Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
In Oklahoma, probate courts use several checks to ensure administrators fulfill their duties and honor bond requirements. These mechanisms protect heirs, creditors and the estate’s assets.
1. Mandatory Bond Posting
Before issuing letters of administration, the court requires the administrator to post a bond with sufficient surety. This bond secures the estate against losses from misconduct or negligence. Under 58 O.S. § 201 administrators must file a bond—often equal to the estate’s value—approved by the court. Sureties on the bond are liable if the administrator mismanages funds.
Statute: 58 O.S. § 201
2. Inventory and Appraisement
Within three months of appointment, administrators must file a complete inventory and appraisement of estate assets. This requirement provides an early audit of estate holdings and assets. Interested parties can review the inventory and challenge discrepancies.
Statute: 58 O.S. § 240
3. Notice to Creditors and Interested Parties
Administrators must publish notice to creditors and notify heirs and legatees. This process (58 O.S. § 211) allows creditors to file claims and gives heirs a chance to question the administrator’s conduct.
4. Court-Supervised Accounting
Administrators must file periodic and final accountings (58 O.S. § 373). The court reviews these accounts in hearings (58 O.S. § 375), ensuring proper asset management, payment of debts and distributions.
5. Removal and Surcharge Authority
If an administrator breaches duties or misuses funds, the court can remove them and surcharge their bond for losses (58 O.S. §§ 916, 975). Surcharge holds the administrator personally liable for damages to the estate.
Helpful Hints
- Obtain a copy of the administrator’s bond from court records.
- Review the filed inventory for accuracy.
- Attend scheduled accounting hearings.
- Keep detailed records of all estate transactions.
- Consult an attorney early if you suspect mismanagement.