What is Probate?
Today we will be discussing the ins and outs of the probate process. Let’s dive right in!
When a person passes away, certain property that they owned becomes part of their probate estate. The deceased person is called the “decedent.” Probate is the process by which the district court administers and distributes the decedent’s estate upon their passing. The court will appoint a personal representative of the estate to carry out certain duties and tasks throughout the probate. During the probate process, the court will also oversee the payment of the decedent’s debts and taxes.
All property owned by the decedent at the time of passing must be probated. Such property includes any real estate, including mineral interests, bank accounts, and securities accounts. There a couple of exceptions where property is not subject to probate, which includes any property with a named beneficiary, property held in joint tenancy, and assets subject to a transfer-on-death or pay-on-death designation.
The distribution of the decedent’s estate is guided by whether or not they had a valid last will and testament. If the decedent left a valid will, then their estate is distributed to their beneficiaries pursuant to their will. If there was no will, then their estate is distributed to their closest relatives in accordance with Oklahoma law.
The probate process can be broken down into the following three steps:
Step 1: Opening the Probate
A Petition to open the probate will first be filed with the court. The personal representative will be appointed through the issuance of Letters Testamentary, and an Order admitting the Last Will and Testament will be issued.
Step 2: Administration of the Estate
Once the Letters Testamentary are issued, the personal representative will satisfy any creditor’s claims and debts against the estate. The personal representative will file an inventory and appraisement of all assets included in the probate estate.
Step 3: Closing the Estate
Once all debts and federal taxes are satisfied, the personal representative will file a Petition with the court to distribute the assets of the probate estate. Upon the court’s approval, such distributions will be made and the probate will be closed out.
These steps provide a pretty broad over-view of the probate process. Click HERE to learn more about probate.