executor Archives - Jim A Lyon Law Firm

Critical Steps to Take After the Death of a Loved One

While we hopefully can all weather the COVID-19 pandemic safely, the truth is that some Oklahomans will pass away as a result of the virus. Losing a loved one is an overwhelming and challenging process. Rather than focus on administering an estate, you should instead focus on you and your loved ones coping and safely weathering the loss. The following outlines some helpful steps to take after losing a loved one. Focus on Yourself and Your Family There can be an overwhelming number of odd tasks to tackle after the loss of a loved one ranging from putting things in boxes to filling out paperwork. Rather than let yourself get overwhelmed with all there is to do, try to focus on what is essential during this difficult time. This means making sure that you take adequate care of not just your health, but also your family members. Avoid Making Sudden Decisions Following the loss of a loved one, many people find themselves overcome with difficult emotions and struggling to think clearly. To avoid making any undesirable mistakes during this difficult time, it is critical that you avoid making any sudden major decisions. Understand Power of [...]

gstealth132020-07-27T17:31:25+00:00Tags: estate plan, executor, probate, will|

Common Concerns of First-Time Executors

Many people do not know what to expect when serving as an executor for the first time. In many cases, first-time executors must juggle time commitments while also learning how the process works. While an experienced attorney can help you prepare to fulfill your role as an executor, it also helps to understand some of the most common concerns and obstacles that first time executors end up facing. Common Duties of Executors An executor is commonly responsible with handling the finances of a deceased person. Some of the tasks that executors often must perform include: Locating, reading, and understanding the deceased person’s will Notifying financial agencies of the deceased person’s death Deciding the type of probate that is necessary Representing the estate in a court of law Creating a bank account for any incoming funds as well as any ongoing bills Filing an inventory of the estate’s assets with the court Maintaining the property until it can be either distributed or sold Paying any debts or taxes accrued by the estate Distributing assets in accordance to the wishes expressed in a will Personal Liability Issues It is important to understand that an executor is held personally liable for any action [...]

gstealth132019-05-31T16:20:23+00:00Tags: estate planning, executor|

Crucial Considerations When Estate Planning

Creating an estate plan is a gift to the loved ones you leave behind after your death. By creating a strong estate plan, you are able to provide assistance to guide your loved ones through the difficult and emotional time following your death. In many cases, failure to perform proper estate planning results in substantial disagreements between your loved ones. This article will review several of the steps that you can take to greatly reduce the risk of disagreements among loved ones following your death. Appoint an Appropriate Executor After a loved one’s death, some family members grow to feel that the family member who was appointed as executor is stealing from the estate. Other executors disappear from all contact with the family and refuse to deal with the appropriate paperwork to divide the estate. While many people decide to appoint the oldest surviving child as executor, consider the person’s skills at performing the job before giving that person such an important position. Failing to Address Personal Property The smallest piece of property has a tendency to lead to the largest family fights. Anything to which a family has strong emotional or sentimental connection has the potential to cause arguments. [...]

gstealth132018-10-06T21:39:23+00:00Tags: estate planning, executor|

Common Concerns of First Time Executors

Many people are not aware of the various responsibilities of an executor until they have been assigned to serve that role. The role of an executor often involves juggling various time demands as well as learning what the process entails. For executors who are uncertain about what their role entails, it is often a wise idea to speak with a knowledgeable probate attorney like Jim A Lyon, who has several decades of experience helping people navigate the executor process. It can also help to anticipate the various responsibilities of an executor, which is why this article will review some of the questions most commonly asked about the probate process. Do All Assets Proceed Through Probate? No. Not all assets proceed through the probate process. Some of the assets that rarely proceed through probate include assets held in trusts, retirement accounts, and property that is titled in certain ways. As a result, there some situations in which a person might not end up having to act as an executor. There are also some assets that an executor will not be tasked with overseeing. How Much is an Executor Personally Liable? During the probate process, an executor is held personally liable for [...]

gstealth132018-03-26T13:08:07+00:00Tags: estate planning, executor, oklahoma city probate attorney|