Probate is the legal process that families typically use to settle the estate of someone who has passed away. In Oklahoma, probate may be necessary depending on the assets and circumstances involved.
Understanding when you must go through probate, and when there is an alternative option, can help you better plan for the future.
How does probate work?
In Oklahoma, probate is typically a requirement when a person dies while owning any assets in their name alone. These assets may include real estate, bank accounts or investments. If these assets do not have a named beneficiary or are not held in joint tenancy, they will likely need to go through probate.
Probate ensures the payment of the deceased person’s debts and the distribution of their remaining property according to their will. If no will exists, distribution will follow processes outlined by Oklahoma intestate law.
Is it possible to bypass probate?
Certain assets can bypass probate if you use specific methods. One such method is joint tenancy with the right of survivorship. If a house is jointly owned by a married couple, for example, the surviving spouse can usually inherit the property without probate. Similarly, accounts with a payable-on-death or transfer-on-death designation allow beneficiaries to receive the funds directly without the need for probate.
Trusts are another tool that can help avoid probate. A trust allows you to transfer your assets to a trustee, who manages and distributes the assets after your death according to your wishes. Assets placed in a trust generally do not have to go through probate, making the process faster and more private for the beneficiaries.
Are there other alternatives to probate?
Oklahoma also offers simplified probate procedures for smaller estates. If the estate’s value is below a certain threshold, heirs can use a simplified process to transfer property without going through full probate. This option is available for estates with a total value of $200,000 or less.
Probate is necessary for many Oklahoma estates and assets. However, some assets are transferrable outside of probate depending on the size and structure of the estate itself. Take the time to understand these Oklahoma probate laws so you can avoid unnecessary delays and complications.