Small Estate Affidavits in Oklahoma
Effective November 1, 2017, the limit for Small Estate Affidavits increased from $20,000.00 to $50,000.00. This is a considerable plus for the distribution of small estates as it can avoid the necessity of a costly probate. In Oklahoma, there are two (2) types of Small Estate Affidavits. The first, authorized by 58 O.S. § 393, addresses tangible personal property in which the fair market value subject to disposition by will or intestate succession does not exceed $50,000.00. The second, authorized by 6 O.S. § 906, provides for the use of a Small Estate Affidavit to distribute funds on deposit with banks or credit unions in the name of a sole individual, without designation of a payable-on-death beneficiary, upon the death of the sole owner of the account, provided the total deposits are $50,000.00 or less. The bank or credit union may transfer the funds to the known heirs of the deceased upon receipt of an affidavit sworn to by the known heirs of the deceased. Rest assured, however, debts and taxes of the decedent must be taken into account, as well as the proper individual(s) entitled to receive the property/funds. Contact the experienced attorneys at The Crosthwait Law Firm to assist you in properly completing Small Estate Affidavits to avoid the necessity of a probate.
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