http://www.pozew.org Money, loans, mortgages, stocks Mon, 29 Mar 2010 10:01:59 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 http://www.pozew.org/survivor%e2%80%99s-homestead-rights/ http://www.pozew.org/survivor%e2%80%99s-homestead-rights/#comments Mon, 13 Jul 2009 18:51:49 +0000 admin http://www.pozew.org/?p=33 Homestead rights in Oklahoma may consist of an estate in land and personal property as well as exemption from certain debts. The homestead of any family living in a rural area shall consist of not more than 160 acres. It may be in one or more parcels to be selected by the owner. The homestead in a city or town, or platted area, and occupied as a residence only shall consist of not more than one acre of land. The statute limits an urban homestead to a value of $5,000, but in no case will it be reduced to less than one-quarter of an acre. Some of the personal property not subject to administration proceedings are family pictures, church pew, lot or lots in a burial ground, Bible, school books, other books not in excess of a value of $100, clothing, food and fuel for one year, and household and kitchen furniture. This property is to be delivered immediately by the executor or administrator to the surviving spouse and children, if any.
Upon the death of either the husband or wife, the survivor may continue to possess and occupy the whole home-stead. It is not subject to administration proceedings until it is disposed of according to law. Also, upon the death of both the husband and wife, the children may continue to occupy the homestead until the youngest child reaches the age of majority. The homestead right is similar to a life estate. It comes into play when one spouse owns the homestead and dies. The surviving spouse may occupy the homestead until death. At the death of the surviving spouse, if there are no minor children, the property will pass to the heirs of the spouse who owned the homestead. The homestead rights are designed to prevent the spouse or minor children from being ejected from their home at the death of the spouse who held title to the property. The homestead is also not subject to the payment of any debt or liability contracted by either the husband or wife, except for liens such as mortgages on the homestead.

]]> http://www.pozew.org/survivor%e2%80%99s-homestead-rights/feed/ 0 http://www.pozew.org/general-provisions-applying-to-all-wills/ http://www.pozew.org/general-provisions-applying-to-all-wills/#comments Sun, 12 Jul 2009 17:25:22 +0000 admin http://www.pozew.org/?p=25 General provisions that apply to all types of wills include:
• A spouse may dispose of all his or her separate estate by will, without the consent of the other spouse.
• A will cannot take precedence over:
1. A written antenuptial agreement. An antenuptial agreement is one made up between a man and woman prior to their marriage in which each agrees upon death of the other to take less property or different interest than which the law allows the surviving spouse.
2. A spouse’s elective share. The amount of property a spouse may receive under the laws of succession cannot be reduced by will without approval of the surviving spouse. If by chance this happened, the surviving spouse could elect to receive property under the state laws of succession which would, in effect, invalidate the distribution provisions to him or her under the will.

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