Knowing whether you should file a probate in Creek County can be tricky. According to Oklahoma law, the necessity of filing probate depends on the type of property that administers upon death. Solid estate planning can help save estate money and simplify the transfer of property when a person dies. This happens by utilizing probate avoidance tools that are fairly straightforward and simple to implement. Here are some methods to achieve this:
Consider a Living Trust in Creek County
Creating a living trust will help you avoid having to File a Probate in Creek County. A trust allows you to transfer your assets into the trust while you are still alive. The most common reason people create a Trust in estate planning is to help transfer their house when the pass without having to file a probate.
When you create the revocable trust, you transfer title of your home to your trust. This is simple and happens with a quitclaim deed. You are transferring the property from your name to the name of the trust that you own. Because you own the trust and have full access to it, you can do with it whatever you want. This means that you can sell it or transfer it back to yourself whenever you want. As the owner of the trust or the trustee, you can appoint whoever you want as the beneficiary of the trust. When you pass, the beneficiary takes the property without the need to file a probate in Creek County that’s a requirement to happen when you have a will.
You can also include any other property you own in your revocable trust. The same principles apply as far as transferring property in and out of the trust. Unlike a will that must be probated for its authenticity when you die, a trust does not. You can also pick whoever you want to be the administrator of the trust. As the administrator, this person is charged with carrying out the instructions for distributing your assets just as you set them out.
Joint Ownership Of The Asset
Owning property or assets jointly with another individual, like a spouse or family member, with rights of survivorship ensures that the property automatically passes to the surviving owner when you die, circumventing probate. It’s important to remember that when you designate someone as an owner on your property, you can not undo it without their approval. Unlike a trust that you own, once you transfer a checking account or other property to another as a co-owner, they own it along with you.
Decide on The Beneficiary
Designating beneficiaries for retirement accounts, life insurance policies, and specific financial accounts allows these assets to directly transfer to the named beneficiaries outside of probate. Therefore, it’s advisable to review beneficiary designations annually, as accounts can change or you overlook them, making this a best practice in estate planning. It’s important to have these things sorted out when filing probate in Creek County.
Payable-on-Death and Transfer-on-Death
Using POD or TOD designations for bank accounts, investment accounts, and vehicles enables these assets to directly transfer to the named beneficiaries upon your death. This process is straightforward and simple. It can also change to other beneficiaries without much effort at all. Once you pass away, the beneficiary that you directed the bank to pay when you die now owns the property as you designated. This can happen without the need for probate.
Creek County Probate and Estate Planning Tailored to You
The need to file probate arises from a failure to take probate-avoiding measures. There are numerous steps you can take to bypass probate, and we are here to assist you. If you find yourself needing to file probate, our Estate Planning and probate attorneys are ready to help. Practicing law in most counties in the state, our team is available for a free and confidential consultation. To speak with our Creek County attorneys, call 918.209.3709 or follow this link to ask an online legal question.
