Small Estate Affidavit

In certain instances, people entitled to inherit assets from a deceased individual might be able to do so through a small estate affidavit provided for in Oklahoma statute 58 O.S. Section 393. This approach is only available if the fair market value of the estate, less any liens and encumbrances, is not more than $50,000. If the estate is sufficiently small to qualify for the small estate affidavit, the person(s) inheriting the estate may be able to avoid the court proceedings of probating the estate.

In addition to the ability for small estates to transfer to each claiming successor by an affidavit described in 58 O.S. Section 393, Oklahoma also has a separate statute for parties claiming a severed mineral interest from a decedent. This statute is found in 16 O.S. Section 67. While certain requirements must be met before a severed mineral interest claimed through affidavit can be vested with marketable title, it is often a useful tool in instances where the severed mineral interest might not hold much current value.

In most instances, estates in Oklahoma will require court-involved probate proceedings. However, the above statutes allowing for affidavits in certain limited circumstances, provide useful alternatives to court proceedings when all of the relevant requirements are met.

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The attorneys at Ball Morse Lowe have built a respected reputation over the decades for providing sophisticated counsel in complex oil, gas, and energy law matters, business law cases, transactions, estate planning, and family law matters. We take pride in assisting individuals and families with their legal concerns. Personable and responsive, our lawyers craft matter documents and develop strategies tailored to each client's unique goals and needs.

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SMALL ESTATE AFFIDAVIT

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