Best Ways to Avoid Probate

You may be willing to learn about probate and its process in detail. After the demise of the property owner in OKC, all their estate assets start going through a process known as probate. Here, a probate attorney will calculate and distribute the decedent’s assets to the heirs and creditors.

Its proceedings occur in a district court in the nation of the deceased’s residence.

Importance of Probate

According to the Oklahoma law, probate procedures are needed for securing those parties who are having an interest in the deceased’s estate assets.

Here are a few reasons showing why probate is important:

• Protecting the estate properties of the deceased.

• Identifying and collecting the decedent’s assets.

• Distributing the properties to the lawful parties.

• Paying all claims, debts, and taxes against the estate assets.

• Offering a procedure to safeguard the lawful transfer of ownership.

Although probate seems to be crucial, everyone is not willing to allow their assets to go through this process. Most people are looking for ways to reduce probate assets for cutting the costs and ensuring that the heirs get their piece of inheritance quickly.

The minimum time needed for this procedure in OKC is twelve months and larger estates with ready-to-sell properties consume more time.

You must note that various special methods are available that help in the administration of small estates and there are several ways using which probate can be significantly minimized or avoided.

Although this does not seem to be a difficult process, it certainly requires some level of planning. Some prefer hiring probate attorneys to make things simpler. However, most people look for effective strategies to make sure that most of their properties go directly to their heirs without the need for going through a probate court.

Avoiding Probate: Tips to Follow

Probate assets are usually passed through your will, and these are solely owned by you. Hence, minimizing these assets can help you reduce or avoid probate.

Here are some of the best techniques to implement:

• Properties of joint ownership.

• Payable on bank accounts of the deceased.

• Life insurance consisting of beneficiary designations.

• Rewards.

• Retirement accounts having beneficiary designations.

• Simplified methods for small estates.

Pro Tip: Revocable living trust is one of the most common tools used for preventing probate. As you place your property in this trust, you get the assurance that this trust property won’t be treated as a portion of your estate after your death.

Offering Helping Hands in Tough Times

Reneau Law Group provides the best probate attorney services in OKC for over 20 years. Our lawyers have the record of obtaining the highest rating from other attorneys in the region and aim for excellence in maintaining ethical standards and client representation.

**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.