You’re the Estate Executor or Administrator: Your Next Steps
When you’re named the executor or administrator of a loved one’s estate in Oklahoma, it’s normal to feel overwhelmed. The job of handling a loved one’s final affairs is a huge responsibility, but with the right preparation, you can feel confident as you get started.
The Oklahoma estate planning lawyers at Entz Burton & Associates have helped many individuals like you navigate the estate administration process with ease, as shared by our satisfied clients. You’re already grieving; you don’t need the added stress of figuring this process out on your own. Find out how our team of probate attorneys in Oklahoma can support you by calling us at 405-773-9800.
Reviewing Your Duties
An estate executor is named in the will by the deceased individual, while an estate administrator is appointed by the court when there is no will. Both roles require you to manage assets, pay debts, and distribute what’s left to beneficiaries. You’ll be responsible for inventorying assets like bank accounts, properties, and personal belongings. Paying off any debts and taxes from the estate’s funds is also part of your job. This ensures that the estate is settled fairly and legally, giving all creditors and potential beneficiaries a change to come forward. Staying organized and keeping detailed records can help you fulfill these duties efficiently.
Legal Obligations
Start by obtaining essential documents like the death certificate, the will (if applicable), and any financial records. Ideally, the decedent will have kept these organized, easy to follow, and in a place known to you. You’ll need to notify beneficiaries and creditors to ensure everyone involved is aware of the estate proceedings. This notification is a key legal requirement and helps prevent future disputes. After that, you’ll have to file the necessary forms with the court to begin the probate process. Keep detailed records of these steps to make sure everything is done correctly and in order.
Handling Financial Tasks
Managing the estate’s finances is a crucial part of your role. You’ll need to collect and list all assets, such as bank accounts, properties, and personal belongings. Ensuring all debts and taxes are paid from the estate’s funds is another important duty. Start by identifying all creditors and verifying any claims they make against the estate. Next, assess the value of the estate’s assets. Accurate valuation is essential for fair distribution to the beneficiaries. Also, keep a close eye on all financial transactions to avoid any potential disputes. Be sure to document every payment and receipt related to the estate. Working with a probate lawyer can help you avoid potential conflicts that may arise during this time.
Navigating the Probate Process
Probate is the legal process that verifies a will and ensures the estate is properly distributed. To start, you’ll need to file a petition with the local probate court. This petition will include essential documents like the death certificate and the will, if there is one. The court will then review these documents and officially approve your role as the executor or administrator. During the probate process, you might have to attend hearings or provide additional information requested by the court.
Getting Expert Assistance
Managing an estate can be complex, and you might feel overwhelmed by the various legal tasks involved. While hiring a probate lawyer may feel like just one more task on your to-do list, their expertise can be extremely helpful. A probate law firm can assist you in interpreting the will, handling probate proceedings, and ensuring you comply with Oklahoma state laws. This guidance can be especially important if the estate is large, includes unusual assets, or if there are disputes among beneficiaries.
Steering Clear of Common Errors
Mistakes in estate management can lead to legal issues and delays. To avoid these pitfalls, keep thorough records of all transactions and communications. Document every financial decision, meeting with beneficiaries, and correspondence with creditors.
This is one of the main advantages of working with a probate attorney. Rather than worrying about the common pitfalls of estate management, you can focus on a realistic set of tasks and feel confident that the probate law firm will keep you on track.
Wrapping Up the Estate
Once all debts and taxes are settled and the court approves the distribution plan, you can start transferring assets to the beneficiaries. This might involve handing over deeds, titles, or physical property. Make sure each transfer is documented properly to ensure everything is clear and legal. After all assets are distributed, you’ll need to formally close the estate, often by filing a final accounting with the court.
Choose Entz Burton & Associates for Your Estate Management Needs
As executor or administrator, you have a significant responsibility to your deceased loved one and their beneficiaries. Prepare yourself for the task at hand with our help. Get in touch online or call us at 405-773-9800.
Attorney J. Michael Entz at Entz Burton & Associates is an experience lawyer in estate planning law, business formation and asset protection serving the families in Oklahoma City and Weatherford office.
