Many families in Oklahoma never learn about probate until a loved one passes away. Unlike criminal proceedings and lawsuits, the probate court rarely earns a place in Hollywood movies or legal TV dramas – making it one of the most poorly understood legal processes. However, probate has the power to drastically affect the financial well-being of Oklahoma families – and it is worth gaining a cursory understanding of this process before it is too late. That being said, there is no need to become a legal scholar simply to navigate the probate court. Instead, families may choose to work alongside experienced probate lawyers in Oklahoma. To learn more about the probate court and the potential next steps in this process, consider a consultation with My Estate Advisor.
The term “probate” refers to a legal process in Oklahoma. Probate is an administrative process with defined timelines and requirements that are challenging to navigate without experience in the process.
Oklahoma probate courts refer to the person who dies as the “decedent.” If the decedent passes away without first writing a Will, they die “intestate.” If they wrote a valid Will before passing, they die “testate.” This is a key distinction, as it determines how the assets of the estate wil be distributed. It may also determine how expensive and time-consuming probate becomes.
If the decedent leaves no Will, the probate court follows a predetermined formula called “intestate succession.” The family will have no control over this process, and the assets are distributed in accordance with a complicated structure set forth in the Oklahoma Statutes. Many families are surprised and often disappointed with the statutory intestate succession results. These intestate succession laws can become quite complex, especially if the decedent leaves few relatives behind. In some cases, the probate court must search for any relative to inherit the estate – however distant they might be. If they cannot find any living relatives, the assets could potentially pass to the government for the funding of public schools.
The probate court is the legal body responsible for handling the estate of the decedent. Each county has its own probate court, and there are 77 counties in Oklahoma. Each of these probate courts has its own probate judge, and the executor of the Will generally files a petition with the correct District Court to have the Will probated. In most cases, the executor files a petition with the District Court where the decedent resided. For example, the executor would most likely file a petition with the Oklahoma County District Court if the decedent passed away in Oklahoma County. To learn more about the probate court, continue this discussion alongside My Estate Advisor.
A primary reason probate is required is to legally transfer property titles from the decedent to the beneficiary. The classic example is real estate, which beneficiaries may inherit according to a Will or intestate succession. In an ideal world, this transition occurs seamlessly. In reality, numerous potential issues might arise – including disputes between heirs, debts or liens attached to the property, and more. Sometimes, beneficiaries receive no notification about property they have a right to inherit. In many cases, these legal issues must be resolved before the beneficiary can take possession of the property.
One way to address these title issues is through a “title curative” probate process. The goal of this process is to “cure” any issues with a title – ensuring that the property maintains its market value. If these issues remain, potential buyers may be reluctant to even consider the property. For many real estate investors, the legal complexities of title issues are not worth the effort. Title curative services seek to remedy these issues through research, correcting errors, and creating proper legal records of clean title passing to the beneficiaries.
Oklahoma has a reputation for granting property owners considerable mineral rights – more so than many other states. Royalties can be particularly attractive. Perhaps most importantly, mineral rights have essentially the same legal status as real estate in Oklahoma. While this makes Oklahoma an attractive option for some investors, it may also complicate probate.
Like real estate, the title of the mineral rights may need to go through probate in order to transfer from the decedent to a beneficiary. On the other hand, joint tenancy involves two or more people on the same title. If one passes away, the mineral rights may transfer in a more seamless manner to the others through the “right of survivorship.” Families may also choose to transfer the title to a living trust before they pass away. With this method, it is possible to transfer mineral rights to beneficiaries without going through probate. Finally, the mineral rights could be titled under a business entity – such as an LLC or corporation. Unlike other estate planning strategies, this does not require a title transfer since the company “outlives” the decedent. In many cases, the company continues to profit from the mineral rights and passes profits to shareholders (including surviving family members). However, an operating agreement may be necessary to transfer ownership of the company after the decedent passes away.
The probate court can seem complex at first glance, but no family needs to navigate this process alone. Probate lawyers in Oklahoma may have considerable experience with the probate court, and these lawyers can guide families through this process. While you can learn some about the process, each family is different and online research may not provide the same level of personalized legal advice as an actual consultation with a lawyer. To learn more about probate in Oklahoma, consider a consultation with My Estate Advisor.
