If you’re an heir of an estate in probate or trust in Oklahoma, you might do well to make sure your estate attorney is fully aware of all new probate laws. And if you are seeking affordably priced inheritance advance funding with a fast inheritance trust advance or 48 hour probate advance – you will want to choose your estate advance or inheritance advance funding company very carefully…
Inheritance Advance Funding versus “Inheritance Loans”
A great many heirs and beneficiaries in Oklahoma prefer to call an inheritance cash advance assignment a “probate loan” or “inheritance loan” rather than the correct technical title, as there is no interest and therefore it is not an actual loan, but a cash assignment. However for convenience sake, and out of habit, heirs and inheritance advance funding companies alike prefer to keep on calling these cash advance transactions estate loans, or probate loans… so, why get in the way of tradition. Moreover, many heirs in Oklahoma also prefer to get an advance on inheritance from their living parents, especially if they’re close. In Oklahoma, families tend to be close, and tend to stick together through thick and thin, as it were – and so because they are so family oriented, getting an advance on inheritance, from parents to grown children, is another memorable bonding experience they can share together, and always remember as a wonderful experience.
Therefore, if parental inheritance advance funding (so to speak) is not possible due to the death of both parents by the time this idea surfaces within a family group… those type of heirs in Oklahoma will frequently change gears and decide to go ahead and borrow against inheritance to get inheritance advance funding, fast advance inheritance funds, from a probate cash advance company, or what heirs often call an inheritance loan company, or simply probate cash advance funding, or inheritance cash advance funding. One of the faster inheritance cash advance funding companies, offering 48 hour and 72 hour probate cash advances, which many heirs view as the optimum or best inheritance advance funding available – which for heirs also means the “cheapest” inheritance advance funding available – “cheap” as compared to other online inheritance advance funding companies… and some of those companies are not exactly what you’d label inexpensive.
How Can You Access Fast Inheritance Money at low rates in Oklahoma?
Even though probate court in Oklahoma is slow to get through, there are definitely other ways to access inheritance money more quickly, such as inheritance advance funding from an established probate cash advance firm. Using this inheritance advance company as an example, most heirs receive inheritance money from My Inheritance Cash within just a few days, from start to finish. There are no up-front fees or hidden charges, and no obligation after getting a trust or probate advance quote; plus no monthly payments or compounding interest, and no credit report or credit score required. Rather than waiting years to be able to access some inheritance money, or probate cash, you wait only days with My Inheritance Cash to get funded.
How Do You Get Approved For a Probate Advance or What Many Heirs and Executors Refer to as an Inheritance Loan or Probate Loan?
Oklahoma probate estate paperwork and document requirements are fairly simple and straight forward. You need a valid Photo I.D., you need documentation and proof of your status as an heir of the estate in Oklahoma, as well as proof of all the inheritance assets you are inheriting, documentation regarding all estate assets, and how much you will be receiving in total as an inheritance; plus the amount you are requesting as an inheritance advance (what many heirs and even attorneys refer to as “estate loans”, “inheritance loans” or “probate loans” despite the fact that what you are actually requesting is an inheritance cash advance assignment – inheritance money that most likely you can put in your bank account within a few days.
In Which Oklahoma Counties Are Probate Advances Available?
Probate advance transactions are available in all counties in Oklahoma. For heirs of Oklahoma estates, discounted inheritance cash advances or probate advances with standard pricing, are usually accessible without much effort for heirs of estates in probate, or beneficiaries of trusts.
How Do You Know If You Qualify for an Inheritance Advance?
It does not take long to determine whether or not you’re going to qualify for inheritance cash advance funding, for a 48 hour inheritance advance, a 72 hour probate advance, or moderately fast estate advance cash in Oklahoma. Along with documentation, you must be an heir to an estate in the USA or Canada, be over the age of 18, and be an heir to an inheritance valued at $15,000 or more. Once you qualify, and actually receive your advance inheritance funds, you can use your probate advance cash or trust inheritance advance funds in any way you wish.
