Oklahoma Probate Guide

Losing a loved one is an emotionally trying experience in so many ways. Having to deal with the legal duties that follow as the executor of an estate while undergoing the grieving process can make you feel significantly more overwhelmed. Stepping into this responsibility requires understanding what exactly you are getting yourself into, not only to navigate it successfully but efficiently so you can dedicate as much of your time to healing as possible.

In this article, we will explain the process in a way that helps you get a sense of what to expect. As you go through the process, remember that you aren’t alone. With the knowledge you’ll gain from this article and the support from a process of probate lawyer at your side, you can navigate the probate process in a way that honors the legacy of your loved one.

The Responsibilities Of An Executor

You may have heard of probate before but don’t quite know exactly what it is. It’s simply a legal process that occurs after someone passes away. In it, their remaining assets are verified, validated, and distributed either according to their instructions or the laws of the state. The laws of the state kick in, especially if they leave no such instructions behind. As the executor of an estate, you were appointed by the deceased to carry out the instructions they left, and you’ll have many responsibilities to bear and tasks to attend to as the process unfolds.

In complex situations, seeking guidance from skilled legal professionals who specialize in estate law, including those who are knowledgeable about special needs planning, can be invaluable. You may find it best to consult with a special needs lawyer near me who can provide insight and assistance tailored to the unique needs of beneficiaries with disabilities, or any situation, for that matter.

Initiating Probate Proceedings

Probate formally begins by filing a petition with the court in the jurisdiction where the deceased person lived. After the petition is filed, the court will appoint you as the executor of the estate, granting you the legal authority necessary to act on behalf of it. This is perhaps the easiest part of the probate process, so you’re likely to be able to get by without a probate administration lawyer.

Inventorying Assets And Property

This is where things can start to get complicated and involved, making this the ideal time to partner with a probate lawyer if you hadn’t already. Here, you’ll be responsible for identifying and inventorying all property and assets of the estate. This ranges from real estate, bank accounts, investments, and other personal or valuable possessions.

Notifying Creditors And Paying Debts

Before you can distribute assets to the beneficiaries of the estate, you need to settle any outstanding debt and tax obligations. In order to do this, you’ll need to notify creditors of the deceased’s death to initiate any necessary transactions. As part of this step, you may need to review claims, negotiate settlements, and sell assets to be able to pay outstanding obligations. Disputes aren’t uncommon at this phase of the process, so the skill and experience of a probate dispute attorney may especially come in handy.

Preparing And Filing Tax Returns

When someone dies, the taxes they owe don’t die with them. As such, you’ll need to ensure any taxes are paid. This means you’ll need to file any income taxes, estate taxes, or other relevant types of taxes the estate is subject to.

Distributing Assets To Beneficiaries

After all of the previously mentioned steps have been completed, you can proceed to disburse the estate’s assets to its beneficiaries. You’ll want to do so transparently to ensure fairness and compliance with the instructions the deceased left, as well as the law.

Closing The Estate

Once the assets have been distributed from the estate, you can begin the process of closing the estate. This entails submitting a final accounting of the estate’s assets and expenses in a petition to the court. After submitting it, the court will approve the petition.

The role of an executor can be immensely challenging and time-consuming, but with careful preparation, knowledge of the process, and the right guidance from a trusted probate administration lawyer, you can fulfill your duties in a way that honors the loved one you lost with as little strain on your time and emotional capacity as possible.

As you navigate through the process, remember that you aren’t alone and that you’re doing what your loved one wanted to have done with their estate. Oklahoma Estate Attorneys, PLLC. in Edmond, OK, is here to help you along the way, whether you need answers to questions or someone you can trust to step in and handle things for you.