Detailed Answer
Administering an estate in Oklahoma involves several costs set by statute and by the complexity of the estate. Understanding these factors helps you estimate the total expense and plan accordingly.
1. Personal Representative Commissions
Oklahoma law entitles executors or administrators to draw commissions based on the value of estate assets. Under 58 O.S. § 249, the compensation schedule is:
- 5 % of the first $100,000
- 4 % of the next $100,000
- 3 % of the next $800,000
- 2.5 % of the next $9,000,000
- 2 % of amounts over $10,000,000
2. Attorney Fees
Courts must approve “reasonable compensation” for estate counsel. Under 58 O.S. § 347, judges consider the time spent, complexity, and customary local rates. Fees may be hourly, flat, or a percentage of the estate’s value.
3. Court and Bond Fees
- Probate filing fees: Vary by county but generally range from $200–$300.
- Bond premiums: If the court requires a fiduciary bond, the premium is a percentage (often 0.05–0.15%) of the bond amount.
- Process service: Fees for serving notices on heirs and creditors.
4. Appraisals and Valuation
Real estate and certain personal property often require professional appraisals. Typical appraiser fees run $300–$500 per parcel or asset group.
5. Accounting and Tax Preparation
Complex estates may need a CPA to prepare fiduciary income tax returns. Hourly rates range from $150–$300.
6. Publication and Notice Costs
Oklahoma requires publishing notice to creditors in a local newspaper. Expect $200–$400 for publication.
7. Real Estate Sales
If the estate sells real property, standard real estate commissions (often 5–6%) and closing costs apply.
8. Estate Complexity
More assets, foreign property, contested claims, or disputes can increase legal and administrative fees significantly.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Always consult a qualified attorney about your specific situation.
Helpful Hints
- Obtain written fee estimates from attorneys before hiring.
- Ask about waiving the executor bond if all heirs consent.
- Consider small estate affidavit procedures for estates under $100,000.
- Use non-probate transfers (TOD deeds, beneficiary designations) to reduce probate assets.
- Keep detailed records of all expenses and receipts for transparency.