Frequently Asked Questions About Frequently Asked Questions AboutBy proceeding beyond this point, you are acknowledging the terms and conditions of the express disclaimer, and are agreeing to those terms and conditions.
A Will is a written document that specifies how your property will be distributed when you die, and nominates a person to be responsible for paying your debts and distributing your property
No. The only way the State would get your property (a process called escheat) is if you die with no heirs or relatives.
It depends on who and what you leave behind. Although complicated to explain, I will try. First, you must determine what will be left behind "in your estate". Any property that is held jointly with rights of survivorship will not be part of your estate. These items of property will automatically pass to the survivors upon the completion of some paperwork. Property that contains a "pay on death" provision will pay to the designated person or persons upon proof of the death of the property owner. All other property is "in the estate" and subject to distribution under Oklahoma law. A common misconception is that if the deceased was married on the date of death, the surviving spouse gets everything. This is not true. The actual distribution is to the surviving spouse and children in shares that are determined by the nature of the property (marital or separate) and the number of "heirs" that are left behind. Under Oklahoma law, "heirs" are the surviving spouse, surviving natural born or adopted children (not step children) of the deceased, and the natural born or adopted children (again, not step children) of any deceased child of the deceased. Married persons who receive an inheritance, either by the above method, or by Will, receive the property as "separate", meaning it is not part of that person's marital assets. If, after receiving the inheritance, the heir "gifts" the property to the marriage, it becomes marital, and in the event of a divorce, it is subject to division by the court.
In a word, no. Effective for people who die on or after January 1, 2010, there is no tax on estates in Oklahoma. Before an estate is subject to Federal taxation, the estate must be valued in excess of 5 million dollars for an individual, or 10 million dollars for a couple. This is an area of tremendous conflict between Democrats and Republicans, so it is possible that this provision will change as early as 2013. As for the inheritance, the heir/beneficiary does not have any income tax liability on inherited amounts, regardless of how much is inherited.
In a word, no. Not even tax debts owed. Only estate property can be used to satisfy debts. Unfortunately, some unscrupulous collectors have been known to trick or bully heirs into believing they are responsible. If any estate property is passed to the heirs, that property can be recovered into the estate to the extent necessary to satisfy any debts.
A trust is a legal entity capable of holding and transferring property. The trust is created by the "Trustor" or "Grantor". It is administered by the "Trustee", who may or may not be the same as the Trustor. The Trust is for the benefit of the "Benificiaries", who will ultimately receive the property?
There are two basic types of trusts. An "inter vivos" (living) trust is one in which property is immediately transferred into the Trust. A "Testamentary" trust is one which is created in the Will of a person, with no property transferred to the Trust until the death of the Grantor. Needless to say, if the avoidance of Probate is the goal, the Testamentary Trust will not be appropriate.
To answer this question, it is necessary to define "certificated property". Certificated property is any thing that requires a piece of paper for proof of ownership. (Such as deed to a house, title to a car, etc.) You can avoid probate by appropriately situating your certificated property and making proper designations on third party accounts. (Such as bank accounts and brokerage accounts)
For real property (land), stocks and bank accounts, one possibility is to transfer the asset to a joint tenancy with right of survivorship with another person. Upon the death of one, the survivor becomes the sole owner with a few formalities. Oklahoma now recognizes a "Transfer on Death Deed", that will transfer the land upon the filing an affidavit with a certified copy of the death certificate. Bank accounts, brokerage accounts and Certificates of Deposit allow for the designation of a "POD" (Pay on Death) or a beneficiary. It is essential that all certificated property be designated to go to some person or entity that is in existence and legallycapable of holding property at the time of the death.
You can nominate someonne, but your nomination is not binding on the Court. If the child's other biological parent is living, that person will have priority, regardless of your wishes, and regardless of any history or lack of history between the parent and child.
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