Probate Lawyer Oklahoma City, OK

Whether you’re thinking about creating an estate plan for the first time or you’ve recently lost a loved one, it’s important to speak with our Oklahoma City, OK probate lawyer. Please understand that probate issues vary from state to state and situation to situation. You don’t have to have “all the answers” right now. If you have questions, our experienced legal team at Marty Martin Bankruptcy Law is here to help. We understand how sensitive probate and estate administration cases can get, which is why we always lead with knowledge and compassion. Call our Oklahoma firm today to get set up with a free consultation.

What Is Probate?

Probate is the process that is utilized when a will needs to be reviewed in order to verify whether it is authentic and legally enforceable. Each state constructs its own probate practices and protocols. As a result, some states require that every will must be subjected to the probate process, while others only require that probate becomes mandatory when there is a dispute or other qualifying circumstance present. This is one of the reasons why it’s important to connect with our probate lawyer when planning your estate and/or administering the estate of a loved one. Failure to do so can lead to unnecessary confusion, stress, and financial consequences.

When Should You Begin Estate Planning

It is always important to have an estate plan no matter what stage you are at in your life. You want to make sure your loved ones are taken care of, even after your passing. It is important to have a will and other documents in place to make the process easier on the people who you want to have your possessions even after you are gone. Probate can be difficult for your loved ones to go through after your passing. The probate process means that all of your items go through the government and will be taxed. If you have an experienced probate lawyer on your side, like one from Marty Martin Bankruptcy Law, you will be able to navigate through this process to make it the best possible outcome for your family. We often recommend doing certain things before you pass away to make the probate process much easier. Some of these include:

• Giving gifts away while you are still alive: Whether you want to give a loved one a check or valuable items, it does not cost anything to give a gift while you are still around. A gift is something that you want another person to have, even if it takes something away from you. You should give as many gifts as you can, as this makes the process much less complicated. Another benefit to gift giving is that you are able to see the look on your loved ones’ faces when they receive the presents. This can be worth so much more than whatever family heirlooms you get to enjoy for yourself.
• Putting things in trusts: Trusts also typically do not need to go through probate. Speak with your probate lawyer about what type of trust would be best for you to use for your loved ones. He or she may recommend doing a living trust, which can be changed throughout your lifetime.
• Making sure you have the right executor to your estate: This will be someone you can trust to execute your wishes and who will be fair throughout the entire process.

Do not hesitate to enlist legal assistance so that you can make sure your loved ones are cared for long after you are gone.

Our Approach To Estate Planning And Administration

Recognizing that every individual’s situation is unique, Oklahoma offers varied paths for probate administration. For smaller estates, a simplified process is available, reducing the time and complexity involved. This means that families can access their loved one’s assets more promptly, providing some financial relief during a challenging period.

Leading With Compassion

Dealing with a loved one’s estate is not just a legal task; it’s an emotional journey. We understand this delicate balance and offer its expertise with a touch of empathy. Our seasoned team is well-versed in Oklahoma’s probate laws, which helps us manage every estate and case, big or small, with the utmost care and respect.

Embracing Tomorrow With Confidence

Loss is a universal human experience, and during such times, the last thing one needs is to be bogged down by legal complexities. Oklahoma’s probate laws, with their structured approach, aim to bring clarity and direction during these turbulent moments. They are designed to uphold fairness, protect the interests of the beneficiaries, and ensure that the legacy of the departed is honored with dignity.

If you find yourself facing the task of navigating this legal terrain, remember you’re not alone. We are more than just attorneys; we’re your partners in this journey, ensuring that your loved one’s legacy is seamlessly transitioned to the next generation. Get in touch with us today, and together, we’ll chart a course that respects the past and embraces the future.

A Commitment to Legacy Preservation

The legacy one leaves behind is an intricate tapestry of memories, values, and assets. In Oklahoma, this understanding is deeply embedded in the state’s probate laws, ensuring that each thread of this tapestry is handled with reverence. At Marty Martin Bankruptcy Law, our commitment extends beyond legalities. We strive to preserve and honor the essence of each individual’s story. With our expertise, families can navigate the probate process with clarity, ensuring that each cherished memory and valued asset finds its rightful place in the continuing narrative. For help with the probate process, contact our trusted Oklahoma City probate lawyer now.

