Disclaimer: This article is for educational purposes only. It is not legal advice.
Detailed Answer
1. Identifying Estate Assets
Under Oklahoma intestacy law, a decedent’s estate includes all property owned at death. The personal representative must distinguish between probate and non-probate assets, but for distribution under intestacy, focus on probate assets.
Real Property
Real property comprises land and structures titled in the decedent’s name. To identify these assets:
- Conduct a title search at the county clerk or recorder’s office.
- Review deeds, mortgages, and liens recorded against the decedent.
- Obtain current tax assessments and appraisals to determine fair market value.
Personal Property
Personal property covers tangible and intangible assets. Key steps include:
- Gather bank and brokerage statements to list cash, stocks, and bonds.
- Inventory vehicles, jewelry, household goods and collectibles.
- Check for retirement accounts, life insurance and pay-on-death designations (non-probate assets pass outside probate).
- Search safe-deposit boxes and digital asset records.
2. Inventory and Appraisement
Within two months of appointment, the personal representative must file an inventory and appraisement with the probate court. This document lists each asset, its description and fair market value. See 84 O.S. § 215 for requirements and deadlines.
3. Distribution of Assets
Oklahoma statutes prescribe the order and shares for distributing an intestate estate. The primary statute is 84 O.S. § 213. Key rules include:
- Surviving Spouse Only: The spouse receives the entire estate if no descendants survive.
- Spouse and Descendants All from Spouse: The spouse receives the entire estate if all descendants are also the surviving spouse’s descendants.
- Spouse and Other Descendants: The spouse gets the first $100,000 plus one-half of the balance; remaining assets pass to descendants.
- Descendants Only: No spouse—entire estate to descendants per capita by representation.
- No Spouse or Descendants: Entire estate to surviving parents equally.
- No Parents: Estate passes to siblings and their descendants.
- Further Heirs: If none of the above, assets go to more remote kin or ultimately the state of Oklahoma.
Helpful Hints
- Start asset searches early, including electronic accounts.
- Keep copies of deeds, titles and financial statements in one file.
- Communicate with potential heirs about the process and timeline.
- Consider hiring a probate attorney for complex estates or disputes.
- Meet all deadlines to avoid personal liability as the personal representative.