There is another option available in Oklahoma to transfer real property while avoiding the time and expense of a probate: the Transfer on Death Deed. This is an excellent tool for an individual with a relatively small or simple estate to transfer their home, land, and even mineral interests, located in Oklahoma, to a friend or loved one, in the event of their death, in a simple and streamlined manner.
Under the Oklahoma Nontestamentary Transfer of Property Act, an individual can execute and record a Transfer on Death Deed, and the property can be transferred after their death with the filing of a simple Affidavit by their designated beneficiary.
In order to accept an interest resulting from a Transfer on Death Deed, the person or persons receiving the property MUST execute and file the Affidavit, within nine (9) months of the date of death. The Affidavit must provide the 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, the legal description of the property, as well as a certified copy of the death certificate of the owner. If the Affidavit is not executed and recorded within nine (9) months from the date of death of the owner, the real property will revert back to the deceased owner’s estate and a probate will be required to complete the transfer.
As is the case with other available estate planning methods, a Transfer on Death Deed should include an alternate beneficiary if at all possible. If the primary beneficiary of the Transfer on Death Deed either dies or disclaims his/her interest and no alternate beneficiary has been named, the transfer will lapse and a probate may be necessary.
The Transfer on Death Deed is revocable and can be withdrawn or rescinded at any time prior to the grantor’s death, without notice to the beneficiary.
Alternatively, a new Transfer on Death Deed can be prepared and recorded, and the new Deed will control the designation of the transfer and revokes any prior Transfer on Death Deed and the beneficiary designation(s) contained therein.
Let the experienced estate planning attorneys at The Crosthwait Law Firm, located in Midwest City, discuss with you how this low-cost alternative for transferring property outside of probate can be a part of your larger estate plan.