Cortes Law Firm: March 2023

Monday, March 27, 2023

Cortes Law Firm Explains the Process to Be Followed by Lawton Probate Lawyers

Cortes Law Firm, an estate planning law firm based in Oklahoma City, OK, has recently published a new blog post that explains the Lawton probate process. The probate is the legal proceeding that will result in the distribution of the assets of a deceased person to the legal heirs or beneficiaries.

Lawton is a city found in the southwestern part of Oklahoma and about 87 miles southwest of Oklahoma City. This city serves as the county seat for Comanche County and has a dynamic downtown area with a broad range of restaurants, shops, and bars. In general, this city is a suitable destination for couples, families, and even solo travelers.

An executor of the estate is the one given the task to handle all of the assets of the deceased person such as real property, bank accounts, investments, and personal property. The executor will also be in charge of paying any outstanding debts of the deceased, such as credit card balances, home financing payments, car payments, medical bills, and all other outstanding loans. They are also tasked to identify and locate all of the heirs or beneficiaries of the estate, and then distribute the assets according to the wishes of the deceased.

The probate process can be complex and lengthy because the executor has to find out and locate all of the assets of the deceased person, determine the value of each asset, pay any outstanding debts, and then divide the remaining assets and distribute them to the various beneficiaries. This process in Lawton usually takes on the average about six to 10 months.

Steve Cortes, founder of the Cortes Law Firm, says, “The Oklahoma Probate Procedure can be confusing and frustrating for many people. The Cortes Law Firm can help with the process. At the Cortes Law Firm, we are Oklahoma estate attorneys and we believe in your dreams and we will do everything to help them come true. That's why each individual is given personal attention, so that they can feel like the only client at this firm because nobody else matters more than you.”

There are two general types of probate in the state of Oklahoma. These are the summary probate and the regular probate. The summary probate will take less time to complete compared to the regular probate but it is limited only to those cases where the total assets of the deceased are less than $200,000 and there is no real property to sell. It is also important for the heirs or beneficiaries to be in agreement. In the event that there is a conflict between the beneficiaries, the summary probate will have to be converted to a regular probate.

In the summary probate, it is not possible to sell real estate that is owned by the deceased because the legal heirs are not specified at the start of the process. They will only be identified at the last hearing. Thus, there would be no one to sign the real estate deed for transferring the title of the property to the new owner in the summary probate.

The court will typically convert the summary probate to a regular probate if it is not possible for it to proceed. For the regular probate, the probate lawyer will have to first find out if there is a last will or if there is no will at all. The next step will be for the lawyer to draft an initial petition for probate. If the client agrees with how the petition is worded, the firm will file it with the Comanche County Clerk.

Established in 2013 by Attorney Steve Cortes, Cortes Law Firm provides general counsel, estate planning, and probate services clients in Oklahoma City and Lawton, OK. Attorney Steve Cortes has been providing estate planning services for various types of clients for 22+ years. He provides a unique perspective to the value of proper estate planning for entrepreneurs, businesses, and families.

https://youtu.be/2FyBsGVGHyo

Those who want to get more information about the services provided by a Lawton probate lawyer can check out the Cortes Law Firm website or contact them through the telephone or via email. They are open from 9:00 am to 5:00 pm, from Monday to Friday.

Source: Cortes Law Firm Explains the Process to Be Followed by Lawton Probate Lawyers

Saturday, March 25, 2023

10 Common Estate Planning Mistakes

Watch on YouTube here: 10 Common Estate Planning Mistakes
Originally published by Cortes Law Firm

Thursday, March 23, 2023

Cortes Law Firm Explains the Consequence of Not Probating Estate

Cortes Law Firm, an estate planning law firm based in Oklahoma City, OK, has recently published an article that explains the effects of not probating an estate in the state of Oklahoma. They want to emphasize that overall, the probate process can help in making sure that the assets of the deceased person will be distributed according to their wishes, and that any unpaid debts or taxes are paid to enable the heirs to get their inheritance as quickly as possible.

One consequence of not having a court-supervised probate process is not being able to find out the legal heirs of the estate of the deceased person. This may result in conflict and quarreling among the family members and other potential beneficiaries, which can make the asset distribution process a complicated and lengthy process.

Another consequence is that the creditors of the deceased person may not be notified after the death, which means they will continue to seek payment for the debts. The unwanted result of this is the assets getting unnecessarily held up in the repayment of debts, instead of being distributed to the legal heirs.

A third consequence of not going through probate is the delay in the distribution of the assets to the legal heirs because there is no legal process used for ensuring that all of the assets of the deceased are appropriately accounted for and then distributed promptly to the rightful heirs.

A fourth consequence is that in the event that the deceased person owned real property, the title of the property cannot be transferred to another person. Finally, if there are any unpaid taxes by the deceased person, these cannot be settled.

Steve Cortes from the Cortes Law Firm says, “When it comes to probating a loved one's estate, it is important to find the right Lawton probate attorney to ensure that the administration is carried out in the most efficient and effective manner. If you are an heir, you most likely have not had to experience the pain of probate settlement.”

