In Oklahoma City, the probate process is several smaller legal proceedings that help settle someone’s estate after their death. This process ensures payment of the decedent’s debts and proper distribution of assets to the heirs or beneficiaries. Here’s a step-by-step guide to the probate process in Oklahoma City:
Filing the Petition
The probate process begins with the filing of a petition for probate in the district court of the county where the decedent resided at the time of their death. This is usually filed by the person named as the executor in the will, or if there is no will, by a close relative or interested party. If there’s a will, you must also submit it, as well as a death certificate and any other requested documents.
Appointment of Personal Representative
If the will names an executor, the court will usually appoint that person as the personal representative. However, if there is no will or the named executor cannot serve, the court will appoint an administrator. The court issues Letters Testamentary (if there is a will) or Letters of Administration (if there is no will), which grant the personal representative the legal authority to manage the estate.
Notice to Heirs, Beneficiaries, and Creditors
The personal representative must notify all heirs and beneficiaries of the probate proceedings. Notice must also be given to creditors, who then have a period of time (usually 2 months) from the date of this notice to file any claims against the estate.
Appraisal of Assets and Payments of Debts
The personal representative prepares a detailed inventory of the decedent’s assets, such as real estate, personal property, and bank accounts. These assets must also go through the appraisal process to determine their value.
The personal representative must pay all valid debts and claims against the estate, including funeral expenses, taxes, and other obligations. If there are any disputes of the claims, then it may require court intervention. Additionally, the personal representative must file the decedent’s final income tax returns and any estate tax returns. This money will be paid through the estate before distribution of assets.
Distribution of Assets
After completing these steps, the personal representative can move on to the distribution of assets. If there is a will, then they can distribute the assets as it says, however, if there is no will, then Oklahoma’s intestacy laws will dictate the distribution. These laws explain how to distribute items among different surviving relatives. In some cases, the distribution of assets requires court approval, especially if there are disputes.
Closing the Estate
Finally, it’s time to close the estate. The personal representative must provide a final accounting to the court, detailing all financial transactions, including payments made and distributions to beneficiaries. They will also file a petition for discharge, which requests the court to formally close the estate. Once the court approves the final accounting and the distribution of assets, they close the estate, and discharge the personal representative from their duties.
Oklahoma City Probate Attorneys
The probate process in Oklahoma City ensures proper management of a decedent’s estate, payment of debts, and distribution of assets. The process involves filing a petition, appointing a personal representative, notifying heirs and creditors, inventorying and appraising assets, settling debts and taxes, distributing assets, and finally closing the estate. If you’re going through the probate process or have questions, our probate lawyers at Kania law office – OKC Attorneys can help. Call us today at 405-367-8710 or ask a question online.