For most people, the term probate does not invoke warm feelings. Instead, it is likely to conjure up thoughts of a long drawn out process and perhaps even some haggling or arguments about a deceased family member’s estate. The probate process can be very difficult especially if family and friends are fighting over money or property. The purpose of probate is to distribute the estate of a deceased person to their heirs. The laws ensure that the decedent’s creditors are paid and that their will is executed as it was written.
Intestate Probate
Unfortunately, not everyone creates a will before they die. In these cases, intestate laws will dictate who becomes the administrator of the will as well as who gets what property and assets. Typically, the living spouse will become administrator and will receive the majority, if not all, of the estate. In cases where the living spouse is unable to act as the administrator or does not want to, then an adult child, grand child or even the parents of the deceased may act in this role.
Being the administrator can be very difficult. Depending on how straightforward the case is, how big the estate is and how many beneficiaries there are, the probate can be very simple or quite complicated. If there are very few beneficiaries and not a lot of assets, then the probate can be finished pretty quickly. However, if there are a good number of beneficiaries, a big estate, lots of assets and property, then the process can last a long time. This is especially true when there are disagreements over the will or if there is no will in place.
The Duties of The Estate Administrator
Typically, the first job of the administrator is to find out exactly what the decedent owns. They must gather what amounts to a laundry list of all the property and assets then determine what they are worth. This money or property will be used to pay off the creditors and will be distributed amongst beneficiaries.
After the inventory is taken, a Notice of Creditors is required to be placed in a local newspaper. This will alert the creditors about former estate owner’s death and will give them the opportunity to make a claim. They will be granted a certain amount of time to do so.
Next, a Notice of Administration is drawn up. This is an announcement that is sent to anyone else that may be involved or have a stake in the estate. This is typically the heirs of the deceased. This process can take a few months because creditors are given roughly this amount of time to make a claim. It may also take a while before everyone is contacted.
Heir Inheritance Advance Loans
The administrator will then pay the creditors and split the estate and property amongst the beneficiaries. Because this process can take such a long time, some beneficiaries are not able or willing to wait until the probate is settled. Instead, they may look into getting a probate loan. This allows them to borrow money until they receive their inheritance. These loans can be really large, even up to $1 million. Of course, you don’t have to borrow this amount of money. You can get much smaller loan for a few thousand dollars if that's all that you need.
Probate Resources- Oklahoma
Inheritance Taxes- Oklahoma
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