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Small Estate Affidavits – An Alternative to Probate

Two Oklahoma Statutes offer an alternative to probate for small estates valued under $50,000. If you have a valid will, these provisions will not apply to you even if your estate is under $50,000. However, those without a will and an estate under $50,000 can take advantage of these provisions and avoid the probate process… Continue reading Small Estate Affidavits – An Alternative to Probate

Estate Planning, Oklahoma, probate, Uncategorized

Affidavit of Heirship – An Alternative to Probate?

An Affidavit of Heirship is a sworn statement that can be used by heirs as an alternative way to transfer property and establish ownership when the original owner dies intestate or without a will. Affidavit of Heirships allow for heirs to take possession of the estate without going through probate. The Affidavit of Heirship outlines the deceased… Continue reading Affidavit of Heirship – An Alternative to Probate?

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The Difference Between Tenants In Common and Joint Tenants

Tenants in Common (TIC) and Joint Tenancy (JT) represent different ways to own property. It is important to determine how you wish to own your property, either as Joint Tenants or Tenants in Common, because the ownership approaches provide different methods for transferring the property when and if the co-owner dies. While there are several… Continue reading The Difference Between Tenants In Common and Joint Tenants

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What is a Quiet Title Action?

Each time a piece of property changes ownership, defects or errors in the title may occur. A cloud, or any potential claim on the title may also arise. It is important if you are establishing ownership that you receive a good and marketable title. A quiet title action, also known as an action of quiet… Continue reading What is a Quiet Title Action?

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How Does The New Federal SECURE Act Affect Your Estate Plan for IRAs & 401(k) Plans?

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was signed into law on December 20, 2019 and became effective on January 1, 2020. The SECURE Act makes over two dozen changes to the law affecting retirement benefits and inherited IRAs (Individual Retirement Accounts). The revisions also apply to other defined contribution… Continue reading How Does The New Federal SECURE Act Affect Your Estate Plan for IRAs & 401(k) Plans?

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What is a Healthcare Power of Attorney?

A healthcare power of attorney (HCPA) refers to both a legal document and the person named in the legal document which empowers the named individual to speak with others and make decisions about your medical condition, treatment, and care. When you, the patient or creator of the HCPA, become to ill to communicate your wishes… Continue reading What is a Healthcare Power of Attorney?

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Always have an attorney make your estate plan

Like we have discussed before on a previous post, every adult needs a Last Will & Testament or a Revocable Trust in place. However, more than half of all Americans have no planning in place! For simple estates, or at least the bare minimum for everyone, a Last Will & Testament is a good start. A Will… Continue reading Always have an attorney make your estate plan

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Why You Cannot Wait to Get An Estate Plan

Today, let us tell you a cautionary tale: Recently, our attorney was hired to represent an heir in a probate here in Tulsa County, Oklahoma. The person who passed away was an 87 year old male who passed away unexpectedly. He was unmarried, had no children, no living parents, siblings, etc. His living heirs are… Continue reading Why You Cannot Wait to Get An Estate Plan

Beneficiary Designation, Estate Planning, Transfer on Death Deed, Trusts, Uncategorized

Oklahoma’s Transfer on Death Deeds

Before 2008, there was no way in Oklahoma for real property or mineral rights to skip probate except for a revocable trust. In 2008, the Oklahoma legislature passed 58 O.S. Section 1251-1258. This statute codified Oklahoma's Transfer on Death Deed ("TODD"), otherwise known as a "beneficiary deed." This allows the owners of real property, including… Continue reading Oklahoma’s Transfer on Death Deeds