Estate Administration in Oklahoma
Oklahoma City Probate Lawyers
When an individual passes on, their debts must be settled and their assets must be passed down to their heirs and beneficiaries through the process of estate administration. If the decedent left a will, one of the first steps of estate administration is determining its validity. An executor will be selected if one is named in an estate, but a personal representative will be selected by the courts if the decedent left no will. The personal representative or executor is responsible for collecting and maintaining the assets, paying debts and taxes and distributing the remaining assets to heirs and beneficiaries during probate.
Small Estate Procedures
The state of Oklahoma provides for two small estate proceedings. If an estate in Oklahoma is worth less than $150,000, it may be eligible for small estate procedure. After the appraisal of the estate and the application of the personal representative, the court can eliminate the need for regular proceedings and allow the executor to distribute the property. If the estate is worth $20,000 or less, it may be eligible for affidavit procedure after a ten day waiting period. If an inheritor creates a document that claims that he or she is entitled to a certain asset, the courts may honor this affidavit and release the asset.
Guidance for Estate Administration in Oklahoma City and Perry
If you are currently serving as the executor or personal administrator of a late loved one’s estate, it may be in your best interests to seek the assistance of an Oklahoma estate planning attorney. With more than 15 years of combined experience, our legal team at The Law Office of Bryon J. Will, P.L.L.C. is well-equipped to assist you. Complete our free case evaluation form to learn more about your responsibilities during estate administration and contact us for information about our realistic approach to the law.