When is Probate Required in Oklahoma?
Probate is the process of administering someone’s estate after their death and transferring ownership of their assets to their heirs. However, probate is not always required in Oklahoma. Depending on the specific situation, the deceased’s assets might even be able to pass to heirs without going through probate. Keep reading below to learn when probate is required in Oklahoma and when it is not.
What Is Probate?
Probate is the process of opening someone’s estate and administering that estate according to the terms of their will. Part of the probate process in Oklahoma includes the court validating the will prior to any assets being distributed. If the deceased did not have a will, probate may still be required. In that case, the estate will be administered according to the terms of Oklahoma’s intestate succession laws.
Understanding When Probate Is Required in Oklahoma
Probate is not always necessary after someone dies in Oklahoma. However, there are some situations in which it is absolutely necessary to transfer property to heirs or resolve other estate issues. Probate is required when:
Assets Are in the Decedent’s Name Only
If the decedent owned property individually that was solely in their own name, probate will be necessary to transfer that property to the rightful heirs. Property such as a bank account, home, or other personal property may be titled in the decedent’s name only. In that situation, court action will be required to transfer ownership of that property.
Real Property Without Right of Survivorship
Real property, such as your home, is often titled to joint owners with a right of survivorship. This is especially common with a married couple. This means that if one of the joint owners dies, the other automatically becomes the sole owner of the property. If no right of survivorship exists, then probate will be required to transfer title to real estate.
Personal Property of More than $50,000
Oklahoma has some special rules that allow small estates (valued at less than $50,000) to be handled outside of the full probate process. However, if personal property with a total value of more than $50,000 is involved, then the full probate process will be necessary to handle that property.
How Can I Avoid Probate in Oklahoma?
Probate can be lengthy and complex, and it could also cost your family a significant amount of money. Many individuals put estate plans in place that help families avoid probate. This can save both time and money, and it can allow your family members to access your assets immediately after your death.
Some common methods used to avoid probate include:
- Setting up joint ownership, especially for bank accounts or other financial accounts
- Creating a trust (commonly a revocable living trust) drafted with an Oklahoma City wills and trusts attorney
- Using beneficiary designation forms
Remember that probate may be required whether the decedent had a will or not. If you want your heirs to be able to avoid probate, make sure you work with an experienced estate planning attorney who can help you put the right plan in place for your situation.
