Explore Strategies to Bypass Oklahoma Probate
Hi, I’m Oklahoma probate attorney Meg Prestage and I want to talk to you today about different ways to avoid probate in Oklahoma. There are several tools at your disposal that you can use to simplify the transfer of your assets after your death.
One method is called joint ownership, which allows you to put property into joint tenancy, generally between a husband and wife. With words of with rights of survivorship, the property automatically passes to the surviving joint tenant upon the death of the first joint tenant.
Financial Accounts and Transfer on Death Deeds
Another way to avoid probate is to manage your savings and checking accounts effectively. At your bank, you can fill out a form called payable on death, where you identify beneficiaries who will inherit the money in your accounts, including CDs. After your passing, all they need to do is present a copy of your death certificate to the bank or financial institution.
A particularly effective tool is the transfer on death deed. This mechanism allows you to designate heirs for your property, such as real estate or mineral rights. After your death, heirs can claim their share by filing an affidavit in the county where you resided in Oklahoma, but this must be done within nine months; otherwise, the deed lapses and becomes part of your estate.
Revocable Living Trusts and Strategic Gifting
Another excellent option for avoiding probate is the revocable living trust. This is particularly beneficial for individuals with multiple family members and various assets. It allows for tailored distributions, meaning you can provide specific assets to different heirs without the need for probate.
Lastly, we have what is known as strategic gifting, which is dictated by the IRS. This allows you to gift up to $18,000 per individual each year without incurring taxes. Many people begin utilizing this strategy as they approach the end of their lives, helping to minimize their taxable estate.
Get Expert Guidance Today
If you want to learn more or discuss any of these options with me, contact me for a low-cost consultation at 405-888-5400 or visit OKC attonreys. Thank you!
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