Changes Coming to Oklahoma’s Nontestamentary Transfer of Property Act (Transfer on Death Deeds)
Oklahoma probate law allows a person who owns an interest real estate to transfer the interest at the time of their death, without the need for probate. This is an excellent way for a person with a relatively small or simple estate to transfer a home, some land or even mineral interests to a friend or loved one, in the event of their death, in a quick and streamlined manner. According to the Nontestamentary Transfer of Property Act, an “interest in real estate” includes any estate or interest in, over or under land, including surface, minerals, structures and fixtures. (58 O.S. §§1251 through 1258)
In order to properly transfer property this way, let The Crosthwait Law Firm and their team of experienced estate planning attorneys prepare a Transfer on Death Deed in accordance with the Oklahoma law. This Deed shall transfer ownership of the interest upon the death of the owner.
Once the Deed is prepared, it can be recorded with the office of the county clerk where the property is located. The signature, consent or agreement of, or notice to, the person or persons receiving the property by way of the Transfer on Death Deed is not during the lifetime of the record owner.
However, beginning November 1, 2011, in order to accept an interest in real estate pursuant to a Transfer on Death Deed, the person or persons receiving the property MUST execute an affidavit that provides date of the owner’s death, whether the owner and the person or persons receiving the property were married at the time of the owner’s death, and the legal description of the real estate.
In addition, a copy of the owner’s death certificate MUST be attached to the affidavit. This affidavit and attached copy of the death certificate must be recorded in the office of the county clerk where the property is located (the same county in which the Deed was previously recorded) within nine (9) months of the owner’s death. In the event the affidavit and death certificate is not recorded within the nine (9) month window, the interest in the property reverts back to the owner’s estate and a probate proceeding may be necessary.
Let the estate planning attorneys at The Crosthwait Law Firm, located in Midwest City, discuss how the Transfer on Death Deed can be a part of a larger, effective and more individualized estate plan.