What property does not pass under a will in Oklahoma?
When it comes to estate planning in Oklahoma, understanding which assets do not pass under a will is crucial. Certain types of property bypass the probate process, ensuring a smoother transfer of assets to beneficiaries. In this article, we will delve into the various forms of property that are exempt from a will in Oklahoma, including joint property, life insurance policies, and trusts.
Joint Property
One common type of property that does not pass under a will in Oklahoma is joint property. When two or more individuals own property jointly with rights of survivorship, the property automatically passes to the surviving owner(s) upon the death of one owner. This means that the property does not form part of the deceased owner's estate and is not subject to probate.
Life Insurance Policies
Life insurance policies are another asset that typically bypasses a will in Oklahoma. The proceeds from a life insurance policy are paid directly to the named beneficiaries and are not considered part of the deceased individual's estate. This allows for a swift and efficient transfer of funds to the intended recipients without the need for probate.
Trusts
Assets held in a trust are also exempt from passing under a will in Oklahoma. A trust is a legal arrangement in which a trustee holds and manages assets on behalf of the beneficiaries. Upon the death of the trust creator, the assets held in the trust are distributed according to the terms of the trust document, bypassing the probate process.
Legal Code Reference
In Oklahoma, the laws governing probate and estate planning can be found in Title 84 of the Oklahoma Statutes. Specifically, Title 84, Section 213 outlines the rules regarding the distribution of property that does not pass under a will, including joint property, life insurance policies, and assets held in trusts.
Maximizing Your Estate Plan
By understanding which assets do not pass under a will in Oklahoma, individuals can effectively plan their estates to ensure a seamless transfer of assets to their loved ones. Utilizing joint property, life insurance policies, and trusts can help maximize the efficiency of the estate planning process and minimize the burden of probate.
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