Exploring Options to Bypass Lengthy Probate Process
One of the first questions many people ask of a probate attorney is whether they really need our services. Can’t we avoid probate somehow, they ask? The answer is sometimes simply yes or no. Other times, it’s a definite maybe depending on the circumstances.
Probate can often be sidestepped through a variety of property‑transfer techniques, each suited to different assets and goals. One commonly used method is to hold real estate in joint tenancy with right of survivorship. Under this arrangement, two or more co‑owners—frequently spouses—appear on the deed together; upon the death of one owner, the surviving tenant automatically acquires full title without court involvement. This approach can apply to any real property interest, not only a principal residence.
Another probate‑avoidance strategy involves creating a revocable living trust. By transferring ownership of assets into the trust during life, the grantor retains control but ensures that, upon incapacity or death, those assets pass to named beneficiaries outside of probate. Though flexible and broadly applicable, revocable trusts require careful drafting and funding of each asset to be effective.
Additional tools include Transfer‑on‑Death deeds (TOD) —where property transfers directly to designated beneficiaries at death—and life estates, in which the owner retains lifetime use but names “remaindermen” who inherit the property automatically thereafter. Each option carries its own formalities, tax implications, and suitability considerations; selecting the optimal path depends on the nature of the assets involved and the estate’s overall administration objectives.
Need Help? Contact an Attorney
If you have any questions or need help from an Oklahoma probate attorney, please reach out to me at oklahomawillandtrust.com. We offer a low-cost consultation to discuss your specific situation. Don’t hesitate to give us a call. Avoiding probate can save you and your loved ones time, money, and stress. Take the first step towards protecting your assets today.