Common Misconceptions About Probate

Probate is something very few people look forward to. In fact, the majority of people dread the thought of it. However, there are actually so many misunderstandings about the process. If you’re about to go through the probate process, it’s important to learn the truth. Here are some common misconceptions about probate.

• “The probate process always takes years to finalize.”

One of the main reasons why people dread probate is because they assume the process will take multiple years. They don’t want to wait that long to receive their inheritances. The good news is that probate will rarely take that long. In fact, in many cases, probate doesn’t take longer than a year to complete. However, if someone decides to challenge the will, it prolongs probate.

• “Creating a will can help you avoid probate.”

Just because you have a valid and thorough will, doesn’t mean that you get to skip the probate process. Probate is actually intended to prove that a will is valid. The descendant’s taxes and debts have to be paid before assets can be distributed to heirs. Additionally, a judge must look over the will to make sure it was drafted correctly. If the appropriate procedures weren’t followed, the will may be deemed invalid.

• “The probate process is very expensive.”

A common fear people have about probate is that it will eat up all the assets in the estate. The good news is that this isn’t true. While the probate process does cost money, it’s usually less than 5 percent of the value of the estate. In rare cases, however, probate costs can rise significantly. For instance, if a person contests the will, probate may be more expensive.

• “A lawyer isn’t necessary.”

Some people may avoid hiring a probate lawyer in Oklahoma City, OK to save money. However, this isn’t a good idea. The probate process can involve many complexities, and you want someone with knowledge and experience on your side. A skilled lawyer can guide you through the process and make sure everything goes smoothly.

• “Without a will, your assets will go to the government.”

Fortunately, this is a myth. Although it’s recommended to have a proper will, not having one doesn’t mean your property will go to the government. If you die without a will, your property will go to your surviving spouse. If you don’t have a surviving spouse, it will go to your children.

Oklahoma City Probate Infographic

Probate Statistics

According to the 2023 Wills and Estate Planning Study by Caring.com, two out of three Americans do not have any type of estate planning document. Less than 35 percent have some type of estate plan in place. Forty-two percent of Americans haven’t created a will due to procrastination and one out of three people without a will think they don’t have enough assets to need one.

FAQs

How much does an executor get paid?

An executor is someone who is legally responsible for handling the finances of the deceased, making sure taxes and debts are paid, and the remaining assets are distributed to heirs or beneficiaries. If the will does not state what the payment is for the executor of the estate, then they may receive a percentage from the estate, such as 5% for the initial $1,000, 4% for $5,000 thereafter, and 2-2.5% of the rest of the estate value. However, the probate judge may permit more compensation for executors who show extraordinary service.

What is the average timeframe for probate to finish?

Probate will take on average about 4-6 months—but that is usually for simpler estate cases. Other estates may need a year or more to finalize due to delays, such as a contentment of the will. Due to how complicated the probate process can get, it is advisable that those close to the handling of an estate get support from our Oklahoma City probate lawyer. In the most complex of estates, probate may take a few years before an estate is properly distributed and can be closed.

When does an estate have to go through probate?

Most estates in the state of Oklahoma will have to go through probate, that is, unless they meet exception criteria. An estate may qualify for a more simplified approach to probate. Under a streamlined version of probate, an affidavit can be used, which enables a person to obtain access to bank accounts and assets in the decedent’s name. Such a method is available for estates that are valued at equal to or less than $50,000. The second option for a more simple probate process is if the estate is valued equal to or less than $200,000, if the deceased person resided in another state when they passed away, or they died at least five years prior.

Can I avoid probate if I have personal property?

Perhaps the best way to avoid having your estate going through probate in the state of Oklahoma is to put it in a revocable living trust before the estate owner passes away. When you do this and appoint someone to be the beneficiary, the estate is transferred to them without having to undergo probate. Another approach to safeguarding your assets from probate is to have a beneficiary named for them. For instance, many life insurance policies have a beneficiary appointee, similarly for retirement accounts and bank accounts. If you have questions about strategies for protecting your personal property, don’t hesitate to reach out to our law firm now to have your concerns addressed.

