What Assets Must Go Through Probate and Which Can Be Transferred Outside of Court?

In Oklahoma, whether an asset must go through probate generally depends on how your loved one owned it and whether another legal method allows it to transfer after death. If your loved one owned property solely in their name, you may need to use probate to transfer it to the proper heirs or beneficiaries. Other assets may pass outside of probate through survivorship rights, beneficiary designations, transfer-on-death arrangements, or a trust.

After losing a loved one, you may have difficulty figuring out which property requires probate and what you can transfer without going to court. Probate provides a legal process for handling property that cannot transfer through another method. Identifying these assets early can help you understand what belongs in the probate estate and what may pass directly to a beneficiary or surviving owner.

At Mark Albert Attorney At Law, I help families understand probate and estate administration in Oklahoma. With offices in Elk City and Edmond, I can review how your loved one owned their property, identify assets that may require probate, and explain the steps you need to take. Contact me today to schedule a consultation.

Assets That Typically Must Go Through Probate

Probate is the court process used to administer certain property after someone dies. As part of probate, the person appointed to handle the estate identifies and gathers estate assets, addresses valid debts and expenses, and distributes the remaining property to the people entitled to receive it. Common assets that may need to go through probate include:

• Solely owned real estate: If your loved one owned a home, land, or other real property in their name alone, the property may need to go through probate if they did not use a valid transfer-on-death deed or another method to transfer it outside of probate.

• Individual bank accounts: Checking and savings accounts may become probate assets if your loved one was the sole owner and did not name a payable-on-death beneficiary.

• Vehicles and other titled property: A vehicle or other titled asset owned by your loved one may become part of the probate estate if no other method allows ownership to transfer after death. In some circumstances, another transfer procedure may apply.

• Personal property: Furniture, jewelry, artwork, collectibles, and other belongings may also become part of the probate estate if your loved one owned them individually and did not arrange for them to pass another way.

An asset does not necessarily require probate because of its value. How your loved one owned the asset and whether they arranged for it to transfer another way are often more important. Reviewing deeds, account records, beneficiary designations, and other ownership documents can help you determine what belongs in the probate estate.

As an Oklahoma estate planning lawyer, I can help you gain more control over how your property will transfer after your death. A will lets you state who should receive your probate property, but simply having a will does not keep your estate out of probate.

Assets That May Transfer Outside of Probate

You may be able to transfer some property without putting it through probate. Your loved one may have arranged for an asset to pass directly to another person, or the way they owned the property may give a surviving owner the right to receive it.

• Jointly owned property with survivorship rights: If your loved one owned property with another person under an arrangement that includes survivorship rights, the surviving owner may receive the property after your loved one's death. The specific form of ownership matters, so you should not assume that every jointly owned asset automatically avoids probate.

• Accounts with beneficiary designations: Life insurance policies, retirement accounts, and certain other financial accounts generally pass to the beneficiaries named in the applicable documents rather than under the terms of a will.

• Payable-on-death accounts: If your loved one named a valid payable-on-death beneficiary on a bank account, the beneficiary may receive the funds without putting the account through probate.

• Transfer-on-death property: If your loved one used a valid transfer-on-death deed or another available transfer-on-death arrangement, the covered property may pass to the named beneficiary without going through probate.

• Property held in a trust: If your loved one transferred assets into a trust during their lifetime, the trustee can generally administer those assets according to the trust terms without putting them through probate.

You should still review the documents that control each asset before assuming it can transfer outside of probate. For example, a beneficiary may have died before your loved one, an asset may never have been transferred into a trust, or the ownership documents may create another issue. These details can change how you need to handle the property.

If you believe an asset should pass directly to you or another beneficiary, I can examine the documents that control the transfer and explain whether probate is necessary. If a problem prevents the direct transfer, I can explain what steps you may need to take to address the property as part of the estate.

How Estate Planning Can Reduce the Need for Probate

You can use estate planning to gain more control over how your property will transfer after your death. A will lets you state who should receive your probate property, but simply having a will does not keep your estate out of probate.

Depending on your circumstances, you may use a revocable living trust, beneficiary designations, payable-on-death arrangements, transfer-on-death deeds, or certain forms of ownership with survivorship rights to transfer assets outside of probate. Each option works differently, so the right approach depends on the property you own and what you want to happen to it.

Your estate plan should also account for how you currently own your property and your overall financial circumstances. I can review your deeds, financial accounts, beneficiary designations, and existing estate planning documents to identify assets that may not transfer the way you expect. If you are also dealing with significant debt, I provide bankruptcy case representation and can discuss the legal options that may apply to your situation.

Contact an Oklahoma Probate Lawyer

When you handle a loved one's estate, you first need to determine how they owned each asset and whether they arranged for it to transfer outside of probate. Identifying probate and non-probate property early can help you understand which assets require court involvement and what you need to do to administer the estate.

At Mark Albert Attorney At Law, I help families with probate and estate administration matters throughout Oklahoma. From my offices in Edmond and Elk City, I can review your loved one's assets, explain which property may require probate, and help you complete the legal steps involved in administering the estate. Contact me today to schedule a consultation.