Estate Planning FAQ’s
Second, Probate can take a long time. Because of the many court filings, petitions, notices, appraisals, reviews, and claims, the average Probate in Oklahoma is estimated to take 18 months. It is not uncommon to see Probates take many years to complete if there are any complicating factors such as business interests or contesting beneficiaries. For example, Marilyn Monroe’s estate was in Probate court for over 20 years.
Finally, the legal fees for Probate attorneys and Executors are set by law and are based upon the gross value of the Probate assets. Typical attorney fees for an estate of $1 million dollars could be as high as $50,000. The Executor of the estate is entitled to collect $50,000 as well.
Trusts can be used for many purposes such as avoiding Probate, minimizing Taxes, and providing Asset Protection.
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