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This information is provided by the Oklahoma Bar Association 1 Q: What is meant by probating an estate? A: Upon the death of a property owner, Oklahoma law provides for a legal process to determine the assets, assess their value, and distribute them to creditors and heirs. Such procedure takes place in the district court of the county where the deceased property owner lived. If there is property of the deceased located in another state, additional proceedings called “ancillary administration” will be necessary in that state. Oklahoma law provides for the probating of estates to protect all parties who have any interest in the estate. Q: What is the necessity of probate? A: An estate is probated for the following reasons: to identify and collect the property and • assets of the estate to protect the property of the estate• to pay debts and taxes• to determine who is entitled to share in the estate and • distribute the property to the proper parties in the case of real estate and other record ownership • property, probate provides a method to secure the legal transfer of such record ownership and thereby maintain a clear chain of title to the property. Although this procedure may be considered lengthy and detailed, it is provided by law to assure that all property of the deceased is accounted for, and that all debts and taxes are paid. Someone is required to step into the shoes of the deceased person, so to speak, and carry out the business of the estate and pay the debts and the expenses, and, in the end, see that the property is distributed to the rightful parties in interest. That someone is called the personal representative of the estate. All of these functions are carried out under the supervision of the district court. Q: What does probate involve? A: Probating an estate requires that a responsible party, called the personal representative, be appointed by the court to carry out the duties outlined above. The personal representative may be a bank or a trust company or it may be an individual such as the spouse or child of the deceased. If the deceased names a personal representative in a will, that party is usually appointed by the district court. If the deceased does not have a will, the district court will usually appoint the closest relative as the personal representative. The functions and duties of the personal representative are: to identify, take possession, protect and conserve • all of the real and personal property of the estate, except for the homestead of the surviving spouse and children to receive and collect all rents, payments, and debts • due the estate, including interest, dividends, claims and notes to determine the names, ages, residence and • degree of relationship of all possible heirs• to determine and pay any outstanding debts, including • taxes to carry out the orders of the district court in all mat• ters before the court and to distribute the property to the proper parties. in general, to wind up the affairs of the deceased in • an orderly manner. These steps and proceedings require preparing and filing numerous legal documents, publishing certain notices in a newspaper, holding district court hearings, securing appraisals of property, preparing interim and final income tax returns and any required gift and estate tax returns, providing an accounting of funds, making actual distribution of the property, and receiving the final discharge of the personal representative by the district court.
Object Description
Okla State Agency |
Bar Association, Oklahoma |
Okla Agency Code |
'677' |
Title | Is probate needed? |
Authors | Oklahoma Bar Association (1939- ) |
Publisher | Oklahoma Bar Association |
Publication Date | 2012-12-18 |
Publication type |
Pamphlet |
Subject | Probate law and practice--Oklahoma. |
Purpose | Q: What is meant by probating an estate? A: Upon the death of a property owner, Oklahoma law provides for a legal process to determine the assets, assess their value, and distribute them to creditors and heirs. Such procedure takes place in the district court of the county where the deceased property owner lived. If there is property of the deceased located in another state, additional proceedings called “ancillary administration” will be necessary in that state. Oklahoma law provides for the probating of estates to protect all parties who have any interest in the estate. |
OkDocs Class# | B400.1 P962n 2012 |
Digital Format | PDF, Adobe Reader required |
ODL electronic copy | Downloaded from agency website: http://www.okbar.org/Portals/14/PDF/Brochures/is_probate_needed.pdf |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Language | English |
Date created | 2013-06-26 |
Date modified | 2013-06-26 |
OCLC number | 890224675 |
Description
Title | is_probate_needed 1 |
Full text | This information is provided by the Oklahoma Bar Association 1 Q: What is meant by probating an estate? A: Upon the death of a property owner, Oklahoma law provides for a legal process to determine the assets, assess their value, and distribute them to creditors and heirs. Such procedure takes place in the district court of the county where the deceased property owner lived. If there is property of the deceased located in another state, additional proceedings called “ancillary administration” will be necessary in that state. Oklahoma law provides for the probating of estates to protect all parties who have any interest in the estate. Q: What is the necessity of probate? A: An estate is probated for the following reasons: to identify and collect the property and • assets of the estate to protect the property of the estate• to pay debts and taxes• to determine who is entitled to share in the estate and • distribute the property to the proper parties in the case of real estate and other record ownership • property, probate provides a method to secure the legal transfer of such record ownership and thereby maintain a clear chain of title to the property. Although this procedure may be considered lengthy and detailed, it is provided by law to assure that all property of the deceased is accounted for, and that all debts and taxes are paid. Someone is required to step into the shoes of the deceased person, so to speak, and carry out the business of the estate and pay the debts and the expenses, and, in the end, see that the property is distributed to the rightful parties in interest. That someone is called the personal representative of the estate. All of these functions are carried out under the supervision of the district court. Q: What does probate involve? A: Probating an estate requires that a responsible party, called the personal representative, be appointed by the court to carry out the duties outlined above. The personal representative may be a bank or a trust company or it may be an individual such as the spouse or child of the deceased. If the deceased names a personal representative in a will, that party is usually appointed by the district court. If the deceased does not have a will, the district court will usually appoint the closest relative as the personal representative. The functions and duties of the personal representative are: to identify, take possession, protect and conserve • all of the real and personal property of the estate, except for the homestead of the surviving spouse and children to receive and collect all rents, payments, and debts • due the estate, including interest, dividends, claims and notes to determine the names, ages, residence and • degree of relationship of all possible heirs• to determine and pay any outstanding debts, including • taxes to carry out the orders of the district court in all mat• ters before the court and to distribute the property to the proper parties. in general, to wind up the affairs of the deceased in • an orderly manner. These steps and proceedings require preparing and filing numerous legal documents, publishing certain notices in a newspaper, holding district court hearings, securing appraisals of property, preparing interim and final income tax returns and any required gift and estate tax returns, providing an accounting of funds, making actual distribution of the property, and receiving the final discharge of the personal representative by the district court. |
Date created | 2013-06-26 |
Date modified | 2013-06-26 |