Tenancy by Entirety in Oklahoma is joint ownership between a husband and wife. (60 OS §74) This form of ownership acts the same as joint tenancy, but can only be created between spouses. Tenancy by Entirety ownership in Oklahoma allows each spouse to own all of the property. Contrast this with tenants in common where two owners could each own one-half of the property. With a tenancy by entirety, when one spouse passes away, the remaining spouse still owns all of the property. Documents will need to be filed with the county clerk evidencing the death and reflecting the surviving spouse as the sole owner.
This article was written 2/1/2015 by Todd Willhoite, an attorney in Claremore, Oklahoma, specifically for the Oklahoma jurisdiction. A different result may occur in a different jurisdiction and the law does change, so it is important to seek competent legal and tax advice from professionals before acting on anything written in this article. Abby Law Offices Inc. is a law office that handles estate planning law in Claremore, Oklahoma.