The executor of a will, also known as a personal representative, is responsible for managing and settling the estate of a deceased person according to the terms of the will and the laws of Oklahoma. This job of an executor involves a variety of tasks, including administrative, legal, and financial duties. The job of an executor is to ensure the proper distribution of the decedent’s assets and the resolution of their affairs. Here is a comprehensive overview of the duties of an executor of a will in Oklahoma.

Key Duties of an Executor

1. Filing the Will: The executor must file the deceased’s will with the probate court to initiate the probate process. This typically involves submitting the original will and a petition for probate. The executor is also in charge of all further paperwork.
2. Notifying Heirs and Creditors: Inform all named beneficiaries and legal heirs of the decedent’s death and the probate proceedings. Notify known creditors of the estate and publish a notice to creditors to alert potential creditors of the probate process.
3. Inventory and Appraisal of Assets: The executor prepares a detailed inventory of all the decedent’s assets, including real estate, personal property, bank accounts, investments, and other valuable items. Some appraisals may be necessary to determine fair market value.
4. Managing Estate Assets: Protect and manage the estate’s assets throughout the probate process. Open an estate bank account to manage funds, pay bills, and collect any income owed to the estate.
5. Paying Debts and Taxes: Valid claims from creditors should be reviewed and paid, with court intervention settling disputes if needed. File the decedent’s final personal income tax returns and any necessary estate tax returns. Pay any taxes owed from the estate’s funds.
6. Distributing Assets: Distribute the remaining assets to the beneficiaries as specified in the will. This may involve transferring titles, liquidating assets, or other means of distribution. Court intervention is occasionally needed for asset distribution, especially when there’s disputes.
7. Closing the Estate: After distributing any remaining assets and submitting a final accounting to the probate court, petition the court to close the estate and discharge you from your duties.

Throughout the entire process, you should consult with a probate attorney, as they can ensure that you’re following all laws and regulations.

Challenges and Considerations

While the process is fairly straightforward, each situation is different and will come with its own challenges. Managing a complex estate with numerous assets, debts, or legal issues can be challenging and may require professional assistance. In any case, executors must be prepared to handle disputes, potentially requiring mediation or court intervention. Serving as an executor can be time-consuming, often taking several months to years, depending on the complexity of the estate and any legal challenges.

Tulsa County Probate Law Firm

In conclusion, the job of an executor of a will involves a range of important duties. The job begins with filing the will with the probate court and notifying heirs and creditors, to managing and distributing the estate’s assets and closing the estate. The role involves significant responsibility and can be complex, especially for larger or disputed estates. Executors should seek legal and professional guidance to ensure they fulfill their obligations effectively and in compliance with Oklahoma law.

Our team here at Tulsa County Lawyers Group will guide you through the probate filing and executor process. We will make it our goal to ensure you meet all deadlines and requirements while also accomplishing everything you need to. If you need help, contact us today by calling (918) 379-4864 or reach us online for a consultation.