Ways to Avoid Probate in Wagoner County

When a person dies, something has to be done with the estate (assets and debts) the decedent leaves behind. This process, which is based on the Latin word “probo,” meaning to prove and which involves verifying of the decedent’s will, is called probate. Probate can be costly and time consuming for the decedent’s family, so people often take measures to avoid probate if possible. This article explores ways to avoid probate in Wagoner County.

What is probate?

Probate is the legal process of finalizing a person’s estate after they have died. It includes the following activities:

1. Verifying the validity of the decedent’s will.

2. Taking inventory of the decedent’s assets.

3. Having the decedent’s property appraised.

4. Paying off any debts and taxes.

5. Distributing the remaining proceeds according to the decedent’s will or Oklahoma intestate law.

Probate is presided over by the executor named in the decedent’s will, and it often requires the help of an experienced probate attorney. Probate typically lasts for several months to a year, and it can be notably expensive and time consuming for the decedent’s survivors.

To ease the burden on their survivors, many people make plans to allow their estate to avoid probate after they die. But this itself can be time consuming and expensive. Whether or not it makes sense for you to make complex probate avoidance decisions will depend on your age, health and the overall size of your estate.

Is Probate Necessary?

There is rarely any need for young, healthy people to involve themselves in complex plans to avoid probate, since they will likely have to redo it later on in life to reflect the many changes that will have occurred. Also, if your estate is small enough, you may qualify for Oklahoma’s simplified probate plan, which is available for estates with values of less than $200,000. On the other hand, if you are older, in poor health, or have a sizable estate, you may want to do whatever you can now to avoid having your estate go through probate.

Avoiding Probate in Wagoner County

There are several different ways to avoid probate. Here is a list of the most frequently used methods for avoiding probate in Wagoner County:

Joint Ownership

When you and your spouse own assets together, the assets will most likely pass on to the other, without going through probate, when the first of you dies. Check to make sure that title is held jointly and in the proper manner under Oklahoma law.

Name Beneficiaries for POD and TOD Designations

POD designations can be added to bank accounts and certificates of deposits in order to have the funds transferred directly to a beneficiary upon your death, thereby bypassing probate. The same thing can be done for securities and mutual funds by simply adding a TOD beneficiary to your brokerage account.

A Revocable Living Trust

Creating a living trust, which is no more complicated than creating a will, is one of the most popular ways of avoiding probate. Once you create the trust, you can hold property in trust without having to relinquish any control and without any tax consequences. Upon your death, the property in the trust can be distributed by the person you name as trustee to whomever you name as beneficiary, without the need of probate. Once all property in the trust has been distributed, the trust will cease to exist.

Initial Strategy Session: Wagoner County Probate Attorney

Probate law is complex, and there are a variety of things that can go wrong if you attempt to navigate the law without the help of an attorney. For this reason, it is advisable to have an experienced probate attorney on your side.