Do I Have To File Probate in Oklahoma

Whether or not you have to file probate depends on property the decedent owned when they died and the extent of the estate planning done while they were alive. If proper estate planning happens prior to death, there are many ways to make distributing assets upon death much easier. Avoiding probate in Oklahoma, as in any state, typically involves estate planning strategies that allow assets to pass outside of the probate process. Here are some ways to achieve this:

A Living Trust In Oklahoma

Establishing a living trust allows you to transfer ownership of your assets to the trust during your lifetime. Upon your death, the assets held in the trust can distribute to beneficiaries without going through probate. The most popular reason creating a Trust is to transfer your home when you pass. When you create a trust to transfer your home you can change who gets it whenever you wish. When you put your house in your Trust you need to transfer the property to the Trust. This happens with a quick claim deed and is fairly straight forward. If you don’t have your house in a trust or have another probate avoidance tool your heirs will have to file probate to transfer the property to your beneficiaries.

In a living Trust you can place any other property you own in the Trust. This includes property like cars or other personal property that you own. You can also decide who you want as your administer of the Trust when you pass and who you want to designate as your beneficiaries. A trust can also be either revocable or irrevocable. For a revocable trust you can dissolve it at your discretion. For a revocable trust you remain the owner of the Trust

Joint Ownership With Rights of Survivorship

Holding property or assets jointly with another person, such as a spouse or family member, with rights of survivorship means that the property automatically transfers to the surviving owner upon your death, bypassing probate. The most common example is your house. This happens by holding the property jointly with a right of survivorship.

Beneficiary Designations

Naming beneficiaries for retirement accounts, life insurance policies, and certain financial accounts allows these assets to transfer directly to the named beneficiaries outside of probate. In my opinion its important for people to review beneficiary designations once a year. Its not uncommon for accounts to change accidentally or to miss them in a person’s estate. Its just a question of best practice that you review your estate plan once a year and beneficiary designations are part of the review.

Payable-on-Death (POD) and Transfer-on-Death

Designating beneficiaries on bank accounts, investment accounts, and vehicles using POD or TOD designations allow these assets to transfer directly to the named beneficiaries upon your death. This is simple and easy. Once the descendent passes away you simply take a certified copy of the death certificate to the custodian of the property and the transfer is done.

Okla. Probate and Estate Planning Done Your Way

If you have to file probate its because things to avoid probate weren’t done. There are a host of actions you can take to avoid probate and we can help you. In the event that you have a probate that needs to be filed we can also help with that. Our Estate Planning and probate attorneys practice law in most counties in the State. Call today and get a free and confidential consultation with one of the Tulsa probate attorneys at Kania Law Office. 918.743.2233 or click here to ask a free online question.