A donor-advised fund, also known as a DAF, is a great way to donate to various charitable organizations without going through mountains of paperwork, all the while minimizing your taxes through deductions. It also offers tremendous flexibility for post-death giving, specifically if the DAF is funded while you’re still alive.
It would be nice and much easier for everyone if this blog post was one sentence long and simply told you the exact amount of time probate takes in the state of Oklahoma. However, probate is an extensive process, and the length depends on the complexity of the probate estate and the ease of the litigation involved regarding asset distribution and the payment of debts.
Many have heard that it’s wise to avoid probate, but few know the reasons why. Probate is the legal process of proving a will, determining heirs and distributing the property of a decedent.
Probate is the legal process of proving the will and determining heirs. An estate executor or attorney representing the estate will initiate the process. From there, the court will validate the will, authorizing the executor to distribute assets to beneficiaries as instructed in the will as well as pay any creditors or taxes the estate may owe.
Most people don’t know a lot about wills, trusts or probate. After all, they’re not exactly topics you’d discuss at the dinner table. However, each of these documents plays a role in how you plan to distribute your assets. It’s important to know the basics. Not just for knowledge sake, but so that you’ll know enough to recognize common myths as you run across them.
When left without a will or a trust, the property of a decedent will only be distributed once a Final Decree has been ordered by the Court.
There have been recent changes in the estate tax laws that may affect your current estate plan. I share those details in the post that follows and also provide you with some recommendations to bring your estate plan up to date.
Talking to loved ones about estate planning is a difficult conversation because people do not like to talk about death.
This is a question I hear frequently from individuals seeking to pass property to their heirs and avoid probate, which can be a lengthy and expensive process.