Detailed Answer
When a creditor submits a settlement demand, an executor must verify the claim and decide whether to admit, reject or negotiate it. Oklahoma’s Probate Code (Title 58 of the Oklahoma Statutes) sets deadlines and procedures for creditor claims (see Title 58). Executors work under a duty of loyalty to the estate and must maintain clear records to protect estate assets and defend against unfounded claims.
1. Court‐Issued Documents
- Letters Testamentary or Letters of Administration: Official court paper granting you authority to act as executor (58 O.S. § 1031).
- Order for Notice to Creditors: Court order requiring publication of notice to creditors (58 O.S. § 1034).
- Proof of Publication: Affidavit showing the notice ran in a newspaper, establishing the creditor‐claim period.
2. Identity and Debt Verification
- Original Creditor Demand Letter or Claim Form: The written demand, including dates, amounts and account numbers.
- Death Certificate: Certified copy to match the decedent’s file to the claim.
- Contract, Promissory Note or Security Agreement: Documents supporting the debt’s terms and any collateral.
3. Estate Asset and Liability Records
- Inventory and Appraisal: Court‐filed list of estate assets and their values (58 O.S. § 1032).
- Bank and Investment Statements: Statements for accounts held in the decedent’s name.
- Real Property Deeds: Title documents for real estate owned by the estate.
4. Payment and Accounting Documents
- Cancelled Checks or Wire Transfers: Evidence of any payments already made on the debt.
- Invoices and Billing Statements: Original billing history from the creditor showing charges and credits.
- Estate Ledger or Accounting Journal: Your internal record of estate receipts, disbursements and running balance.
5. Correspondence and Negotiation Records
- Email and Letter Logs: All communications with the creditor, including settlement offers.
- Settlement Agreements or Releases: Drafts or fully executed settlement documents if negotiations occur.
Oklahoma law generally gives creditors up to four months after notice publication to file claims (58 O.S. § 1034). An executor must review claims promptly and object in court if a claim lacks proper documentation or is legally invalid (58 O.S. § 1063). Proper documentation helps you decide whether to admit, deny or negotiate the claim.
Disclaimer: This article is for informational purposes and does not constitute legal advice. Consult a licensed Oklahoma attorney before making decisions about estate administration or creditor claims.
Helpful Hints
- Track deadlines: Note the publication date of the notice to creditors to calculate the four-month claim period.
- Keep originals: File original creditor demands and estate court documents; work from copies when sharing.
- Use a checklist: Create a simple list of required documents to ensure nothing is overlooked.
- Communicate in writing: Preserve emails and letters to establish a clear negotiation record.
- Consult counsel early: If a claim seems complex or large, seek an Oklahoma probate attorney’s guidance promptly.