The role of an executor, also known as the personal representative, is key in managing and settling the estate of a deceased person according to the terms of their will and the laws of Oklahoma. These responsibilities ensure the proper distribution of the decedent’s assets as well as the resolution of their affairs.
Key Responsibilities for the Role of an Executor
An executor has several key responsibilities, such as:
Probate Process Initiation:
- File the Will: The executor must file the deceased’s will with the appropriate probate court to initiate the probate process.
- Probate Court Hearing: Attend the initial probate hearing where the court formally appoints the executor and authorizes them to act on behalf of the estate.
Notification Duties:
- Notify Beneficiaries and Heirs: Inform all named beneficiaries and legal heirs of the decedent’s death and the probate proceedings.
- Creditors Notification: Notify known creditors of the estate and publish a notice to creditors in a local newspaper to alert potential creditors of the probate process.
Inventory and Appraisal:
- Inventory Assets: Compile a detailed inventory of all the decedent’s assets, as well as appraisals when needed.
- Bank Accounts: Open an estate bank account to manage funds, pay bills, and collect any income owed to the estate.
Pay Debts and Taxes:
- Settle Debts: Review and pay any valid claims from creditors.
- Tax Obligations: File the decedent’s final personal income tax returns, any necessary estate tax returns, as well as pay any taxes owed from the estate’s funds.
Distribution of Assets:
- Follow the Will: Distribute the remaining assets to the beneficiaries as specified in the will, such as transferring titles, liquidating assets, or other means of distribution.
- Accounting: Provide an accounting of the estate’s administration to the court and beneficiaries, detailing all transactions, payments, and distributions made.
Legal and Administrative Duties:
- Court Filings: Prepare and file all necessary court documents, including inventories, accountings, and petitions for final distribution.
- Legal Compliance: Ensure all actions taken as executor comply with Oklahoma probate laws and court orders.
Close the Estate:
- Final Distribution: Distribute any remaining assets to the beneficiaries and heirs.
- Final Accounting: Submit a final accounting to the probate court for approval.
- Discharge: Finally, petition the court to close the estate and discharge the executor, officially ending the probate process.
Qualifications and Selection of an Executor
The role of an executor is usually assigned in the decedent’s will, however, if the will names no executor or the named executor is unable or unwilling to serve, the court will appoint someone, typically a close relative. The executor must be at least 18 years old and of sound mind. Oklahoma does not require the executor to be a resident, but non-residents may need an in-state agent for certain matters. They must accept the appointment, be at least 18 years old, of sound mind, and may be required to post a bond to protect the estate against potential mismanagement, unless the will explicitly waives this requirement.
Wagoner Probate Attorneys
In conclusion, the executor plays a pivotal role in the administration of an estate in Oklahoma, overseeing the probate process from start to finish. This includes filing the will with the court, notifying beneficiaries and creditors, managing and safeguarding estate assets, paying debts and taxes, and distributing assets according to the will. The executor must act in the best interests of the estate and beneficiaries, ensuring compliance with laws and court orders.
Our team here at Wagoner County Attorneys is comprised of skilled probate attorneys who can help you through the process. If you need help, reach out to us at 918-283-7394 or ask a question online.
