Probate is a legal process that takes place after someone dies to administer their estate and distribute their assets. One question many people ask is, “How do I avoid probate in Oklahoma?” Probate can be initiated whether or not there is a will, and the laws vary by state, so it may be a good idea to consult an attorney to learn more about the process in Oklahoma as often when an estate goes through probate, the family does not have a say in asset distribution.

Ways to Avoid Probate

Some of the most commonly used methods of avoiding probate in Oklahoma include:

  • Creating a trust: You can create a living trust to avoid probate, placing your assets under the trust and thus keeping them protected. You can place almost any asset in a trust, including real estate, vehicles, and bank accounts. You will need to start by creating a trust document and name someone to take over after your death. This person is known as the trustee.
    The trustee will be in charge of operating the trust according to the terms outlined in the trust document. Once the trust is created and ownership of all assets has been transferred to the trust, you can rest assured your assets will be handled as you intended. Upon your death, the trustee will transfer your assets to the beneficiaries named in the trust document.
  • Joint ownership: Owning property jointly with a family member is a good way to avoid probate. When one owner dies, the surviving owner assumes their ownership share of the property. Two common joint ownership agreements that help avoid probate are joint tenancy and tenancy by entirety.
  • Transfer-on-death accounts: This process can work for most assets, including but not limited to real estate, bank accounts, and vehicles. Registering ownership under a transfer-on-death agreement stipulates that upon the death of the owner, ownership of the property will be transferred to the named beneficiary.
  • Payable-on-death accounts: Another way to avoid probate is to add a payable-on-death designation to your assets. This works for bank accounts, saving accounts, or certificates of deposit. It stipulates that upon your death, the beneficiary can claim the remaining balance in the account directly from the financial institution, therefore avoiding probate.

Each of these options is an alternative to the probate process in Oklahoma. To successfully utilize one of these approaches, you may want to engage the help of an estate planning attorney who can ensure everything is done correctly.

FAQs

Q: Does Real Estate Have to Go Through Probate in Oklahoma?

A: Real estate may be subject to probate in Oklahoma. If the real estate was owned solely in the deceased’s name, then it will need to proceed through probate. If the real estate was owned under a transfer on death provision or under a joint ownership agreement, it will be subject to that specific arrangement and will not need to be transferred through probate. An estate planning attorney can help if you have questions regarding a specific piece of real estate in your case.

Q: Does a Car Have to Go Through Probate in Oklahoma?

A: A car may or may not have to go through probate in Oklahoma, depending on the circumstances. For example, if the deceased owned the car under a transfer-on-death provision, then probate can be avoided. As is implied by the name, ownership of the car will transfer to the named beneficiary upon the death of the owner. Cars typically avoid probate, but there are cases when they cannot.

Q: How Do You Get Around Probate in Oklahoma?

A: There are a few different ways to get around probate in Oklahoma. Each way has its own pros and cons. One way is by creating a revocable trust. This protects your assets by transferring their ownership from you to the trust. Another common way is by utilizing a transfer-on-death designation. This can be done with real estate, bank accounts, vehicles, and personal property.

Q: What’s the Benefit of Avoiding Probate in Oklahoma?

A: There are several key benefits to avoiding probate in Oklahoma. One benefit is being able to maintain the privacy of the estate. Probate is a public process, and the details of the estate will go into the public record for anyone to search. If you wish to keep the details of your estate private, you want to avoid probate. Probate can also often be a long, drawn-out process, and avoiding it can save you time and money.

Q: How Can an Estate Planning Lawyer Help Me?

A: An estate planning lawyer can help you in several ways. Perhaps the most important way a lawyer can help is by exploring ways to avoid the probate process. An experienced lawyer will have the acumen necessary to explore multiple legal avenues and recommend the most desirable result for you and your loved ones.

A lawyer can help create the necessary wills and trusts needed to protect assets from probate. There is often expansive paperwork and legal documentation required with wills and trust necessitating a lawyer’s help.

A Law Firm That Cares

If given the option, everyone would likely choose to avoid probate in Oklahoma. Estates that go through probate are ultimately at the mercy of the court. The families have no control over how the assets will be divided. There are plans, options, and strategies you can put in place to avoid the probate process altogether, which can be explored with an attorney. Among the many services an estate planning lawyer can offer, perhaps the most important is avoiding probate.

The legal team at Stange Law Firm is committed to helping you explore every legal avenue available during the estate planning process. When it comes to estate planning, time is rarely on your side, so it’s important to establish a will or trust to protect your assets. It’s difficult to avoid probate if you die without a proper plan in place. Protect your family’s interests by contacting us today at one of our Oklahoma offices.