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Executors have a fiduciary duty during probate administration

Settling an estate takes a great deal of work. After all, a person's entire life could be encompassed in the remaining estate, and the executor has the responsibility of sorting through assets and necessary information in order to complete probate administration. Because there are so many obligations associated with the process, it is understandable that many executors in Oklahoma may feel overwhelmed.

As the executor, a person has a fiduciary duty. This means that he or she has the obligation of providing a high standard of care when completing the appropriate tasks to settle the estate. It also means that the person must act in the best interests of the estate and do so in the most unbiased manner possible. The executor must also complete his or her duties correctly.

Because many individuals who take on this role do not have extensive financial or legal knowledge, it is easy for mistakes to occur. Unfortunately, if missteps do take place, serious issues could result, and the executor will have the responsibility of handling those problems, sometimes in court. Individuals who have been asked to take on this role many want to think carefully before accepting.

Luckily, Oklahoma executors do not have to go through the probate administration process alone. A number of professionals could help ensure that the correct steps are taken to settle remaining estates. In particular, interested individuals may find it helpful to consult with probate attorneys who can provide guidance throughout the process and explain how state laws will come into play.

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