When a person wants to undertake estate planning, there are many different facets that they will need to consider. A lot of estate planning include considerations for a time after a person passes away and what happens to their estate. There are some aspects of the plan that will deal with a time when a person is still alive but incapable of managing their own affairs. However, one aspect of estate planning that many people are concerned with is avoiding probate. After a person dies, their estate typically goes into probate. This is where the estate is valued, any debts or other taxes that the estate holds are paid, and then assets are distributed to the beneficiaries.
This sort of process is regrettable and often times it can take a great deal of time and money to successfully navigate through it. Fortunately, with the help of an estate planning attorney in Tulsa OK, the probate process can either be avoided altogether, or it could be a simple and straightforward process. Here are a few things to consider.
People worry about the probate process, but the fact is that there are many different assets that simply don’t qualify for probate. For example, life insurance payouts to beneficiaries bypass the probate process altogether. In addition, funds that are in retirement plans that have a designated beneficiary are exempt from probate. In fact, jointly owned possessions, such as a home or even a bank account, are not subject to the probate process. If a person manages to name beneficiaries for all of these types of items or funds, the probate process can be nonexistent. If the estate does go through probate, it will be a simple matter of paying a few hundred dollars and signing some papers.
While there are many other aspects to planning a person’s estate, avoiding probate is something that many people would like to do, if possible. With the help of an estate planning attorney in Tulsa OK, avoiding probate doesn’t have to be a complicated or expensive process. With some common sense and a bit of planning, Matthew E Riggin PLLC, can help you plan your estate and, when it comes time for probate, make the process either nonexistent or extremely convenient. If you want to know more about this and other aspects of estate planning, you can click here to learn more.