What Has To Go Through Probate?
What Goes Through Probate in Oklahoma?
The passing of a loved one is always a challenging time for families. Beyond the emotional toll, there are legal and financial matters to address. In Oklahoma, like in many other states, the probate process is a crucial step in settling the affairs of the deceased. In this blog post, we will explore what things go through the probate process in Oklahoma, providing you with a clearer understanding of the steps involved.
Probate is the legal process by which a deceased person's estate is settled and their assets are distributed to beneficiaries or heirs. The primary goal of probate is to ensure that the deceased person's debts are paid, and their property is distributed according to their will or, if there is no will, according to Oklahoma's intestate succession laws.
Not all assets go through the probate process in Oklahoma. Some common assets that typically do go through probate include:
Real Estate: Any real property solely owned by the deceased will typically be included in the probate estate. However, joint tenancy with right of survivorship or assets held in a living trust may bypass probate.
Bank Accounts: Individual bank accounts in the deceased's name alone are subject to probate. Joint bank accounts with a surviving co-owner may avoid probate.
Personal Property: Personal items, furniture, vehicles, and valuable possessions owned solely by the deceased may be included in the probate estate.
Investment Accounts: Stocks, bonds, and other investment accounts in the deceased's name alone are usually subject to probate.
Life Insurance: Life insurance policies where the deceased is the named beneficiary may go through probate if there is no living beneficiary or if the estate is named as the beneficiary.
Retirement Accounts: Retirement accounts with no named beneficiary or with the estate as the beneficiary may be included in probate.
However, certain assets bypass the probate process and are typically distributed directly to the designated beneficiaries. These may include:
Jointly Owned Property: Property held jointly with the right of survivorship goes directly to the surviving co-owner(s).
Assets in a Living Trust: Assets placed in a revocable living trust are distributed according to the trust document and usually do not go through probate.
Beneficiary Designations: Assets with designated beneficiaries, such as retirement accounts and life insurance policies, go directly to the named beneficiaries.
Payable-on-Death (POD) Accounts: Bank accounts with a valid POD designation transfer to the named beneficiary upon the account holder's death.
Transfer-on-Death (TOD) Securities: Investment accounts with a valid TOD designation transfer to the named beneficiary.
Probate in Oklahoma is a necessary legal process for settling the affairs of a deceased person. Understanding which assets go through probate and which do not can help families navigate this process more effectively. If you have questions about Probate or how the process works, please feel free to reach out! Or, if you would like to avoid the Probate process all together, let’s meet to discuss your options with an Estate Plan.
