Avoiding Probate: The Importance of Estate Planning
This is Katrina Lucas with Wirth Law Office. I’m an estate planning and probate attorney here in Tulsa, and I also serve the surrounding areas and other counties in Oklahoma.
I’m here to talk to you about estate planning again. Let’s talk about doing a will. Is a will enough? Yes, a will is enough—but a will does not avoid probate. A will does not avoid your business and your words becoming a total public record for everyone to see.
Probate Process and Costs
You have to submit your will and all of its language to the court. That will shows who you disinherited and who you said was going to get what. It will say all of those things in the court record, and most people don’t like that idea.
On top of that, probate is not a cheap process. Publishing the notice to creditors, sending notice to individuals, and notifying anyone who might have a claim against your estate is not cheap. You also have lawyer fees and court fees.
Types of Wills
If you want a will and you just want to do a will because you don’t have much, I understand. A will is better than no will at all. There are different types of wills. There’s what’s called a holographic will—where it’s all handwritten, signed, and dated by the person writing it, stating what should be done with their assets upon their death.
Then you have wills that are written by attorneys and signed. These are great, but the problem with a will—especially if it’s close to your date of death—can be challenges such as undue influence or lack of capacity. Whether you knew and understood what was going on can be questioned.
Schedule a Consultation
Call me here at Wirth Law Office if you want to get a will done, or if you have challenges to a will, or if you have questions about a will that involves assets you may be an heir to. There’s a lot there, and it takes a guiding hand to help you understand what rights you may have and what challenges come with asserting those rights in a court of law. I look forward to hearing from you. Reach out to Tulsa business law attorney Katrina Lucas at (918) 932-2879.