Have you ever wondered how an estate administrator is picked in Oklahoma? How about how an executor is chosen? When you decide to make an estate plan, you probably first begin to think about trusts, wills and other estate planning documents. Perhaps you have not thought about how the estate administration aspect of your estate will go? Have you ever looked into how the estate administrator or estate executor are chosen? Learning about these aspects of how your estate is handled might help you to make the best decisions about your estate.
One important distinction when dealing with estate administration is knowing the difference between an estate executor and an estate administrator, following the simple distinction as defined by Oklahoma State University. In Oklahoma, the distinction is very simple. The estate executor is the person who is in charge of executing the will. The estate administrator is a person who will oversee the probate process when there is not a will in place for the decedent.
When an executor or administrator is appointed, there are some guidelines set forth as to who can serve. In both cases, whoever is the person that the court appointed has to be of the age of majority. The person also has to have a sense of understanding, they cannot be considered incompetent for any reason and must not have been convicted of a felony (for executors) or infamous crime (for administrators).
Once an administrator is named, there is an order of propriety that Oklahoma follows. The order is the surviving spouse, surviving children, surviving parent, surviving sibling, surviving grandchildren, surviving next of kin, creditors and finally anyone else. If more than one person is contained in the level of survivorship of the administrator type necessary for an estate, one or multiple people might be appointed by the court.
In the case of an estate that has a will, the estate executor is usually someone who is named in the will. The person named must accept the appointment to the position. It is a paid position that pays according to the will. If there is no stipulation in the will for how the executor is to be paid, then the executor is paid according to the state law of Oklahoma.