#3 Way to avoid Oklahoma probate after death – Affidavit of Delivery of Personal Property

Do you need to transfer stock or a bank account owned by a relative who has passed away?

If it is Oklahoma property, this might be the solution for you.

This is the fourth article in the series 6 Ways to Avoid Oklahoma Probate after Death.  Oklahoma law has another type small estate affidavit procedure that is focused on collecting personal property other than bank account funds.  The useful thing about this process is its broad coverage of various types of personal property.  It includes: “tangible personal property or an instrument evidencing a debt, obligation, stock, chose in action, or stock bond.”

The rightful owner of personal property as a result of the death of the decedent may deliver to the holder an affidavit setting forth the information required by 58 O.S. 2001 § 393 as follows:

  1. Fair market value, less liens and encumbrances, of the property located in Oklahoma does not exceed $50,000.00.
  2. There has been no petition for appointment of a personal representative.
  3. The persons entitled to payment or delivery and in what proportion.
  4. All the estate’s taxes and debts have been paid or otherwise provided for or are barred by a statute of limitations.

Once the rightful owner has complied with the statute, the holder of the personal property must deliver the property.

 

I provide probate and estate planning services in Edmond, Oklahoma City and the Metro area.  If you want to discuss this article or anything about probate or transfer of assets of please feel free to email me at sjr@shawnjroberts.com.

Posted by Shawn Roberts

On this blog, I write about and try to answer practical Oklahoma legal questions. My focus and most experience is in estate planning and business issues including Oklahoma non-compete law. I make a living as an attorney in the law firm I founded, Cazes Roberts, PLLC in Oklahoma City. I live in Edmond with wife Amy and my two children, Sam (17) and David (9). We live precisely in the path of where the "wind comes sweeping down the plains."