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Probate and simplified inheritance

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swedix

Junior Member
What is the name of your state (only U.S. law)? Oklahoma

My father recently passed away, and I assume that he does have a will. I'm guessing his estate will be from 500 k$ to 1000 k$ and was divorced some time ago. Outside of a possible trust for the care of his elderly mother, and direct beneficiaries (he had taken out insurance against himself for his brother and sister for care of his mother), we suspect that only my sister and I would be named in a will for tangible assets. Debts against his estate would be minor or none. Is this a case where probate could possibly be avoided, or where a legal agreement between my sister and I could simplify the process.What is the
 


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anteater

Senior Member
Would you clarify what you mean by "...from 500 k$ to 1000 k$..."? $500,000 to $1 million? And are you including any assets in a trust or life insurance proceeds in that number?

There is a simplified probate process available in OK if "... it appears that the value of the real and personal property in the estate does not exceed One Hundred Fifty Thousand Dollars ($150,000.00)..."
 
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swedix

Junior Member
Yes, I mean 1 k$= $1000, hence $500,000 - $1,000,000. I'm excluding any life insurance, and speaking only of real estate, regular investment and 401k (he only retired 6 month before dying at 61 y/o), but only counting 1/2 the estimated 401k account, assuming the taxes would need to be paid upon closing/transfer.

We are still in the earliest stages of resolving his affairs, so don't know too much. I do know that 15 years ago when our parents divorced, the investments were worth ~$500,000 (before splitting in half with our mother). Knowing how he saved, and worked for and had substantial stock in his petroleum company, I think my estimates are reasonably conservative.
 
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anteater

Senior Member
If the 401K has designated beneficiaries, that is not a probate asset. If you and/or sister are the beneficiaries, you may want to look into rolling the 401K into IRA's rather than taking a lump sum and the attendant income tax hit.

Other than that, with the amount of assets that you are talking about, I don't see that there is any way to avoid probate.
 
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azlawstudent

Member
swedix said:
What is the name of your state (only U.S. law)? Oklahoma

My father recently passed away, and I assume that he does have a will. I'm guessing his estate will be from 500 k$ to 1000 k$ and was divorced some time ago. Outside of a possible trust for the care of his elderly mother, and direct beneficiaries (he had taken out insurance against himself for his brother and sister for care of his mother), we suspect that only my sister and I would be named in a will for tangible assets. Debts against his estate would be minor or none. Is this a case where probate could possibly be avoided, or where a legal agreement between my sister and I could simplify the process.What is the
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No, this is a case where trying to self-lawyer will get you in trouble when someone claims that you cheated them out of money they were entitled to. Assets of $500k-$1M are quite substantial and substantial assets tend to create disputes and lots of them.
 
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