Oklahoma Inheritance Loans and Probate Advance Law
Jan 08 2019When someone dies, his or her property and belongings usually have to go through probate before ownership can be transferred from the deceased to his or her heirs. Probate ensures that the estate of the decedent is distributed to heirs and beneficiaries according to the directives in the decedent’s last will and testament. If there is no will, probate ensures the estate of the deceased is distributed according to Oklahoma law. Probate also ensures that the decedent’s final taxes and debts are paid. And while the probate process is quite similar in all states, there are important differences that you should be aware of.
What are Oklahoma Probate Laws?Oklahoma probate laws are a little different than some other states because of small estate exceptions and a simplified probate process for certain estates. Even so, probate in any form can be time-consuming and can take a year or longer, especially if a will is contested. There are many steps to the Oklahoma probate process which can quickly become overwhelming to anyone who is appointed executor or personal representative. Hiring a probate attorney can really help. An attorney knows the laws, what forms need to be filed and in what order as well as all deadlines. A probate lawyer protects the interests of the heirs and beneficiaries and helps the executor perform their duties properly.
What is the Probate Process in Oklahoma?The probate process in Oklahoma typically takes a year to complete. During that time, a petition is filed to open probate, and a Notice of Hearing must be provided, and then the personal representative is appointed. A Notice to Creditors is published to allow creditors to file a claim against the estate. In Oklahoma, the court determines if the creditor’s claims are legitimate and whether they are to be paid. The final tax returns for the last year of the deceased’s life and for the estate must be filed, and any owed taxes must be paid. The executor must submit a final accounting that includes everything that has gone out or comes into the estate to the court. A final hearing is held to approve the distribution of the estate to its heirs and beneficiaries and probate is closed. During the entire probate process, an executor must administer the estate and carry many responsibilities, however, they do not have control over the assets and cannot disburse any funds until given permission by the court.
What Property Must Go Through Probate in Oklahoma?Property that must go through probate in Oklahoma is different than what must go through probate in other states. Under Oklahoma law, personal property, such as photographs, clothing, and household goods are transferred automatically to the decedent’s surviving spouse. Also, financial support for the decedent’s spouse can be approved by the court to cover their needs until probate is completed. If the home of the decedent and their spouse is the decedent’s name only, the spouse is given homestead rights that allow the spouse to live in the home for the rest of their life, even if the home was left to someone else named in the will. Under Oklahoma law, the decedent’s spouse also has the power to decline the terms of the decedent’s last will and testament and receive half of the assets acquired during marriage if doing so would provide the spouse with more than what they would receive from the will.
How Can You Avoid Probate in Oklahoma?There are a few ways to avoid probate in Oklahoma. If the value of an estate is $20,000 or less, it can be transferred by affidavit at least 10 days after the death of the owner to the person or entity that is legally entitled to the property. There is also a simplified probate process for estates that are worth $200,000 or less, but you will have to file a request with the court when probate is first opened. The best ways to avoid probate in Oklahoma are done before death through estate planning. You can set up a living trust to assign your property to your heirs. You remain in control of the property until your death when it is automatically transferred. Assets like bank accounts, retirement funds, and insurance policies that have a designated beneficiary can also bypass probate and go straight to the beneficiaries.
How Can You Receive Inheritance Funds in Oklahoma Quickly?One of the easiest and fastest ways to receive your inheritance funds in Oklahoma is an advance through Probate Advance. In fact, if you qualify, you can get your inheritance funds in a few days. With an advance with Probate Advance, you can have your inheritance funds quickly, so you can do the things you have been needing and wanting to do, without having wait months or even years for probate to end. When you get an inheritance advance with Probate Advance, you don’t have to worry about hidden fees and costs, high interest rates, credit checks, or repayment plans, because a probate advance is not a loan. We give you the inheritance funds you want now, and then we collect when probate ends. We wait for probate, so you don’t have to.
Do You Qualify for an Inheritance Cash Advance?It is very easy to find out if you qualify for an inheritance cash advance. In fact, all you have to do is call or fill out the form, and you can get your money in hours to days, not months or years. The money is yours to do with what you want, and there are no strings attached. You can use your inheritance funds however you want.
What Do You Need for a Probate Cash Advance in Oklahoma?To qualify for a probate cash advance in Oklahoma, you will only need to provide us with some basic information about you and about the probate case. We will verify that you are an heir or beneficiary to an estate that is stuck in probate and then we can issue your check or wire your cash to your account.
What Areas of Oklahoma Qualify for an Inheritance Loan?We provide probate advances in all of Oklahoma, regardless of where the estate is being probated or where you live. This includes the following major cities:
- Oklahoma City
- Broken Arrow