What Happens to a House When Someone Dies in Oklahoma?

For many people, a house is their largest asset. But what happens to your house after your death? The answer depends on a few factors, such as how the house is titled and whether you have a valid estate plan in place with an estate planning lawyer. Keep reading below to learn all the details about what happens to a house when someone dies in Oklahoma.

Handling a House After Someone’s Death in Oklahoma

Owning a home has long been at the center of the American dream. But many people never stop to think about what happens to their house after their death. The way a house is handled after death depends on a few different factors. Here are some of the most common scenarios.

Joint Owners with Right of Survivorship

It is very common, especially for a married couple, to own a home as joint owners with the right of survivorship. In this case, if one of the joint owners dies, the other automatically gets full title to the property. This process allows ownership of the property to transfer without going through the probate process. Instead, the joint owner needs to file an affidavit along with the death certificate in the county where the property is located.

Transfer-on-Death Deed

There is also another way that a property owner can have their house transfer immediately to a named beneficiary without going through probate. This can be done by executing a transfer-on-death deed with their heir as a named beneficiary. This can be a great way for someone who wants to maintain sole ownership of their house during their lifetime but allow the home to pass to an heir without the complex probate process. After the homeowner’s death, the beneficiary should file a beneficiary’s affidavit within 9 months if they wish to take ownership of the property.

Living Trust

A revocable living trust is another way that someone can retain control over their house during their lifetime but have the house transferred directly to a beneficiary upon their death. In order for this method to work properly, the owner must transfer ownership of the house to the trust during their lifetime with help from an Oklahoma City wills and trusts attorney. Upon the owner’s death, the house would be transferred according to the terms of the trust, and probate would not be necessary.

The Probate Process

The probate process is required when the deceased owned a house solely in their own name or as tenants in common. If there was a valid will, then the house will be distributed according to the terms of the will. Without a valid will, the house would be passed down according to the intestate succession laws of Oklahoma. This generally means that a surviving spouse or children would receive the home, followed by surviving parents or siblings if no spouse or children exist.

How Does a Mortgage Affect Passing Down a House After Someone’s Death?

If the owner had a mortgage on the house, this can play a big role in what happens to the house. The answer likely depends on the overall financial situation of the estate and the heirs. In some cases, the house may need to be sold to pay the mortgage. However, the heirs may be allowed to keep the home and assume the mortgage in some cases as long as the payments stay current.

To protect your family, make sure that you have a valid estate plan in place with a comprehensive approach to handling your home. Contact Helton Law Firm today to schedule a consultation and let us help you achieve your goals.