Detailed Answer
Under Oklahoma law, a personal representative (also called an executor or administrator) may receive statutory compensation, called a commission, for managing an estate. Title 58 of the Oklahoma Statutes outlines commission rates and procedures for securing payment.
Statutory Basic Commission
Oklahoma law grants a personal representative a basic commission based on the value of the probate estate. See 58 O.S. § 255. The commission schedule is:
- 4% on the first $50,000
- 3% on the next $50,000
- 2% on the next $50,000
- 1% on estate assets exceeding $150,000
Additional Commission on Sale Proceeds
If the personal representative sells estate assets, Oklahoma law allows an extra commission of 2% on the gross sales price. See 58 O.S. § 256. This commission applies only to the actual proceeds from asset sales, not the basic estate value.
Procedure to Obtain Commission
To secure these commissions, the personal representative must:
- File an itemized claim for commission in the probate court.
- Provide an accounting of estate assets and sales proceeds.
- Obtain court approval to confirm the commission amounts.
The court reviews the claim, ensures the commission aligns with statutory rates, and may adjust for extraordinary services beyond normal duties. Any disputes among beneficiaries or objections require a court hearing.
Helpful Hints
- Maintain clear records of asset values and sale receipts.
- Review 58 O.S. §§ 255–256 early to plan commissions.
- Consider waiving commissions to reduce estate taxes or satisfy heirs.
- Seek informal guidance from the court clerk on filing procedures.
- Document extraordinary services if you plan to request higher fees.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed attorney to address your specific situation.