How Much Does Probate Cost in Oklahoma?

On average, probate in Oklahoma costs anywhere from $3,000 to $15,000 for a simple, uncontested estate. However, costs can increase significantly for more complex estates or estates with contested issues. A large portion of the cost of probate consists of attorney fees, but there are also court costs and other administrative expenses. Keep reading below to learn more about the cost breakdown for the probate process in Oklahoma City.

Attorney Fees for Oklahoma Probate

Attorney fees are one of the highest costs in the probate process. Oklahoma law allows probate attorneys to charge a reasonable fee instead of setting specific statutory amounts. Some attorneys charge a flat rate, while others may bill an hourly rate. A fee of 2% to 4% of the estate’s total value is common.

For example, an estate valued at $300,000 may incur an attorney’s fee of $4,000 to $8,000. However, an estate valued at $1 million may require an attorney’s fee of $20,000 to $40,000. The larger and more complex the estate, the higher the attorney fee is likely to be.

Additional Probate Costs in Oklahoma

An attorney fee is not the only cost you will incur during the probate process. Some additional expenses you are likely to see are:

• Court filing fee: Roughly $200
• Executor bond (unless waived by the will): 0.5% to 1% of the estate’s value
• Property appraisal fees: $300 to $600 per property
• Publication fees (notice to creditors): $100 to $300
• Accounting costs: $1,000 to $5,000, depending on the size and complexity of the estate
• Copies of documents: $50 to $100
• Executor compensation: 3% to 5% of the estate’s value

The executor might not request to be paid, and that can save the estate a significant amount of money. Often, a family member will serve as the executor and not request any payment from the estate.

How Long Does Probate Take in Oklahoma?

On average, the probate process in Oklahoma takes somewhere between 4 and 8 months for most estates. The creditor claim period in Oklahoma is two months, so this sets the absolute minimum timeframe. However, disputed estates or those with complex assets can take longer to resolve, which is why working with a wills and trusts attorney during the planning phase is so vital.

Tips for Avoiding Probate in Oklahoma

If you want to avoid the probate process altogether, there are some things you can do to accomplish this. One of the most common ways that individuals use to avoid probate is by using a trust. By using a trust instead of a will, your assets can pass immediately to your beneficiaries upon your death. However, for this to work properly, the trust must be set up correctly and funded with assets.

Additionally, some accounts may use beneficiary designation forms to avoid probate. Common account types that allow you to name a beneficiary include:

• Bank accounts
• Investment accounts
• Retirement accounts
• Life insurance policies

With a valid beneficiary in place, the proceeds from these accounts will pass to the beneficiary without going through probate. If you want to learn more about what may work best for you, you should talk to an experienced Oklahoma City estate planning attorney who can help you put the proper plan in place.