Probate can be a complex, and often confusing, process that families may have to go through after the death of a loved one. The probate process can add another layer of uncertainty and stress to an already difficult time. Understanding what the probate process is (and is not) can help give you peace of mind as you navigate it.
Additionally, having an experienced Tulsa probate attorney on your side can help put your mind at ease. Keep reading below as some common myths about probate are debunked.
Myth #1: Having a Will Allows My Estate to Avoid Probate
One of the most common misconceptions is that having a will allows your family to avoid probate after your death. The truth is that probate is the process of validating the will and distributing your assets according to the terms of the will. Simply having a will does not allow you to avoid probate.
There are, however, other legal instruments and strategies that can be used as part of your overall estate plan to help make the probate process as efficient as possible. In some situations, you might be able to avoid probate altogether, depending on the types of assets that you own. Some common assets that can pass outside of probate include real property owned as joint tenants with right of survivorship, assets held in a revocable living trust, and assets with a designated beneficiary, such as a 401(k), IRA, or life insurance policy.
Myth #2: All Debts Must Be Paid Before the Heirs Get Their Inheritance
It is true that all valid debts of the estate must be paid before the assets are distributed to the heirs. However, just because a claim is filed against the estate does not mean that it is valid. The executor of the estate has a duty to review these claims and dispute any claims that are not valid. Additionally, creditors typically have 60 days from the date of publication in Oklahoma to file claims. If a creditor fails to file a claim, then some debts may go unpaid.
Myth #3: The Probate Process Is Always Complicated and Expensive
It is true that more complex estates can require a lengthy probate process, but not every estate turns into a nightmare. Simple estates where no issues arise can be resolved and settled within a few months. Having the proper estate planning documents in place can help reduce the amount of time it takes to get through probate, and it can also help ease the financial burden on your family as well.
Myth #4: There Is No Need to Hire a Probate Attorney
Navigating the legal complexities associated with the probate process can be a challenge. One single mistake can lead to delays in the process, financial penalties, or even personal liability for the executor. It is almost always advisable to hire an experienced probate attorney who can help you through the probate process from start to finish. Your attorney can help you ensure all legal requirements are met so that the process flows as quickly and efficiently as possible.