Many people plan ahead to avoid Oklahoma probate. Why, you might ask. While the process can help pay debts and distribute assets after a person’s death, it is all court supervised. It can cause unnecessary delays or extra costs you might be able to avoid, if you plan properly. The right estate planning lawyer can help you structure your estate to avoid probate for all or nearly all of your assets.
The experienced estate planning lawyers at Brune Law Firm understand how to help you avoid Oklahoma probate. Your loved ones will thank you for the streamlined process while they are grieving, and you will know your assets are properly protected and distributed. Create your estate plan today.
Ways to Avoid Oklahoma Probate
1. Create a Revocable Living Trust
Using a revocable living trust is a very helpful way to avoid probate. Assets in a trust are no longer owned by you. They are owned by the trust. When you pass away, the successor trustee is then in charge of the trust and the distribution of your assets. This gives you many benefits, such as:
- Avoids probate for all assets titled in the trust
- Allows for faster and private distribution
- Can include real estate, bank accounts, investments, and personal property
To be effective, you must fund the trust by retitling assets in the name of the trust during your lifetime.
2. Use Joint Ownership with Rights of Survivorship
When assets are set up as joint tenancy with rights of survivorship, they will automatically pass to the surviving owner when you pass away.
This applies to:
- Real estate
- Bank accounts
- Vehicles
In Oklahoma, joint ownership helps avoid probate and can be very helpful. However, it might expose that other person to your creditors, so it is critical to talk to an attorney first about this strategy.
3. File a Transfer-on-Death Deed (TODD)
Oklahoma homeowners can use Transfer-on-Death Deed to name a beneficiary for real estate. This deed:
- Transfers ownership automatically upon death
- Requires no probate
- Can be revoked or changed at any time
To be valid, the TODD must be properly recorded with the county clerk before death.
4. Designate Beneficiaries on Financial Accounts
Many types of assets let you make them transfer on death or payable on death. These include:
- Bank accounts
- Retirement accounts (IRA, 401(k))
- Investment accounts
- Life insurance policies
When you name a beneficiary, the asset passes directly to them upon your death—no probate required. Be sure to keep beneficiary designations up to date and consistent with your overall estate plan.
5. Give Assets Away During Your Lifetime
Another way to avoid probate is to gift assets while you’re alive. This removes them from your estate and eliminates the need for probate.
Consult with an estate planning attorney or financial advisor before making large gifts.
Why Do I Want To Avoid Oklahoma Probate?
Avoiding probate offers several advantages:
- Speed: Assets transfer more quickly to heirs
- Privacy: Probate is a public process; trusts and TODDs are private
- Cost savings: Probate can involve court fees, attorney fees, and delays
- Control: You decide how and when assets are distributed
Set a Consultation With an Oklahoma Estate Planning Attorney
Avoiding probate is a smart way to handle your estate planning. It utilizes legal tools to maximize your assets and make things easier for your beneficiaries. You can design it to more smoothly pass on your assets to the ones you care about the most.
Let the experienced lawyers at Brune Law Firm work with you to create a customized estate plan that fits your needs and avoids Oklahoma probate. Contact us today for a consultation.