Who can help me with information about probate?

You may have friends and family who want to offer you advice about probate, some of it may be accurate, and other insight may not be. What could have been true for another probate case may not be exactly how another is handled. For this reason, it is advised that people rely on an estate lawyer for guidance every step of the way. Our legal team can give you counsel that is applicable for the situation at hand, and answer any questions that you have. If you need help, contact us today!

Oklahoma City Estate Probate Glossary

At Marty Martin Bankruptcy Law, we guide families through the probate process with clear legal direction. If you’re looking for an estate probate lawyer in Oklahoma City, OK, it’s important to understand the legal terms and procedures that can come up during estate administration. The more you know, the better prepared you’ll be to handle your responsibilities or protect your interests.

Probate Administration

Probate administration refers to the legal process of managing and distributing a deceased person’s estate. This includes filing the will with the probate court, appointing an executor or personal representative, identifying and valuing the estate’s assets, notifying creditors, paying debts and taxes, and ultimately distributing the remaining assets to heirs or beneficiaries. In Oklahoma City, probate procedures follow state-specific rules and timelines, and can vary depending on whether a will exists. Probate can apply whether there is a valid will or not, and an Oklahoma City estate probate lawyer can guide you in carrying out the required steps.

Personal Representative

A personal representative is the individual appointed by the probate court to oversee the administration of an estate. This term is often used interchangeably with executor (when named in a will) or administrator (when there is no will). The personal representative is legally responsible for protecting the estate’s assets, handling financial obligations, and ensuring distributions are made according to Oklahoma law or the deceased’s will. This role carries significant legal obligations and fiduciary duties. If the court finds the representative is not fulfilling these duties properly, it can remove or replace them.

Letters Testamentary

Letters Testamentary are official documents issued by the probate court that authorize the personal representative to act on behalf of the estate. These documents provide the legal authority needed to manage estate assets, such as closing bank accounts, selling property, or paying bills. Without these court-issued letters, financial institutions and other parties may not recognize the personal representative’s authority. In Oklahoma, obtaining Letters Testamentary is an early and essential step in the probate process, typically following the court’s acceptance of the will and the appointment of the executor.

Intestate Succession

Intestate succession is the process used to distribute a deceased person’s estate when no valid will exists. In this case, Oklahoma’s intestacy laws determine who receives the estate’s assets. These laws generally prioritize spouses, children, and other close relatives. The court also appoints a personal representative to manage the estate, typically a family member. Since no will exists to guide asset distribution, disputes are more likely. That’s why it’s critical to have a clear estate plan to avoid intestate proceedings whenever possible.

Will Contest

A will contest refers to a legal challenge brought by a beneficiary, heir, or other interested party who believes that the will is invalid. Common grounds for contesting a will include lack of capacity, undue influence, fraud, or improper execution. In Oklahoma, probate courts evaluate these claims and decide whether the will should be upheld or voided. Contests can result in lengthy delays and legal fees. When estate plans are carefully written and updated, the likelihood of successful challenges is reduced. If you’re involved in a potential dispute over a will, it’s best to consult with a probate attorney early.

Marty Martin Bankruptcy Law, Oklahoma City Probate Lawyer

6440 Avondale Drive, #200-1, Oklahoma City, OK 73116

Contact Our Firm Today

If you’re constructing or revising an estate plan for the first time or you’re navigating the administration of a loved one’s estate, please connect with our experienced legal team as soon as you can. Once we understand the “ins and outs” of your unique situation, we’ll be able to assess your legal needs and provide you with personalized guidance accordingly. No one should feel like they have to go through estate planning or estate administration alone. These legal challenges represent a lifetime’s worth of property and wealth accumulation and should not be treated lightly. Our team will treat your case with the respect and attention it deserves. Please don’t wait – schedule a risk-free, confidential consultation with our Oklahoma probate lawyer today. We look forward to speaking with you.

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