Probate law involves the process of administering the estate of a deceased person, allowing the assets to be distributed to the legal heirs or beneficiaries. Probating is a complex and usually lengthy process. That is why getting the help of an experienced probate lawyer who is familiar with the various aspects of probate law in the state of Oklahoma. The attorney will be able to offer the best advice on what has to be done and provide the necessary assistance in ensuring that the estate will be handled according to the wishes of the deceased person.

It is important to note that the regular probate process in Oklahoma can take six to 10 months on average. Some may even take more than a year or more, especially when there is a conflict between the heirs.

One way to speed up the process is the summary probate, but this can only be used when the total assets of the deceased are less than $200,000. The summary probate can be a much better alternative if the estate is small, the heirs are in agreement, and there is no need to sell real property. To initiate the summary probate process, all heirs will have to indicate their agreement in writing before the initial Petition for Probate is filed. It should be noted that just one heir who is in disagreement will prevent the summary probate from proceeding and it will be converted to a regular probate process.

Founded in 2013 by Attorney Steve Cortes, Cortes Law Firm offers estate planning and probate services for individuals, business owners, and enterprises in Oklahoma City and surrounding areas. Steve Cortes has been offering estate planning services for a wide variety of clients for more than 22 years.

https://youtu.be/wRufM1AaKgc

Those who want to know more about estate planning and probating can visit the Cortes Law Firm website or contact them on the telephone or through email. They are open from 9:00 am to 5:00 pm, from Monday to Friday.

Source: Cortes Law Firm Explains the Consequence of Not Probating Estate

Saturday, March 18, 2023

Common Estate Planning Mistakes

Watch on YouTube here: Common Estate Planning Mistakes
Originally published by Cortes Law Firm

Saturday, March 11, 2023

Mom Says I Get The House!

Watch on YouTube here: Mom Says I Get The House!
Originally published by Cortes Law Firm

Friday, March 10, 2023

Are you only getting a sack of potatoes for your inheritance? Watch our new video

Watch on YouTube here: Are you only getting a sack of potatoes for your inheritance? Watch our new video
Originally published by Cortes Law Firm

Cortes Law Firm: How To Avoid Probate

Cortes Law Firm, a firm based in Oklahoma, recently published a new article that aims to help members of the community avoid probate. The article, published on the firm’s blog space, explains what probate is, why it should be avoided and how to avoid it. It is meant to serve as an informative resource for anyone looking to avoid any of the issues usually associated with proving a will. The firm’s goal is to help people be more prepared to handle such matters.

“The best way to avoid probate is to decide all these issues ahead of time with a revocable living trust centered estate plan or a transfer on death (TOD) designation,” says the article. “A revocable trust is a legal arrangement where a trustee holds and manages assets for the benefit of one or more beneficiaries. A testamentary trust can also provide asset protection to beneficiaries. As part of a revocable living trust centered estate plan, it will also provide protection for you during incapacity, avoiding costly and stressful guardianship or conservatorship hearings. The assets in a trust are not part of the probate estate, so they are not subject to the probate process.”

A TOD designation is described as a legal mechanism allowing individuals to transfer ownership of certain assets, such as bank accounts and securities, to a designated beneficiary upon their death without there being any need for a probate. The article also recommends that people who have a trust create a pour over will (which allows assets that were not transferred during a client’s lifetime to be transferred to the trust upon their passing). While a probate will still be required for items not in the trust, those items will be distributed according to the terms of the trust.

Reviewing and updating all beneficiary designations on retirement accounts, life insurance policies and other assets that have a beneficiary designation is crucial, according to the article. This is because it can help ensure that they align with the individual’s overall estate plan. While estate planning requires a certain level of investment in terms of money and time, it will save the heirs a great deal of both in the long run, especially if it helps them avoid probate. It also ensures that assets are distributed in a timely manner in accordance with the individual’s wishes — which provides peace of mind for everyone involved.

Should anyone need to go through the probate process, Cortes Law Firm is ready to offer their professional assistance. The procedure can be confusing at the best of times, and it is particularly time-consuming and frustrating in the state of Oklahoma. However, a lawyer who specializes in handling the probate process can take a great deal of stress out of the experience.

“When it comes to probating a loved one's estate, it is important to find the right Lawton probate attorney to ensure that the administration is carried out in the most efficient and effective manner,” the firm says. “If you are an heir, you most likely have not had to experience the pain of probate settlement. Probate law is the process of administering a deceased person's estate, and it involves the distribution of assets to the rightful heirs or beneficiaries. This process is necessary to ensure that the deceased's wishes are carried out and that their assets are distributed according to their wishes. Probate law is a complex and often lengthy process. It can be helpful to have the assistance of an experienced attorney who is familiar with the intricacies of the law. The attorney will be able to provide advice on the best course of action, the scope of their services and help ensure that the estate is handled in a manner that is consistent with the wishes of the deceased. Most will provide a free initial consultation to go over your information. A lot depends on whether there are wills, trusts or no planning at all.”

Those interested may get in touch with Cortes Law Firm for more information. They regularly publish informative articles explaining many aspects of probate law and more which can help people make the right decisions regarding the management of their estates. All Cortes Law Firm’s articles can be found on their website.

https://youtu.be/mFfG56bLaho

Source: Cortes Law Firm: How To Avoid Probate