Oklahoma Probate Law | Inheritance Advances in Oklahoma
Probate Process in Oklahoma
The probate process is essential to the distribution of assets and money in Oklahoma after someone passes. The probate courts in Oklahoma will oversee the distribution of any belongings or assets left behind.
First, the courts appoint a representative for the estate who will collect and itemize any assets or money. They also ensure any outstanding debts get paid off and check the validity of any wills.
After the court is satisfied and all steps in the probate process are complete, they will start distributing assets and money to the heirs.
Is Probate Required in Oklahoma?
Probate is required in Oklahoma in most scenarios. When it comes to avoiding probate, it depends on the estate size. For example, if the person who died owned personal property — excluding real estate — valued at less than $50,000, the successors could use a Small Estate Affidavit to avoid probate.
Certain assets do not need to go through probate. Personal property put in a revocable living trust before the individual passes away means the property will automatically go to the assigned beneficiary without requiring probate.
Life insurance and retirement policies with beneficiaries also can avoid probate. Bank accounts also have this option, though the person who receives the money is listed as the “payable upon death” individual.
Additionally, assets with joint ownership do not require probate. If one owner dies, that asset will automatically go to the other owner(s).
How Long Do You Have to File Probate?
According to Oklahoma law, you or any other person possessing the will must present it for the probate process within 30 days of the individual’s death. The court system can use jail to compel you to file.
Is There an Oklahoma Inheritance Tax?
Oklahoma no longer has an estate tax for any person who died after January 2010. Federal estate taxes exist but only apply to estates worth millions of dollars.
To have a federal estate tax, the deceased’s probate and non-probate property must have a value greater than the exemption amount of the year the person passed.
Delays to Your Inheritance in Oklahoma
One of the biggest issues with probate is that it can be an extremely lengthy process. The other problem is that heirs cannot access the money their loved one left for them until the process is finished.
How long does the probate process take in Oklahoma? In general, most states in the U.S. take at least a year and a half to get to the point where they can distribute the inheritance money and assets to heirs. Most heirs are shocked to hear it takes this long since they have never experienced this process before.
It’s a frustrating experience to have your rightful inheritance blocked for a long time due to legal processes. Fortunately, Inheritance Funding can help.
Access Your Inheritance in Oklahoma Immediately
At IFC, we provide inheritance advances that allow you to access the money your loved one wanted you to have. Our process is fast and easy, and you get to decide how much inheritance you want to receive now. You can use the money however you wish — for bills, vacations, home improvements, car payments or anything else.
We have been in this industry since 1992 and have provided hundreds of millions in inheritance advances to heirs country-wide. You can trust our expertise and friendly staff to provide a free, no-obligation consultation. Our experts will walk you through the Oklahoma probate process and answer any questions.
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