Category: Oklahoma City Estate Planning Attorneys

Who can be an Administrator of a Probate Estate in Oklahoma?

It is possible to avoid probate in Oklahoma through various estate planning strategies. Probate is the legal process through which a deceased person’s assets are distributed under court supervision. While probate can be necessary in some cases, it can also be time-consuming and costly. There are several methods to bypass the probate process, allowing for a more efficient transfer of assets to beneficiaries. Methods to Avoid Probate If you’re wanting to avoid the probate process, you have some options, such as: Revocable Living Trust: A revocable living trust is a legal document that places your assets into a trust during your lifetime. You retain control over the trust and can make changes or revoke it as needed. Upon your death, the successor trustee (whom you designate) transfers the assets to the beneficiaries without the need for probate. Joint Tenancy with Right of Survivorship: Joint tenancy allows two or more individuals to own property together with equal rights. Upon the death of one owner, the property automatically passes to the surviving owner(s). This transfer occurs outside of probate, provided the right of survivorship is clearly stated in the property deed. Transfer on Death (TOD) Deeds: Oklahoma allows for Transfer on Death Deeds, which let you name a beneficiary who will receive your real estate upon your death. You retain full ownership and control of the property during your lifetime. Upon your death, the property transfers to the named beneficiary without probate. Beneficiary Designations: Certain assets, such as life insurance policies and retirement accounts allow you to name a beneficiary directly. These assets transfer directly to the named beneficiaries upon your death, bypassing probate. Small Estate Affidavit: Oklahoma law allows for a simplified probate process for small estates, typically those valued at $50,000 or less. Heirs can use a small estate affidavit to claim the decedent’s assets without going through formal probate. This simplifies the process and reduces costs for small estates. If you’re considering one of these options, or others, consult with an estate planning attorney. Not only will they be able to explain all of the options, they’ll also be able to look at your situation and tell you which is best for you. Considerations When Avoiding Probate However, if you’re wanting to avoid probate, there are things you need to think about ahead of time. Legal Compliance: Ensure that all methods and documents comply with Oklahoma laws to avoid complications. Tax Implications: Understand the tax consequences of transferring assets, especially with gifting and trusts. Proper Documentation: Keep all documents, such as deeds, beneficiary designations, and trust agreements, up to date and legally valid. Work with an estate planning attorney to ensure your estate plan effectively avoids probate and meets your goals. Oklahoma City Estate Planning Attorneys Avoid probate

We often get questions about who can be an administrator of a probate estate. When someone passes away without a valid will, their estate enters a legal process known as intestate probate. During this process, the court appoints an administrator to manage and distribute the deceased’s assets. In cases where a will exists but does […]

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Oklahoma Charitable Donations in Estate Planning

Mandatory Fees

Many Oklahoman’s use charitable donations in Estate Planning to accomplish their goals. Often times when a person is creating an estate plan, they consider the idea of gifting money or assets to charity upon their passing.  About 16M Americans leave some kind of bequest in their last will and testament for charities.  If you would […]

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Creating a Trust For Oklahoma Estate Planning

Creating a Trust For Oklahoma Estate Planning

Creating a Trust for Oklahoma Estate Planning affords you more flexibility in your estate planning options. Creating a trust is often an essential part of your estate planning process.  Estate planning Attorneys use varying types of trusts depending on your specific needs and wants.  This allows you to have control over the assets, may protect […]

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OKC Estate Planning Attorneys Explain Oklahoma Step Children Inheritance

Oklahoma Step Children Inheritance is treated different then it is for naturally born children. According to the US Census Bureau, between 6% and 7% of Oklahoma children reside with a step-parent.  This makes up approximately 240,000 children.  As we all know, not everyone prepares their will ahead of time.  This leaves estates in an “intestate” […]

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OKC Attorneys Discuss Making a Will in Oklahoma

Making a will is an important step in your Estate Planning goals.  Nearly 250,000 Oklahoman’s between the ages of 45 and 65 do not have a last will and testament in place.  As result, over $1 billion is left to intestate succession laws.  Oklahoma’s intestate laws, while aiming to be fair, do not always reflect […]

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