When an Oklahoma resident passes away, the individual(s) who are tasked with handling that person's estate will begin the process of putting his or her estate planning efforts into motion. This begins with amassing all of the person's assets and settling all debts. As with most financial matters, estate administration is best accomplished when a high level of organization is achieved.
Some people think about estate planning as a one-time item on their to-do list, a task to be accomplished and then filed away with other important documents. In reality, however, estate planning is more of a process, one that should change and shift as a family grows. The assets and liabilities that are in place on any given year will be quite different 10 or even five years down the line, and a solid estate plan will grow at the same pace.
In order for estate administration to proceed smoothly, a comprehensive list of assets and liabilities must be included within the paperwork. Having this resource will give the administrator(s) the information they need to access these accounts and complete the required tasks. Information should include the location of the assets, account numbers, login information and any other important details.
Even the best laid plans are not effective if they cannot be properly executed. The estate administration process exists to gather assets, settle open accounts and distribute wealth to one's heirs, in Oklahoma or elsewhere. Having a well-organized estate plan is crucial to a successful outcome, and it can also make the process easier to navigate for everyone involved.
Source: valdostatoday.com, "Will You Leave Your Spouse or Kids a Mess or a Method?", Bob Lambert, Sept. 28, 2015