When you are creating your Last Will and Testament, one of the biggest decisions you will face is naming an executor. In order to decide who would best fill this role, it’s important to fully understand the role of executor. Keep reading to find out what an executor does for a Will in Oklahoma.
What Does an Executor Do?
Essentially, the executor is the guardian of your estate after you pass away. This person is responsible for paying any taxes or outstanding debts you may have. Then, when those debts are paid, the executor divides the remainder of your assets according to your wishes in your Will.
When choosing an executor, it’s important to choose someone who you trust. The person doesn’t necessarily have to be good with finances and managing money. Instead, it’s more important that he or she is honest and trustworthy.
Can Anyone Be an Executor?
There are rules that govern who can and who can’t be an executor in Oklahoma. Each state has its own rules so, if you’re not in Oklahoma, make sure to research the guidelines from your state. In order to be an executor in Oklahoma, you must be over 18-years-old and of sound mind. This means that the executor must not have been judged incapacitated or incompetent by a court. Also, the state of Oklahoma prohibits any executors who have been convicted of a felony.
Can My Executor Be Out-of-State?
Yes, you may absolutely have an out-of-state executor. However, this is not a very practical idea for two main reasons. First, your executor is responsible for paying your bills and handling your post-mortem finances. This can be quite an undertaking that could last for several months. A distant location makes it harder for your executor to stay on top of paying your debts.
Second, the state of Oklahoma imposes some extra rules on out-of-state executors. For example, if you choose to have an out-of-state executor and you are deceased, your executor will have to name a local agent–someone who resides within the county of your estate–to act on his or her behalf. This local person will handle any paperwork regarding your estate on behalf of your non-resident executor.
Do You Need Help Creating a Will?
If you are thinking about creating a Last Will and Testament, Pence Law Firm, PC can help. Our knowledgeable experts can answer any questions you may have about naming an executor or creating your Oklahoma Will. Give us a call today at (918) 367-8505 or contact us online to learn how we can help.