Filing probate in Okmulgee can be a part of distributing assets when you pass. Picture this. You’ve just passed on, and your loved ones are grieving. Now that you’re gone, your family is in desperate need of money and comfort. Later, they learn that you included a will in your estate plan. You clearly express who gets what, and you left enough funds available to help out the people you left behind. Unfortunately, probate court gets involved. A probate judge freezes your assets and says certain debts need to be paid off before your loved ones can benefit from anything of yours. If this sounds frightening, and you’re curious to know whether Oklahoma laws allow you to avoid probate, keep reading.
Wills and Probate in Oklmulgee
You should be aware that Oklahoma estate laws divide your property into two categories: probate property and non-probate property. Once you die, you can expect the majority—if not all—of your property to go through probate court. That’s because probate court exists solely to oversee the happenings of your estate. Whether you die with a will or intestate certain property must go to probate court. Yet, a probate judge won’t get involved in your affairs if your assets are owned by a Trust or if the property you’re concerned about isn’t part of your probate estate. Therefore, yes, you can avoid probate (under certain circumstances) and the following list is just some ways you can avoid probate in Okmulgee.
The following assets don’t go through probate.
· IRAs and other retirement property
· Life Insurance
· Joint tenancy property
· Community property with right of survivorship
· Tenancy by the entirety property
· Trust property
· Transfer On Death accounts
· Pay On Death accounts
Of these, adding a trust is the most popular way to avoid probate court.
Trusts Help Avoid Probate
If you’re interested in avoiding probate court, a trust might be something for you to consider. A trust is a relationship between you and a third party where you give that person authority over your estate once you pass away. Probate court can’t intervene with the distribution of your belongings if you have a trust. You can also avoid executor, creditor, and debtor fees when you have a trust. This means that more of your money goes to your beneficiaries. But there’s a bonus to securing a trust other than skipping the probate process.
Revocable Living Trust
This is a kind of trust that many people use. They use it because its in-inexpensive and still allows you to control your assets. The basic idea is that assets in your Trust will avoid probate and are distributed per your instructions as set out in your trust. The thing about a revocable or living trust is that you control the assets and can change the distribution you choose at any time. One important aspect of any trust is that you fund it. To fund a trust requires that you place the ownership of the asset in the Trust. If its your house that you want to pass through the trust you must name the trust as the owner of your house. If you fail to do this you wont be able to pass your home as a trust asset.
This is another method people use to avoid probate in Okmulgee County. An irrevocable trust is used much less than a living trust. The basis behind a revocable trust is that once you fund this kind of trust the assets are no longer yours but belong to the irrevocable to the trust. Unlike a living trust that allows you to make changes to who owns assets and to revoke the terms of your trust at anytime a revocable trust gives you none of that flexibility. A revocable trust is used many times as a tool for asset protection and perhaps as a tool to reduce Estate taxes and to pass gifts to your grandchildren
Okmulgee Probate Lawyers
Dealing with probate in Okmulgee court can be taxing and complex, and we completely understand why you and so many other people want to avoid it. But it’s always best to consult with a trustworthy Oklahoma probate attorney before making any decisions. If you own a house or certain other assets and want to avoid probate you need to thing about proper estate planning. Call our Okmulgee probate attorneys for a free and confidential consultation