many people think that probate in Oklahoma is just about handing out someone’s belongings after they’ve passed away. However, it’s much more involved than that. Deciding who gets what is a big part of it, but there’s a lot more going on behind the scenes. Before anyone receives anything, the court needs to make sure the will is legitimate. Then, there’s the matter of settling any debts the deceased may have left behind, which could mean paying off loans or taxes. Plus, if anyone disagrees with how things are being handled, the probate process is where those disputes get sorted out. After all of that, there’s still the official closing of the estate to handle, ensuring everything has been done by the book.
Plan for Probate With Entz Burton & Associates
If your family is navigating the probate process, our team of probate lawyers is here to help you and provide guidance. Get started and set up a time to meet with our team by calling our probate law firm at 800-633-7230 or filling out our online contact form.
Attorney J. Michael Entz at Entz Burton & Associates is an experience lawyer in estate planning law, business formation and asset protection serving the families in Oklahoma City and Weatherford office.
