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The Probate Process can be complicated and discouraging for many people. Regular probate and can take 6 to 10 months on average. Nevertheless, we have probates that last over a year or longer when heirs fight.
It is possible to prevent the Probate procedure by distributing properties with specific tools such as Joint Tenancy with Right of Survivorship, Pay on death designations, and transfer on deaths designations. While these are essential tools, they can have unintentional effects. Instead they should be utilized in combo with an effectively implemented estate plan.
Probate is a civil court case for the apportionment of an individual's possessions at death. The really essential difference between dying with or without a Will is how assets is distributed.
For distributions according to your desires then you should have a legitimate Last Will and Testament and appropriate estate planning. The state makes distributions for you if there is NO Last will and testament. The effect of passing away without a Last will and testament can be tragic.
The bottom line is that the state OR A COURT chooses who gets what.

Everyone, whether hitched or single must have a Last Will and Testament - ideally with an Estate Planner. This will be your guide in determining how you want to disperse your residential or commercial property when you die.
For most people, producing a Last Will and Testament permits them to manage their affairs through life with self-confidence and security. It also provides the opportunity for relative to continue taking care of one another after the decedent passes away. By consisting of guidelines about funeral plans and other final dreams in your Last Will & Testament, you can assist relieve the psychological stress on loved ones at this difficult time in their lives.
You might wish to incorporate particular details regarding properties, consisting of property, tangible personal effects, investments, insurance and retirement plans. You may likewise wish to feature particular details regarding particular individuals or organizations you want to benefit from your Last will and testament. You may wish to make provisions for the care of any small children or provide for their education. There are many things that can be incorporated in a Will to look after your family after your death.

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A Last Will and Testament is an important document that should be done by a lawyer. There are certain rules that must be followed when creating this legal document. It will keep your wishes understood during your lifetime in addition to at time of death preventing difficulties within the family.
It does not matter whether a person passes away with or without a Last Will and Testament, the probate process is the same.
Oklahoma Summary Probate is offered where the total worth of the estate is less than $200,000. The Oklahoma Summary Probate only takes a few months. If there are concerns, then family members will sometimes decide for the "normal probate" when there are disputes or outside circumstances that would require a longer probate procedure.

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The probate procedure really starts with a conference in a lawyers's workplace to discuss who are the beneficiaries and what assets your loved one had. As soon as we have sufficient details to start 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 need to publish Notice of the hearing on our petition in a local newspaper.
After a minimum of 30 days, we have a hearing where anyone can participate in and argue against you being appointed as the personal representative. If somebody does appear to contest the selection of personal representative, then there needs to be a hearing and in some cases the judge will book that hearing for another day further extending the probate.
If nobody appears to contest or does not have a legitimate claim, then the judge will generally select a personal representative.
This personal rep with the help of their attorney will be accountable for administering the estate, paying financial institutions, offering for sale property, and dispersing assets. All of these duties need court approval.
Now that we have a personal representative, we have to give Notice to all known and unidentified creditors. Creditors have 60 days to come forward and make a claim against the estate. That means we need to wait 60 days before the probate can proceed to the next step.
Notice to creditors is provided by filing a Notice to creditors with the Court, physically sending by mail a copy to known lenders and publishing a copy of the Notice in a local newspaper.
When we have a creditor claim then you need to identify if it is a valid claim If it is a valid claim, then you must submit 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 need to wait till they submit a release of claim with the Court.
As you can think of big credit card companies are on their own schedule, so it can be a number of weeks before we have that release of claim. Till we have the release of claims we can not liquidate the Probate.
Next we need to provide a formal inventory and appraisal of certain possessions. This can be both time consuming and costly.
When the inventory is finished then you need to make an application to the court to approve that inventory. Once again, this is an open hearing so dissatisfied beneficiaries can join and complicate matters.
Finally, after all of this we can make an application for a Last hearing and distribution to all beneficiaries. You need to provide notice of this hearing by both mail and publication in the newspaper. This hearing is usually at least 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 responsibilities to close out the estate, pay taxes, and distribute the properties.

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You might have also heard of supplementary probate. Actually this just signifies decedent passed away with property in another jurisdiction. Generally, there will be a probate in their home jurisdiction, supplementary procedures where there is an asset in another state.
For example if the deceased person passed in California and they had Oklahoma residential property, then that real estate would need an Oklahoma order admitting the secondary 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 little thing is managed by your Trust. Your successor trustee follows the directions you have given in your tailored revocable living trust focused estate, pays creditors, makes distributions and liquidates your estate all without court intervention.
You have actually the added advantage of having a successor trustee to take care of you, your family and your assets throughout incapacity while you are still living. If you do not have a revocable trust centered estate plan, then your family may have to apply for guardianship just to take care of you.