Steve Cortes has provided legal services for over 22 years to clients in Midwest City and the surrounding areas.
Our goal is to provide personalized service that meets your needs with integrity and honesty.
Call the Cortes Law Firm today at 405-213-0856 for more information about how we can help you with your estate plans or any other issues related to probate law.
What is the most common issue in Probate?
The most significant challenges in probate often arise from family disputes over belongings rather than money, as the amount of money is limited. The fiercest disagreements typically center around personal items.
Take, for example, the debate over who inherits a family painting hanging over the fireplace. Such a painting, possibly passed down through generations, becomes more than just art; it symbolizes family history and memories, making it incredibly difficult to decide its rightful heir.
However, with a dedicated team providing proper guidance and representation in probate matters, it's possible to navigate these situations smoothly, avoiding disputes and hard feelings among family members.
At the first hearing, the court decides on four key issues:
whether the County District Court can oversee the case;
the validity of the last will;
who should manage the estate (often the person who hired the lawyers);
and identifying the rightful heirs or beneficiaries.
Following these decisions, the appointed Personal Representative is responsible for managing the deceased's assets, settling any debts, and distributing the remaining assets to the heirs.
Creditors have 60 days from when a Notice to Creditors is published to make a claim against the estate. This notice is also sent to known creditors. The Personal Representative evaluates these claims, which must be approved by the Judge before payment.
An inventory listing the estate's assets is usually required, which includes real estate, personal belongings, and financial accounts. If assets need to be sold to pay debts or for distribution, the Personal Representative requests the Court's permission. Since the court has identified the legal heirs, their written agreement of each heir is necessary for the sale of property.
After settling all claims and gathering the assets, the estate can be closed.
In a perfect scenario, probate could be resolved in 4 to 5 months. However, due to potential complications and disputes, it typically takes 5 to 7 months, or even years if there's family conflict.
How to avoid Probate?
A smart way to dodge the hassle of probate is by sorting things out beforehand using a revocable living trust-based estate plan or transfer on death (TOD) and beneficiary designations.
A revocable trust lets a trustee manage assets for beneficiaries. It can protect these assets and also look after you if you can't make decisions for yourself, saving you from the stress and expense of court hearings for court appointed guardianship or conservatorship.
Assets properly funded in a trust skip the probate process entirely, meaning they go straight to the beneficiaries without getting tied up in court.
TOD designation is another great tool. It lets you pass certain things like bank accounts directly to someone when you pass away, no probate needed.
If you've got a trust, you might also think about a pour-over will. It's a safety net that catches any assets you didn't move into the trust while you were alive and pours them into the trust when you pass away. You'll still need probate for these assets, but at least they'll follow the trust's plan.
Don't forget to regularly check and update who you've named as beneficiaries on things like retirement accounts and life insurance. This ensures everything fits nicely with your overall revocable living trust centered estate plan.
While setting up your estate plan does take some investment of money and time, it's a big saver in the end—saving time, money, and stress for your loved ones. Plus, it means your assets are shared how you wanted, quickly and without legal headaches, offering peace of mind to you and your family.
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
United States
405-213-0856
www.youtube.com/playlist?list=PLliEM7VPVjvPJe-RQ5TzGku0HJy5T32rV
https://cortes-law-firm.s3.us-west-1.amazonaws.com/index.html