Detailed Answer
When someone passes away, the estate enters probate. A personal representative (sometimes called an executor or administrator) handles estate assets, debts, and distributions. Below are the main steps under Oklahoma law:
1. Petition for Appointment of Personal Representative
A person must file a petition with the district court in the county where the decedent lived. The court reviews the will (if one exists) and appoints the personal representative. See 58 O.S. § 211 (Title 58 Index).
2. Locate and Secure Assets
The personal representative must identify estate property. This includes real estate, bank accounts, investments, business interests, and personal items. Secure physical assets—lock up real estate and insure valuables. Contact institutions to freeze or transfer accounts.
3. Inventory and Appraisal
Within 60 days of appointment, file a sworn inventory listing all assets and their values. Oklahoma law requires this under 58 O.S. § 322 (Title 58 Index). An appraiser may assess real property and unique items.
4. Notify Creditors
Publish a notice to creditors in a local newspaper to start the claim period. Send written notice to known creditors within the same 60-day period. This step follows 58 O.S. § 342 (Title 58 Index).
5. Resolve Creditor Claims
Creditors have up to 90 days after notice to file claims. The personal representative reviews each claim and either approves or rejects it. Approved debts must be paid from estate funds. See 58 O.S. § 612 (Title 58 Index).
6. Pay Debts and Expenses
After validating claims, use liquid assets to pay funeral costs, administration expenses, taxes, and creditor debts in the order set by statute. Maintain detailed records of disbursements.
7. Prepare Final Accounting
Once debts and expenses are settled, compile a final accounting. This report shows asset receipts, payments, and remaining balances. File it with the court and notify interested parties.
8. Petition for Distribution
After accounting approval, petition the court to distribute remaining assets to beneficiaries or heirs under the will or Oklahoma’s intestacy rules. Distribution follows 58 O.S. §§ 813–814 (Title 58 Index).
9. Close the Estate
When the court approves distribution, it issues an order closing the estate. The personal representative is then discharged from duties.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney to address your unique situation.
Helpful Hints
- Keep a centralized file of all estate documents, bank statements, and receipts.
- Communicate proactively with beneficiaries to manage expectations.
- Consult a qualified probate attorney if you face complex assets or disputes.
- Track deadlines carefully—missing a creditor notice or inventory deadline can cause personal liability.
- Consider bonding insurance if the court requires a bond for your duties.