In 1988, the Oklahoma Legislature enacted laws to allow small estates to pass personal property assets to heirs without going through the time and expense of probate proceedings. For this purpose, a small estate is an estate valued under $50,000.
A legal document called an affidavit can be used to facilitate the transfer of assets from a deceased person’s estate to their heirs or beneficiaries when the estate qualifies as a “small estate” under state law. This affidavit streamlines the probate process for estates with limited assets, allowing for a quicker and more straightforward distribution of assets without the need for formal probate proceedings.
This process is usually used if the estate falls under the value outlined and the decedent left no will or other testamentary document outlining their wishes.
The affidavit must contain certain information and be sworn to and signed by all the heirs and notarized. At least 10 days need to have passed between the decedent’s death and the signing of the affidavit. It needs to include:
A statement that no one else has a superior right to the assets, or that all taxes and debts of the estate have been paid or are otherwise provided for or are barred by limitations. (Okla. Stat. tit. 58, § 393)
Once properly executed, the Affidavit for Small Estate can be submitted to banks, financial institutions, government agencies, and other entities holding the decedent’s assets, along with a certified copy of the decedent’s death certificate. The holder of the assets is then legally obligated to turn over the assets to the heirs specified, or change the owner’s name accordingly in situations such as bank account assets, stocks, vehicles, and the like.
This same affidavit may be used to transfer a severed mineral interest in real estate.
There are penalties for making misrepresentations in these affidavits. Any person who knowingly submits and signs a false affidavit shall be fined up to $3,000.00, be imprisoned for up to six months, or be both fined and imprisoned. In addition, the guilty party must also make full restitution of the amount to the rightful beneficiary.
There are limitations to using this affidavit. It may not be suitable for estates with complex or disputed claims, real estate holdings, or significant debts or liabilities. Additionally, creditors of the decedent’s estate may still have the right to make claims against the estate within a certain timeframe.
In all, the Affidavit for Small Estate in Oklahoma offers a streamlined alternative to formal probate proceedings for qualifying small estates, allowing for a more efficient and cost-effective transfer of assets to the decedent’s heirs or beneficiaries. It can be a simple, straightforward way of avoiding probate in Oklahoma at a time when surviving family members would rather focus in memorializing a loved one than navigating legal proceedings.
While the Affidavit for Small Estate provides a simplified method for transferring assets in small estates, it may still be beneficial to seek legal advice from a Tulsa probate attorney to ensure compliance with state law, address any potential issues or challenges, and facilitate the smooth transfer of assets to the decedent’s heirs or beneficiaries.
Bring us your questions and let’s see what we can do to help you reach your goals. We are here for you at Oklahoma Will & Trust. To make an appointment for your consultation, call (918) 876-4500. A skilled and sympathetic quiet title attorney can help you take care of your loved ones and reach your estate planning goals.
