Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult an attorney for legal guidance.
Detailed Answer
Oklahoma offers a simplified small estate affidavit procedure under 58 O.S. § 643. This process lets heirs collect personal property without formal probate when the estate’s personal assets total no more than $200,000 (excluding homestead). Follow these steps to distribute assets:
- Confirm Eligibility. Verify that the decedent died intestate or that the will has been denied probate. Ensure the total value of all personal property (bank accounts, investments, vehicles, personal items) does not exceed $200,000. Real estate and homestead values are excluded.
- Wait the Required Period. Wait at least 30 days after the date of death or after any probate refusal. This waiting period protects creditors and matches the requirement in 58 O.S. § 643.
- Identify Heirs and Share Percentages. List all heirs according to the decedent’s will or, if there is no will, under Oklahoma intestacy laws (84 O.S. § 213). Commonly, the surviving spouse and children inherit in defined proportions.
- Prepare the Affidavit. Draft an affidavit stating:
- Decedent’s name, date of death and last residence.
- That no formal probate has occurred or that probate was denied.
- List of personal property and its estimated value.
- Names, addresses and relationship of each heir and their share.
- File with the Court. Submit the original affidavit to the district court clerk in the county where the decedent lived. If required, serve notice on creditors as outlined in 58 O.S. § 645.
- Collect Assets. Present a certified copy of the filed affidavit to holders of assets (banks, brokerage firms, etc.). They must turn over property or funds up to the affidavit limit.
- Distribute to Heirs. Disburse assets according to the shares listed. Use written receipts signed by each heir to document transfers and avoid future disputes.
- Maintain Records. Keep copies of the affidavit, death certificate, asset schedule, filed documents and receipts for at least two years in case of creditor claims.
Helpful Hints
- Double-check total values before filing to avoid disqualification.
- Obtain certified copies of the death certificate early in the process.
- Prepare a clear asset schedule with estimated fair market values.
- List all potential heirs to prevent omissions and challenges.
- Serve creditor notices promptly to limit future liabilities.
- Keep detailed records and written receipts from each heir.
- Seek legal advice if real estate, large debts or contested claims arise.