The first critical determinations for most heirs in Oklahoma is figuring out what the value of their inherited real property is; plus if they can get approved for inheritance advance funding quickly. Bottom line, heirs need to identify an inheritance advance service or probate cash advance company that they feel comfortable with… that offers affordable rates, and also provides advance inheritance funding that is viewed as “fast inheritance cash advance funding”. Nine out of ten times, advance inheritance funding takes just a few days, often a day or two, occasionally as much as three days – so speed factor is rarely an issue for heirs and beneficiaries.
An established probate advance provider such as My Inheritance Cash, whose inheritance cash advance transactions are structured so heirs can access inheritance money as rapidly as possible, making it possible, for example, for heirs to hire their own personal estate lawyer if there are legal issues within the estate or family that need to be resolved before probate closes. Some heirs use probate cash advance funds to invest in an immediate financial opportunity, with a limited open window… Or to pay for critical medical services that can’t wait, that insurance won’t cover; Or perhaps to pay off nagging debts, or even to resolve a pressing foreclosure. Certainly not unheard of these days for middle class families. The reasons heirs have for requiring advance inheritance money, or fast estate advance cash, is virtually unlimited.
Is an Inheritance Cash Advance a Cash Advance Assignment, or an Inheritance Loan, Estate Loan, or Probate Loan?
Which is Often Cause for Confusion Among Heirs of Estates or Trust Beneficiaries. It’s worth noting that an inheritance cash advance assignment in Oklahoma is not actually an interest bearing loan, therefore there is no risk of recourse for non-payment. Heirs, clients of inheritance cash advance funding companies, are not personally responsible for repayment, which heirs obviously are happy with. Many consumers call inheritance cash advance assignments: inheritance loans, inheritance advance loans, probate loans, estate loans, or probate advance loans; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and they do not “get a loan on inheritance.” Inheritance advance companies or probate cash advance companies do not technically provide inheritance loans, probate loans or estate loan service to clients. Their probate cash advance service is actually providing non-interest bearing, non-recourse, inheritance cash advance assignments.
Inheritance Law in Oklahoma State
Simple as it seems to write a will and distribute your property, the case is not so clear when a valid will is not present. In Oklahoma, Intestate Succession laws will determine who gets what.
Is there an Inheritance Tax or Estate Tax in Oklahoma?
Oklahoma, like most states, has abandoned inheritance and estate taxes. However, executors of estates must still address:
- Final individual federal/state income taxes – due by tax day of the year following the individual’s death
- Federal estate and/or trust income taxes – due by April 15th of the year following the individual’s death
- Federal estate taxes – due nine months after the deceased’s passing, with an automatic six-month extension available if requested prior to the conclusion of the nine-month period
At the time of writing, this pertains to individual estates exceeding a gross asset and prior taxable gift value of $11,180,000.
You’ll need to file for an employer identification number (EIN) with the IRS, either online, by mail, or fax. The EIN is an official ID number for the Estate, to be used for federal and/or state tax filings.
Dying With a Will (Testate) in Oklahoma
Four factors need to be included in a will, either professional or handwritten, for it to be considered valid according to Oklahoma State Intestacy Law:
- Heirs must be clearly designated by name
- An executor (personal representative) must be chosen
- The deceased must have signed the will in the sight of two witnesses
- Each witness must have also signed the will
Executors help to manage the will. They are responsible for distributing assets, property, etc properly, and for using the Estate’s assets, property, etc to settle any outstanding debts.
Verbal wills are accepted under Oklahoma State law, but only for assets, property, etc totaling less than $1,000 USD (at the time of writing). The deceased must have either a) been in the military, or b) feared for his/her life. Two individuals must have heard the oral delivery of the will.
Dying Without a Will (Intestate) in Oklahoma
If there is no will, or if a will is declared invalid, or if the will is found to have been written under fraudulent conditions, an Estate is known as intestate. In these situations, Oklahoma Inheritance Law determines the allocation of the Estate, according to hierarchical Intestacy Laws.
