Is there a simplified probate process in Oklahoma?
Our Oklahoma estate planning offices are located in Oklahoma and the laws that govern administration of estates are enacted by every state. There are similarities and 16 states use the Unified Probate Code. Oklahoma is not one of these states. Oklahoma is not one of these states.
Let’s look at probate from an overview before we explain a specific provision that is in place here in Oklahoma.
Administration of a Will
The most commonly used estate planning document is the simple will. The executor who is designated to act as administrator cannot run the estate on their own. The probate court would supervise the executors, and this serves a purpose. Creditors are notified of the death of the decedent. The creditors are given a period of time to file claims. The executor is also required to open an estate bank account. The court will also decide the validity of the Will. If someone wants to present a challenge, they could come forward while the estate is being probated.
Probate Drawbacks
Probate provides an oversight mechanism that ensures the legitimacy of the administration process, but it can be a hassle for the heirs. The heirs will not receive anything while the estate is being probated, which can take up to a year. Expenses pile up during probate, and this reduces the amount of the inheritances that will eventually be received.
This court also handles intestacy cases. If someone dies without a will or trust, the court would appoint a personal representative, and a similar estate administration process would unfold.
Ultimately, the assets would be distributed using the intestate succession laws of our state. Under these circumstances, the way that the assets are distributed may not be consistent with the true wishes of the decedent.
Probate Shortcuts in Oklahoma: Small Estate Affidavit
There is a small estate affidavit option in Oklahoma. It is only available if the assets that would be subject to probate are valued at $50,000 or less after all debts have been paid.
Simplified Probate via Summary Administration
Summary administration is another shortcut that can potentially be utilized in Oklahoma under certain circumstances. The simplified probate process is available if the value of the estate does not exceed $200,000.
Two additional situations may qualify for this simplified procedure. If the decedent has been dead for more than five years, summary administration may be available, and it could be an option if the decedent was living outside of Oklahoma at the time of their passing.
Proactive Probate Avoidance
All of this is somewhat complicated, but it does not have to be a factor at all. There are alternatives to a will when stating your final wishes. You will remain the trustee of your trust while you are still alive. This allows you to maintain full control over the assets. They will distribute the assets to the beneficiaries per your stated wishes, and probate will not be a factor.
Probate avoidance is one of the benefits that a living trust will provide, but there are others that we will explain in a future blog post.
Take Action Today!
If you are going through life without an estate plan, today is the day to end the procrastination. You can schedule a consultation at our Oklahoma City estate planning office if you call us at 405-843-6100, and our Tulsa office can be reached at 918-615-2700.
You can alternately fill out our contact form to send us a message and we will get back in touch with you promptly.
