Everything You Need to Know About Probate
Probate is a critical court-supervised proceeding that is utilized to take control of a deceased person’s estate. While Oklahoma has some nuanced laws regarding how probate proceeds in the state, the process still has the overall purpose of both authenticating and validating a person’s will and making sure that debts are paid. What Does Probate Mean? Probate refers to a court-controlled proceeding in which control is taken of a deceased person’s estate. The probate process refers to transferring ownership of a deceased person’s assets to beneficiaries. Some of the primary players involved with the probate process include: The executor or personal representative is tasked with administering the estate. These individuals help to make sure that assets in an estate are distributed according to a will. Beneficiaries are the individuals who inherit assets from an estate. Sometimes people who are not directly named in estate planning documents might also believe that they have a claim as beneficiaries. Creditors might be notified of the probate proceeding and can sometimes collect on debts that are owed by an estate. Understanding How the Probate Process Works After a person’s death, a surviving loved one will likely need to collect [...]