Estate Settlement

The Estate Settlement Process

Phase 1: Opening the Estate

• File petition to open probate with appropriate court
• Submit will for probate if one exists
• Obtain Letters Testamentary or Letters of Administration
• Secure estate assets immediately upon appointment

Phase 2: Asset Identification

• Locate and inventory all estate assets
• Obtain appraisals where required
• Open estate bank accounts
• Collect debts owed to the estate
• File inventory with the court

Phase 3: Debt Settlement

• Publish notice to creditors
• Notify known creditors directly
• Evaluate and pay valid claims
• Reject improper or time-barred claims
• Manage the creditor claim period (minimum 2 months)

Phase 4: Tax Compliance

• File final income tax returns for the decedent
• File estate income tax returns if required
• Obtain tax clearances before distribution
• Address any estate tax issues (rare in Oklahoma)

Phase 5: Distribution and Closing

• Prepare final accounting for court and beneficiaries
• Distribute assets per will or intestacy law
• Obtain receipts from beneficiaries
• File final report with the court
• Obtain order of discharge

What Professional Settlement Provides

• Expertise – Knowledge of deadlines, requirements, and procedures
• Efficiency – Keeps the estate moving without unnecessary delays
• Objectivity – Neutral decisions based on law and the will
• Problem-solving – Direct handling of legal issues that arise
• Communication – Regular updates to all beneficiaries