Paying estate debts In probate in Oklahoma comes out of the estate itself. If funds are available they are paid by the executor as part of their probate duties. Oklahoma’s Probate Code details the procedure for paying the creditor claims of a decedent. A question often asked by someone who is faced with going through probate on behalf of a loved one is whether a personal representative must pay the unpaid bills of a deceased person.
Paying Estate Debts In Probate is Procedural
Paying estate debts In probate is done per the probate statutes in Oklahoma. The Oklahoma Probate Code contains an entire chapter that addresses the process and proper and valid claims or debts against a decedent. It also contains provisions affecting when a claim or debt must be paid, how to reject or approve a claim properly, and what constitutes proper notice, including the consequences of the approval, rejection, or failure to provide notice. The failure to abide by the requirements of Oklahoma law may have serious financial consequences. The number of bills the decedent has and who they are owed to could impact how long the probate process takes.
A Court Order Is Required To Pay A Creditor’s Bill
As soon as the executor or administrator has sufficient funds, part of their executor duties is to pay any expenses of the deceased’s funeral and final sickness and the allowance made to the family of the decedent. The executor or administrator may retain the necessary expenses of administration but is not obligated to pay any other debt or legacy until the court has ordered the payment.
Settlement Of Accounts
Upon the settlement of the accounts of the personal representative, at the end of the year, the court is required to issue an order for the payment of the estate’s debts, as required by the circumstances of the estate. If the funds in the hands of the personal representative are not sufficient to pay in full all the allowed debts of the estate, the court must specify the sum to be paid to each creditor, which will usually be cents on the dollar.
If all the assets of the estate are exhausted by these payments, the settlement of these accounts must be considered a final account. The personal representative is then entitled to discharge upon filing the necessary supporting documents proving that the payments have been made and that the personal representative has fully complied with the court’s decree. When the district court makes a decree to pay a decedent’s creditors, the personal representative is personally liable to each creditor for the creditor’s allowed claim.
If A Claim Is Contingent, Disputed, Or Not Yet Due
suppose any claim is contingent, disputed, or not yet due against the estate. In that case, the court may direct that the amount of the debt be paid into the court and remain there until such creditor becomes entitled to the amount, or the court directs that the claim is satisfied in some other manner in the court’s discretion.
If the creditor fails to establish the claim, the amount will then be distributed as required by the circumstances of the estate. Any creditor with an allowed claim that is not yet due can be paid if the creditor appears and agrees to a deduction of the legal interest for the time the claim has yet to run. Payments for claims are not to be made when the estate is insolvent unless a pro-rata distribution is ordered.
Tulsa Oklahoma Probate Lawyer Near You
The probate process can be overwhelming when one is faced with paying the debts of a deceased family member. The attorneys at Kania Law Office can help you complete all the arduous tasks associated with probate and paying any claims against a decedent’s estate. We can help you complete all the necessary paperwork and meet all required deadlines involved in the probate process. We are experienced in helping families complete probate on behalf of their loved ones as soon and as seamlessly as possible. For more information about how our Tulsa probate lawyers can help you call (918) 743-2233 or contact us online.