Compassionate Guidance During Your Time Of Loss
Emotions are raw after the death of a cherished family member. Add the legal issues surrounding an estate and the presence of the almighty dollar, and you have a recipe for disagreements and family strife. The best way to avoid these issues is to make sure an estate is administered properly under the supervision of an experienced attorney.
Experienced Attorneys For Probate And Estate Administration
At Schumacher Law Group, we work with executors and beneficiaries throughout the probate and estate administration process, including the administration of estates with oil and gas-related issues. Our services include:
- Administering estates where there is a will
- Navigating the probate process when there is not a will
- Ensuring creditors get paid
- Resolving estate tax issues
- Distributing property to heirs according to the will or probate process
We have the legal experience to work through complex issues and the compassion and attentiveness to resolve the delicate family issues at play.
Resolving Oil And Gas Issues
The property of many states in Oklahoma include oil and gas interests. Attorney Matt Jankowski provides our firm, and our clients with a wealth of experience in this complex area of probate and estate law. We know that oil and gas interests may represent your family’s primary source of wealth. You can rely on us to resolve these issues in a way that protects the value of your family’s oil and gas interests as well as your rights as an executor or beneficiary.
Common Questions And Concerns
At our law firm, we have focused our efforts on providing our clients with the answers they need, such as what they can expect from the process they undergo and how we can help them right from our first meeting. Below, we share some of those questions and answers:
Is probate necessary in Oklahoma?
Whether probate is necessary or not depends on the value of the assets. If a deceased’s property value is over $50,000, probate may be required. Otherwise, the interested parties may use a document called a Small Estates Affidavit to claim the decedent’s assets.
It is also vital to consider that, according to Oklahoma law, some property will not go through probate. Some examples are property held in joint tenancy and property transferred in a living trust, insurance, and 401(K)s retirement accounts or individual retirement accounts (IRAs). Other examples include payable-on-death (POD) bank accounts and transfer-on-death (TOD) securities accounts.
As the custodian of a will, how long do you have to file for probate after death?
A custodian has 30 days as a maximum after the testator’s death to file for probate.
What happens if an individual passes away without a will (intestate) in Oklahoma?
If there is no will available upon an individual’s death, their property will go through probate. A judge will determine who, how much, and in what order each party will inherit assets divided among closest relatives. For example, if an individual were married, the spouse and children would receive a share of the assets. If unmarried and without descendants, parents would inherit their child’s assets. Not all property will be subject to the intestate process, like those previously transferred through legal instruments such as insurance or living trusts.
What happens with the ownership of oil and gas properties?
Like any other property or asset, oil and gas properties should be transferred. However, transferring ownership may be a complex task that would require the guidance and assistance of an experienced attorney.
There are different types of ownership and rights involved in oil and gas properties, and each has a different treatment and process to follow. For example, landowners can transfer their land ownership. The owners of rights would have to reassign their rights using a separate interest. However, individuals or businesses with interests in oil and gas properties held through royalty or lease agreements would have to go directly with the owner of the oil, gas or mineral rights and determine how to transfer their interests.
Get The Representation You Need
Waiting will only allow the issues to fester. Call 405-389-2260 or fill out our contact form today to schedule a consultation. From our office in Norman we represent individuals and families throughout Cleveland, Grady and McClain counties.