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Duties of probate administration may overwhelm an executor

When a loved one dies, family and friends may carry a burden of grief. However, for the one chosen to be the personal representative of the deceased, there may be additional burdens to bear. Probate administration can be a time-consuming and frustrating process, and being named the executor of someone's estate means dealing with that frustration almost exclusively. Those in Oklahoma charged with the task may find a few tips helpful.

Probate administration: Adding pour-over assets to a trust

One of the appeals of a trust-based estate plan is that it allows the assets funded in the trust to avoid probate. A drawback of a revocable trust is that people often forget to fund all of their important assets to the trust. When this happens, those assets not funded must go through probate administration.

Probate administration duties of an executor

One of the most difficult choices people must make when planning their estates is to choose the person who will represent them during probate. Probate administration can be tedious and frustrating. It can also be time-consuming. The person chosen for this important task must be able to fulfill the duties in accordance with Oklahoma law.

Executor may need to prepare for probate administration

Few people in Oklahoma take the time to plan their estates. To do so may be unsettling to some, but it is a generous gift to loved ones who are left behind. Part of estate planning is selecting someone to be executor of the estate. This job includes seeing the estate through probate administration, which is not always an easy task. The duties and challenges of an estate executor may not be fully appreciated until one has undertaken the job.

Probate administration follows deceased's wishes if a will exists

Many may have a fictionalized idea of the importance of estate planning. After watching movies about rich and powerful parents threatening to write their children out of their wills or spoiled college students pouting about the limits on their trust funds, people in Oklahoma may conclude that estate planning is only for the wealthy. In fact, anyone who owns property or other assets would benefit from creating a will because they may save their heirs many common frustrations associated with probate administration.

Probate administration isn't always bad but can be avoided

Many people in Oklahoma who are given advice about estate planning are told to avoid probate at any cost. They hear that probate can take months or years, and it is expensive. Planning an estate to avoid probate is preferable to subjecting loved ones to probate administration. However, probate does not have to be as bad as all that. In fact, there are things worse than probate to worry about after a person dies.

Reasons to avoid probate administration

Anyone in Oklahoma who has lost a loved one knows that once the funeral is over, an entirely new struggle often begins. That struggle is the complicated and frustrating world of probate administration. Most people understand that when someone dies without a will, the estate goes through probate. However, probate is required when decedents have left a will, and the process can be time consuming and expensive.

Probate administration does not cross state lines

For people who own property in two states, traveling may be an easy choice. They may spend most of the year in Oklahoma, then move to another area for winter or summer. Owning a second home provides many conveniences; however, there are also responsibilities and burdens. In addition to mortgages, taxes and maintenance, the possibility that one's family will face the frustration of probate administration in two separate states must also be considered.

Probate administration may prove volatile for siblings

Few things stir up past rivalries or open old wounds more than the events that take place after parents have died. Probate administration can bring out the worst in siblings, and dormant family issues may lead an otherwise peaceful distribution of assets to a heated courtroom battle. There are several ways in which parents in Oklahoma may unwittingly contribute to this tension.

Attorneys want probate administration rights for Prince's estate

Nearly nine months after the iconic musician's sudden and tragic death, Prince's massive estate lingers in uncertainty. Many in Oklahoma and across the country are following the story as a cautionary tale about estate planning and protecting one's assets. In the midst of the chaos, two noted lawyers are seeking the privilege of handling probate administration for the performer's estate. The court will appoint an administrator because Prince died without leaving a will, which typically specifies an executor to administer an estate.

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