Losing a loved one is never easy. When it happens, however, those left behind have the difficult task of figuring out what to do with that person's possessions or what is known as the deceased person or decedent's "estate," which may include cash, property, or other investments such as stocks.
Settling the decedent’s estate after they pass is referred to as estate administration and usually occurs under the supervision of a probate court except under certain circumstances. This a quick summary of probate and estate tax laws in Oklahoma.
Oklahoma Probate and Estate Tax Laws
The following table outlines probate and estate tax laws in Oklahoma.
|Code Sections||OKLA. STAT. § 58-1, et seq.: Oklahoma Probate Code|
|Types of Estate Administration||
Regular probate proceedings include the following:
Regular probate proceedings can be bypassed under certain circumstances:
A reasonable allowance in money out of the estate necessary for their maintenance for one year, including fuel. Additional allowances may be allowed by the court, but not over 1 year if the estate is insolvent. If funds are insufficient, the court can authorize mortgaging of the decedent's real estate, with the exception of the home, for the purpose of borrowing money.
|What Assets Go Through Probate?||A person's real and personal property at the time of his or her death.|
|Estate or Other Taxes||None for deaths occurring on or after January 1, 2010.|
Oklahoma Probate and Estate Tax Laws: Related Resources
Estate decisions are complicated and going through the probate process can be difficult. If you would like legal assistance with a probate or estate tax matter, you can contact an Oklahoma probate and estate administration attorney. You can also visit FindLaw’s sections on Probate Basics, Estate Tax Laws, and Oklahoma Estate Planning Laws for more articles and information on this topic.
Contact a qualified attorney.