19 May Top Myths Regarding Probate
There are many misconceptions that I hear from my clients regarding estate planning, probate, and other related matters. While they likely gathered this information from well-meaning individuals, it often leads to costly misunderstandings and delays in the estate planning process.
Let’s take a look at the two most common myths I encounter regarding estate planning:
Probate Myth #1
Myth: If I have a Last Will & Testament, my estate does not have to go through probate.
Reality: Whether you have a Will or not, your estate still has to go through probate upon your passing. The difference is that if you don’t have a Will, the Oklahoma State Statutes will determine how your estate will be distributed and to whom.
If you have a Will, on the other hand, the details outlined in your Will determine how your estate will be distributed and to whom.
Solution: The best way to avoid probate is to get a Living Revocable Trust. If all of your assets are properly funded into your Trust, your estate will avoid needing probate to distribute your assets upon your passing.
Probate Myth #2
Myth: I don’t need to worry about estate planning or creating a Last Will & Testament until I am older.
Reality: Unfortunately, none of us are guaranteed a set number of years on this earth. Regardless of your age, an untimely death without an estate plan in place can leave friends and family members scrambling to pick up the pieces. Without a Will in place, the Oklahoma State Statutes will determine how your estate will be distributed, resulting in a less than ideal situation for your loved ones.
Every adult should have some form of plan in place regarding their passing, regardless of their age or financial situation. Contrary to what many believe, you can make changes to your Living Revocable Trust once it is put in place. It may be easier to avoid the estate planning process, procrastinating until you are older. However, doing so is truly reckless.
Solution: The solution is simple – contact our office to schedule an appointment and discuss estate planning! Knowing that your estate is in order should an unexpected accident occur provides you with priceless peace of mind.
Many individuals do not understand probate until they find themselves in the middle of it. Because of this, there is much confusion surrounding the process. Unfortunately, friends and family members often find themselves working through the probate process as they grieve the loss of their loved one. This only adds stress to an already complex situation!
Protect your loved ones by planning for the distribution of your assets upon your passing. This will ensure that your assets are distributed according to your wishes. However, it will also protect your loved ones as they process their loss.
Many individuals procrastinate the estate planning process because they believe that it will be difficult or stressful. Our team is experienced in the realm of estate planning. We work to alleviate any stress surrounding the situation, providing a streamlined process. Contact us today to begin working on your estate plan!