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The Probate Steps can be confusing and discouraging for lots of people. Routine probate and can take 6 to 10 months usually. Nevertheless, we have probates that last over a year or longer when heirs fight.
It is possible to prevent the Probate process by dispersing properties with specific tools such as Joint Tenancy with Right of Survivorship, Pay on death identifications, and transfer on deaths identifications. While these are necessary tools, they can have unexpected consequences. Rather they need to be used in combo with a properly executed estate plan.
Probate is a civil court proceeding for the distribution of an individual's assets at death. The VERY crucial distinction between passing away with or without a Will is how property is distributed.
For distributions according to your dreams then you should have a valid Last Will and Testament and proper estate planning. The government makes distributions for you if there is NO Will. The effect of dying without a Will can be unfortunate.
The bottom line is that the authorities OR A COURT chooses who gets what.

Everyone, whether married or single ought to have a Last Will and Testament - preferably with an Estate Planner. This will be your guide in determining how you wish to distribute your home when you pass away.
For the majority of people, creating a Last Will and Testament allows them to handle their affairs through life with confidence and security. It likewise provides the opportunity for family members to continue caring for one another after the decedent passes away. By consisting of directions about funeral arrangements and other last desires in your Last Will & Testament, you can help alleviate the psychological stress on loved ones at this difficult time in their lives.
You may want to provide specific information relating to properties, including real estate, tangible personal property, financial investments, insurance policies and retirement plans. There are numerous things that can be incorporated in a Last Will & Testament to take care of your family after your passing.

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A Last Will and Testament is an important document that should be done by an attorney. There are particular guidelines that need to be followed when creating this legal document. It will keep your desires known during your life time as well as at time of death avoiding troubles within the family.
It does not matter whether an individual passes away with or without a Last Will and Testament, the probate process is the identical.
Oklahoma Summary Probate is available where the overall worth of the estate is less than $200,000. The Oklahoma Summary Probate only takes a few months. This probate procedure works successfully when all heirs are in agreement and there are no problems. The timeline is tight. So, if there are issues, then family members will sometimes opt for the "standard probate" when there are arguments or outside situations that would need a longer probate process. See our Summary Probate Procedure page for a description.

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probate lawyers tulsa oklahoma

The probate process actually begins with a meeting in a lawyers's office to discuss who are the beneficiaries and what properties your loved one had. As soon as we have enough info to begin then we submit a petition for probate asking the court to designate a personal representative
Then we set the Petition for probate a minimum of 30 days in the future and we have to post Notice of the hearing on our petition in a local legal newspaper.
After a minimum of thirty days, we have a hearing where anybody can participate in and argue against you being appointed as the personal representative. If someone does appear to object to the designation of personal representative, then there has to be a hearing and often the judge will schedule that hearing for another day further lengthening the probate.
If no one appears to contest or does not have a valid claim, then the judge will typically select a personal representative.
This personal rep with the help of their lawyer will be accountable for administering the estate, paying creditors, selling off property, and dispersing possessions. All of these responsibilities require court approval.
Now that we have a personal representative, we have to give Notice to all discovered and unidentified creditors. Creditors have 60 days to come forward and make a claim against the estate. That suggests we have to wait 60 days before the probate can continue to the next process.
Notification to creditors is offered by filing with the Court Clerk a Notice to creditors with the Court, physically mailing a copy to recognized lenders and publishing a copy of the Notice in a local newspaper.
As soon as we have a creditor claim then you have to identify if it is a legitimate claim If it is a valid claim, then you need to file an application with the Court to authorize the claim. If the judge concurs, then you can pay the claim.

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We are not done with that creditor yet. We have to send them a check, however then we have to wait until they file a release of claim with the Court.
As you can imagine big credit card companies are on their own schedule, so it can be a number of weeks before we have that release of claim. Until we have the release of claims we can not close out the Probate.
Next we need to conduct an official inventory and appraisal of specific assets. This can be both time consuming and pricey.
As soon as the inventory is completed then you need to make an application to the court to approve that inventory. Once again, this is an open hearing so unhappy heirs can show up at and make difficult matters.
Finally, after all of this we can make an application for a Final hearing and distribution to all heirs. You must give notice of this hearing by both mail and publication in the paper. This hearing is normally a minimum of 30 days after the application is submitted to the court clerk.
That was a lot. Even after all that the personal rep will still have tasks to close out the estate, pay taxes, and distribute the assets.

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You might have likewise heard of supplementary probate. Actually this simply signifies decedent passed away with assets in another state. Typically, there will be a probate in their home jurisdiction, supplementary procedures where there is an asset in another state.
For instance if the deceased person passed in California and they had Oklahoma residential property, then that real property would need an Oklahoma order accepting the supplementary probate. This order dispersing the estate in Oklahoma would be supplementary probate to the one in California.

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If you have a revocable living trust centered estate plan, then every thing is controlled by your Trust. Your successor trustee follows the directions you have given in your tailored revocable living trust focused estate, pays lenders, makes distributions and closes out your estate all without court intervention.
You have actually the added benefit of having a successor trustee to take care of you, your household and your assets throughout incapacity while you are still living. If you do not have a revocable trust centered estate plan, then your household may have to apply for guardianship simply to take care of you.

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