Oklahoma Probate Guide

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Oklahoma Probate Litigation: How To Handle Creditor Claims Against The Estate

  • By: spk-admin
  • Published: May 3, 2024
Oklahoma Probate Litigation: How To Handle Creditor Claims Against The Estate

Oklahoma Estate Attorneys, PLLC | Probate Lawyer Serving Edmond, OK

One of the most important factors to consider when faced with probate of an estate is creditor claims. All estates valued over $50,000 in Oklahoma must pass through probate court. This ensures that the deceased’s debts are settled and that heirs receive their inheritance.

Often, creditor claims through families off, especially when the financials of the deceased loved one are hidden. Although it can be challenging to assess from a glance whether or not an estate will be able to make good on debts incurred by the deceased, there is a procedure to handle these creditor claims.

Oklahoma Estate Attorneys, PLLC, can provide the proper guidelines to help you and your family navigate these claims against your loved one’s estate. In this article, you will learn how to handle creditor claims through the probate process.

Not All Creditor Claims Against An Estate Are Created Equal

After an estate petition has been filed and accepted, public notice must be made. This alerts all creditors and any parties that may have a vested interest in the estate on how to go about filing their claims.

Every creditor must fill out and send in a creditor claim form. This claim form must be received by the date in the published notice. As long as the claim is timely, there is a high chance it will be accepted. Timeliness doesn’t guarantee approval, however. Other factors may lead to a claim getting rejected.

If a claim is received after the notice’s deadline, it will be rejected. It is important to keep a separate pile of accepted and rejected claims for filing purposes.

What Happens To Accepted Creditor Claims?

All accepted claims should be examined for validity. Edmond, OK, families should evaluate the legitimacy of the claim. Our probate lawyer resources can guide you through what to look for when examining claims.

Ascertaining the timeframe of the claim to see if it coincides with the deceased’s life is essential. If something looks suspicious or out of the ordinary, there are different procedures to follow.

Am I Responsible For Creditor Claims Against The Estate?

It is important that you do everything in your power to notify all creditors. In Oklahoma, notice must be posted publicly. A deficient notice, or a notice that doesn’t follow the requirements, could cause it to be nullified and redone. This gives creditors more time to act.

You must answer a claim by signing it and taking it to a judge. Failure to adhere to the deadlines, gives creditors the opportunity to file a lawsuit. This could lead to the estate incurring extra expenses.

When Do I Sign The Approved Claims?

Upon accepting the claim, you sign a claim form acknowledging its validity.

Then, this form is filed in court so that a judge can sign it. You have 30 days from the arrival date of that claim for it to be approved and processed. If you don’t fall within this deadline, a creditor can file a lawsuit.

Most probate litigation lawyers advise keeping copies of everything to serve as records of communications between you and the creditor.

When Does The Estate Remit Payment To Creditors?

After you’ve signed and a judge has signed approving the creditor claim, you will make a certified copy. The original copy is filed into the court, and the copy is mailed to the creditor.

Although the claim has been accepted, it still needs to be paid. When sending the copy to the creditor, it is important to understand that no payment has been made. Often, families think that accepting a claim means immediate payment is due.

There may be more debts to be repaid by the estate. At the time of final accounting, you receive approval from the estate to write checks to the creditors with valid and approved claims.

What Happens If There Is Not Enough Cash To Pay Creditors?

Generally, this is why payment to creditors doesn’t happen until final accounting. During this phase, how debts are settled is determined.

At this point, asset value has already been assessed. Some assets of the estate, like real estate, may need to be liquidated to satisfy debts to creditors.

Would You Like More Information? Call us today!

Oklahoma Estate Attorneys, PLLC can provide the resources you need for your probate court case. We have helped many individuals get in touch with the right procedure for probate lawyers.

We’re happy to assist you and your family through the probate process in Edmond, OK. Our resources ensure that you are following probate procedures accurately. If you need the assistance of a probate litigation attorney, our network of attorneys will serve you well.

Call our Edmond, OK office at (918) 819-1199 to inquire more about our services and to schedule a consultation.