The role of an executor is vital to any estate plan. You are in charge of ensuring the decadent’s best wishes are carried out as close to their intentions as possible. It’s an honorable position to take on as it’s an indication of how much trust has been placed in you. This obviously comes with some additional stress and challenges, so we want to prepare you for the responsibilities ahead.
An Oklahoma estate planning attorney will be able to assist you with the process and allow you to have some peace of mind that you’re doing this correctly. Your main duties will include:
- Notifying creditors and other parties
- Filing to determine the validity of a will
- Respecting your fiduciary duty, which means acting in the best interest of the estate
- Protecting the estate’s real property and assets from theft, damage, or misuse
- Paying estate taxes and settling debts
- Distributing remaining assets and inheritance to heirs and beneficiaries
Notifying Creditors and Other Parties
At the time of death and when you’re officially appointed executor of the estate, you will need to notify creditors and other interested parties about the opening of the estate. This starts the clock on creditors to make any claims of a debt against the estate. If they fail to do so by the given deadline then the debt cannot be claimed later.
Other interested parties include beneficiaries, heirs, anyone named in previous versions of the estate, and anyone else named specifically in estate planning documents. This provides an opportunity to attend proceedings if desired and make claims or disputes against the estate if applicable.
Filing to Determine the Validity of the Will
Wills must go through Oklahoma probate court to determine the validity of the will itself and the legality of its instructions. The executor will file with the court, usually with the help of an estate planning attorney, and start this process.
Probate gets a bad name, but it’s just a step in the process to ensure a will wasn’t falsified, produced under duress, and does not violate the law.
Acting in the Best Interest of the Estate
Sometimes executors are exposed to an estate worth millions of dollars. It can be tempting to dip your hand in the pot and take some for yourself. After all, you’re putting in a lot of work for this individual so what would it hurt?
Ultimately, you are legally bound to act as a fiduciary to the estate which means there is no self-serving. Hopefully the decadent already set aside assets and/or payment for you to fulfill this important role in their estate.
Protecting Real Property From Theft, Damage, or Misuse
The transfer of assets is not immediate. The court needs to approve the will, creditors need to be given a chance to make a claim, and titles need to be verified. In the meantime, it’s your duty to ensure those assets aren’t stolen, damaged, or misused.
How does this work when assets span several cities and states? You can’t be expected to be in all places at once, so we advise that you communicate with the person behind the estate while they’re still alive and have a plan in place to manage assets from afar. An estate planning attorney is also a vital resource in handling this.
Paying Estate Taxes and Settling Debts
You are responsible for using the wealth and assets left in the estate to satisfy any estate taxes and debts. You are not personally responsible for these debts, however, so you won’t need to pay out of pocket.
It’s imperative that you take this step before distributing any cash or assets to heirs or beneficiaries (even if they’re badgering you to do so).
Distributing Remaining Assets and Inheritance
Once all of this is done, you are able to distribute the remaining assets and inheritances to the appropriate parties. The will should detail exactly who and how much is owed to each named individual.
Once this is complete, you are able to close the estate and move on from your role as executor.You don’t have to do this alone. The team at Pence Law Firm will assist you in carrying out all the duties legally and thoroughly. We want this to be as painless as possible, but it’s important to be meticulous in carrying out the wishes of another individual after their death. Contact Pence Law Firm if you’ve been named the executor of an estate but need assistance with the process.