When someone dies owning property in Oklahoma, Oklahoma law establishes the legal process to determine the assets, their value and distribution. This procedure is called “probate.” The property owned by the deceased person is the “estate”.
An estate is probated in order to:
- Collect and determine the property and assets of the estate.
- Protect the property of the estate.
- Pay debts and taxes.
- Determine who is entitled to share in the estate and distribute the property to them.
- Legally transfer the record of ownership to property such as real estate.
Investments and insurance offered through the Trust Department of First National Bank & Trust Co. are not insured by the FDIC, are not deposits or other obligations of, and are not guaranteed by, any bank or any bank affiliate. Investments are subject to risks, including possible loss of principal amount invested.