How to Avoid Probate in Oklahoma
When you pass away, your family might have to go through the probate process in order to transfer your assets and obtain their inheritance. This process can be time-consuming and complex. It can also add to the stress of an already difficult time. Thankfully, there are some strategies available that can help your family avoid probate in Oklahoma.
What Is Probate?
Probate is the process of administering someone’s estate after their death. The probate process includes the appointment of an executor or personal representative of the estate. If the deceased had a will, then the estate’s assets will be distributed according to the terms of the will. When no will exists, the estate follows the intestate succession rules in Oklahoma.
Probate can often take anywhere from 4 to 12 months to complete. It can also be costly, with average probate costs ranging from $4,000 to $12,000 for simple, uncontested estates. Avoiding probate with help from an Oklahoma City probate attorney can save your family both time and money while also keeping the details of your estate private.
How Can I Avoid Probate in Oklahoma?
There are a few different strategies that you may use during the estate planning process to help your family avoid probate after your death. Here are some of the most common.
Revocable Living Trust
One of the most common ways to avoid probate is by using a trust. Revocable living trusts are popular choices because they allow you to maintain control over your assets during your lifetime, but those assets can transfer to your heirs outside of probate after your death. Trusts can be especially beneficial for larger and more complex estates.
Payable on Death Designations / Beneficiary Designation Forms
Payable-on-death, or transfer-on-death, designations are a great way to transfer ownership of assets without going through probate. This is a common way to transfer ownership of:
- Bank accounts
- Retirement accounts
- Vehicles
Similarly, many types of accounts allow you to specify a named beneficiary. The proceeds of those accounts will immediately transfer to your beneficiary upon your death, and they will not need to go through the probate process. Proper oversight by a trust administration lawyer ensures all assets and accounts transfer seamlessly to your intended heirs.
Joint Ownership
When you own property with a joint or co-owner, you can have your interest in the property pass immediately to the joint owner when you die. This can be done with bank accounts, investment accounts, and even real estate. However, it is important to keep in mind that adding someone as a joint owner gives them immediate access to those assets. For instance, adding a joint owner to your bank account would allow them to access funds in your account.
Benefits of Avoiding Probate
Avoiding probate can have many benefits, such as:
- Allowing your heirs quicker access to assets
- Saving your family money on probate expenses
- Simplifying the process of ownership transfer
- Keeping the details of your estate private
Comprehensive estate planning usually involves exploring all these options and more. While it is not always possible to completely avoid probate, an experienced Oklahoma City estate planning attorney can help you develop a plan that works best for your personal situation.
