Senate Bill No. 200 amends Section 693 of Title 58 of the Oklahoma Statutes, which governs the distribution of estates, particularly concerning the payment of monies to minors and other beneficiaries. The bill requires that if a final account and order of distribution directs payment to a minor and no legal guardian is appointed within 90 days, the executor or administrator must apply to the court for permission to deposit the funds in a specified bank or financial institution. The bill clarifies that the order must also state the term for when the funds will be released to the guardian or the minor upon reaching the age of eighteen.

Additionally, the bill updates the language regarding the handling of funds for legatees, heirs, creditors, or claimants whose whereabouts are unknown or who do not accept the funds within 90 days. It allows the court to direct the executor or administrator to deposit these funds in a specified institution for a specified term, with the county treasurer holding the funds in trust until a legal representative claims them. The bill also addresses situations where an heir or legatee dies during probate proceedings, allowing for the deposit of their funds with the court clerk under similar conditions. The act is set to become effective on November 1, 2025.