Cortes Law Firm Explains the Consequence of Not Probating Estate
Cortes Law Firm, an estate planning law firm based in Oklahoma City, OK, has recently published an article that explains the effects of not probating an estate in the state of Oklahoma. They want to emphasize that overall, the probate process can help in making sure that the assets of the deceased person will be distributed according to their wishes, and that any unpaid debts or taxes are paid to enable the heirs to get their inheritance as quickly as possible.
One consequence of not having a court-supervised probate process is not being able to find out the legal heirs of the estate of the deceased person. This may result in conflict and quarreling among the family members and other potential beneficiaries, which can make the asset distribution process a complicated and lengthy process.
Another consequence is that the creditors of the deceased person may not be notified after the death, which means they will continue to seek payment for the debts. The unwanted result of this is the assets getting unnecessarily held up in the repayment of debts, instead of being distributed to the legal heirs.
A third consequence of not going through probate is the delay in the distribution of the assets to the legal heirs because there is no legal process used for ensuring that all of the assets of the deceased are appropriately accounted for and then distributed promptly to the rightful heirs.
A fourth consequence is that in the event that the deceased person owned real property, the title of the property cannot be transferred to another person. Finally, if there are any unpaid taxes by the deceased person, these cannot be settled.
Steve Cortes from the Cortes Law Firm says, “When it comes to probating a loved one's estate, it is important to find the right Lawton probate attorney to ensure that the administration is carried out in the most efficient and effective manner. If you are an heir, you most likely have not had to experience the pain of probate settlement.”
Probate law involves the process of administering the estate of a deceased person, allowing the assets to be distributed to the legal heirs or beneficiaries. Probating is a complex and usually lengthy process. That is why getting the help of an experienced probate lawyer who is familiar with the various aspects of probate law in the state of Oklahoma. The attorney will be able to offer the best advice on what has to be done and provide the necessary assistance in ensuring that the estate will be handled according to the wishes of the deceased person.
It is important to note that the regular probate process in Oklahoma can take six to 10 months on average. Some may even take more than a year or more, especially when there is a conflict between the heirs.
One way to speed up the process is the summary probate, but this can only be used when the total assets of the deceased are less than $200,000. The summary probate can be a much better alternative if the estate is small, the heirs are in agreement, and there is no need to sell real property. To initiate the summary probate process, all heirs will have to indicate their agreement in writing before the initial Petition for Probate is filed. It should be noted that just one heir who is in disagreement will prevent the summary probate from proceeding and it will be converted to a regular probate process.
Founded in 2013 by Attorney Steve Cortes, Cortes Law Firm offers estate planning and probate services for individuals, business owners, and enterprises in Oklahoma City and surrounding areas. Steve Cortes has been offering estate planning services for a wide variety of clients for more than 22 years.
Those who want to know more about estate planning and probating can visit the Cortes Law Firm website or contact them on the telephone or through email. They are open from 9:00 am to 5:00 pm, from Monday to Friday.
For more information about Cortes Law Firm, contact the company here:
Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118