Inheritance Law and The Probate Process in Oklahoma
Regardless of the presence of a valid will, probate may still be necessary to protect the last wishes of the deceased. In cases where there is no will, or one determined to be valid, a Probate Court will allocate assets, property, etc according to Oklahoma State intestacy laws. The court will name a Personal Representative to manage the Estate, and to settle any outstanding debts.
In Oklahoma, at the time of writing, Estates valued at or below $50,000, after debts and liabilities, are eligible to bypass the Probate process as Small Estates. An affidavit is required with the court.
Spousal Inheritance Law in Oklahoma
In Oklahoma, Intestate Estates where the deceased left no children, go entirely to the surviving spouse, if there is one. In cases where there are children, all from your surviving spouse, the Estate is divided evenly between (1) the spouse, and (2) all children, equally. If any of your children are from a previous marriage/relationship, and determined to be legitimate, 1) your spouse inherits all property acquired by joint effort, 2) your spouse and descendants split the remaining half of jointly-acquired property, 3) your descendants inherit the remainder of your Estate.
If a spouse is co-survived by your parents and/or siblings, 1) your spouse inherits all jointly-acquired property, plus 1/3 of the Estate’s remaining intestate property, 2) your parents and/or siblings inherit the remainder of your Estate.
While Intestacy Succession laws allow a current spouse his/her rightful portion of your Estate, they assume an ex-spouse to be disinherited, meaning the stipulations of any will written before a divorce would be considered void. A current will is critical if you intend an ex-spouse to receive any part of your Estate.
Oklahoma Inheritance Law and Children
If your children are from your surviving spouse and you had no others, your Estate is split equally between your surviving spouse and your children. In cases where you have legitimate children from a previous marriage/relationship, your children will acquire half of all property jointly-acquired with your spouse, as well as half of your remaining Estate.
Children who are fostered, step, etc do not obtain any rights to your Estate unless they are formally adopted.
Half- and full-siblings are considered to be of the same legal calibre, and hold the same right to your Estate.
Grandchildren are not bequeathed any part of your Estate unless their parent (your child) pre-deceased you, in which case they are entitled to that person’s share of your intestate assets, property, etc.
A child born within wedlock is considered to be your child, unless paternity is proven otherwise. Similarly, a child conceived before your death, but born after, is considered to be a legitimate heir.
Oklahoma statutes protect the right of legitimate children and grandchildren, if it seems that they were left out of testate will unintentionally. Where a valid reason is shown, the court will uphold the directions of the deceased as per the will.
Inheritance Law in Oklahoma for Unmarried Persons With No Children
In Oklahoma, Intestacy Succession Law is designed to distribute your Estate to a family member, rather than let it escheat to the State. When the deceased has neither a spouse nor children, as follows:
- If parents, the Estate will go to parents.
- If no parents, the Estate will be split evenly among the deceased’s siblings.
- If no siblings, the Estate will be split evenly between grandparents (maternal and paternal).
- If no grandparents, the Estate will be split evenly between aunts and uncles (maternal and paternal).
- If neither aunts nor uncles, the Estate will go to the deceased’s nearest lineal relative(s).
In cases where none of the above are possible, the Estate will be turned over to the State, otherwise known as escheat.
Non-Probate Inheritance in Oklahoma
Assets that require a beneficiary are considered non-probate in the State of Oklahoma. Examples of these include life insurance payouts and policies, transer- or pay- on-death accounts (ToD, PoD), 401Ks, IRAs, property held in a trust, joint/co-tenancy property, etc.
Other Scenarios Covered by Oklahoma Inheritance Law
Citizenship is not a prerequisite for inheritance in Oklahoma; i.e., non-citizens, illegal aliens, undocumented immigrants, etc are all entitled to the intestate share of your Estate.
If your death, such as homicide, is determined to have been caused by anyone either designated as wither a) an heir in your testate will, or b) an heir according to State Intestacy laws, then that person loses all rights to his/her share of your Estate.