The minor child reaches age 18 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment. The transfer can be delayed up to age 21 if noted in writing.Oklahoma has a state income tax, structured as a progressive tax on income.
Tax rates range from 0.25% - 4.50%.
Oklahoma does not impose an inheritance tax.
Oklahoma imposes an estate tax equal to the maximum credit allowed under the federal tax code for paid state estate and inheritance taxes under IRC Sec. 2011. However, the current federal tax code does not permit a credit for paid state estate or inheritance taxes. Therefore, there is no credit estate tax in effect at this time.
Oklahoma does not impose a GST tax.
Oklahoma does not impose a gift tax.
The minimum age of a person competent to make a will is 18.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial arrangement terminates when:
The minor child reaches age 18 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment. The transfer can be delayed up to age 21 if noted in writing.
The minor child reaches age 18 for other custodial transfers.
The minor child dies.
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Each state describes its own distribution pattern of how property passes to a decedent's spouse, children, parents and siblings. If no such individuals are living, state laws specify other takers among more distant ancestors before awarding property to the state through "escheat" provisions. We do not trace devolution of property beyond those noted above, but cite appropriate statutes for those interested in additional detail.
Many states refer to their distribution regime by simply stating that the heirs of predeceased individuals take "by representation." We use only the statutory verbiage, but may cite other statutory guidance when it exists.
States vary in the way they refer to descendants, using such terms as "issue" or simply children or grandchildren. We use the term "descendant," unless usage of different term adds clarity.
Some states address situations where misconduct or abuse causes forfeiture of a right to receive a share of the estate. Those interested in this information should see the state statutes.
The estate assets go to the surviving spouse, as follows:
If there are no surviving descendants, parents or siblings—100% of the estate
If there are no surviving descendants but there are one or more surviving parents or siblings—all property acquired by the joint industry of the spouses during marriage, plus an undivided one-third of the balance of the estate (the statute technically states "during coverture," which is not defined but is generally read to mean "during marriage")
If there are surviving descendants, all of whom are also descendants of the spouse—an undivided 50% interest in all estate property, whether acquired by the joint industry of the spouses during marriage or otherwise
If there are surviving descendants, one or more of whom are not also a descendant of the spouse—an undivided 50% interest in property acquired by the joint industry of the spouses during marriage, plus an undivided equal part in the property of the decedent not acquired by the joint industry of the spouses during marriage, with each of the living children of the decedent and the lawful descendants of any deceased child taking by right of representation (see Okla. Stat. tit. 84 §213 B. 4)
If there is no surviving spouse, or if a portion of the estate does not go to the spouse:
100% in undivided equal shares to the surviving children and descendants of any deceased child by right of representation (see Okla. Stat. tit. 84 §213 B. 4)
If there is no surviving spouse, child, or descendant of a deceased child:
100% to surviving parent or parents equally
If there is no surviving spouse, child, descendant of deceased child, or parent:
100% to descendants of the decedent's parents, by right of representation (see Okla. Stat. tit. 84 §213 B. 4)
If none of the above:
Intestacy laws outline further distribution steps to the level of grandparents, then next of kin and descendants. See Okla. Stat. tit. 84, §213 B. 2.d. and 3.
If no legally described recipient can be found, estate assets go to the state of Oklahoma.
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Non-qualified Annuities: Exempt.
Life Insurance Cash Value: Exempt.
Life Insurance Proceeds: Exempt.
Digital Assets: The executor or administrator of an estate, where otherwise authorized, may control, conduct, continue, or terminate any of the decedent's accounts on any social networking website, microblogging or short message service website, or email services website. Oklahoma has introduced, but not yet passed, the Revised Uniform Fiduciary Access to Digital Assets Act.
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