#1 Way to avoid Oklahoma probate after death – Small Estate Affidavit

This is the first in series of 6 short articles on 6 Ways to avoid Oklahoma probate after death.

#1 Way to avoid Oklahoma probate after death: The Small Estate Affidavit for bank accounts

A probate proceeding is a court-administered collection and distribution of person’s property after they die. Probate can be with a Will or without a Will. Most people want to avoid probate due to time and expense, some people set up Living Trust that help work around the probate process.

Probate is most often required when title to real property has to be changed or a bank account is not set up to automatically transfer to someone on death. For bank accounts, Oklahoma law provides some opportunity to work around probate.

Up until now, if the amount in the bank account was $5,000.00 or less, heirs could access the funds, without probate, by providing affidavits to the bank. The affidavits tell the bank that you are the person entitled to receive the funds and that if it turns you are not person, you will pay the bank back the money. The good news is that in a law that takes effect November 1, 2011, the amount goes up to $20,000.00.

I provide probate and estate planning services in Edmond, Oklahoma City and the Metro area.  If you want to discuss this article or anything about probate or transfer of assets of please feel free to email me at sjr@shawnjroberts.com.