[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Executor/Personal Representative's Name] [Executor/Personal Representative's Address] [City, State, ZIP] Subject: [Estate Name] — Intent to Close the Estate and Provide a Final Account of Assets and Expenses Dear [Executor/Personal Representative's Name], I hope this letter finds you in good health. I am writing in my capacity as the attorney for the Estate of [Deceased's Full Name]. It is with great pleasure and satisfaction that I inform you that we are prepared to close the estate, as all necessary tasks and obligations have been duly fulfilled. In accordance with the laws and regulations governing estate administration in Oklahoma, I hereby present a comprehensive breakdown of the estate's assets and expenses. 1. Estate Information: a) Estate Name: [Estate Name] b) Date of Death: [Date of Death] c) County of Probate: [County of Probate] d) Case Number: [Case Number] 2. Assets: The following is a comprehensive list of the assets included in the estate: — Real Property— - [Property Description 1] — [Property Description 2— - [Property Description 3] ... — Personal Property— - [Asset Description 1] — [Asset Description 2— - [Asset Description 3] ... — Financial Accounts— - Bank Accounts: - [Bank Name 1], Account Number: [Account Number] — [Bank Name 2], Account Number: [Account Number] ... — Investment Accounts— - [Investment Account Description 1], Account Number: [Account Number] — [Investment Account Description 2], Account Number: [Account Number] ... — Retirement Accounts— - [Retirement Account Description 1], Account Number: [Account Number] — [Retirement Account Description 2], Account Number: [Account Number] ... — Miscellaneous Assets— - [Asset Description 1] — [Asset Description 2— - [Asset Description 3] ... 3. Debts and Liabilities: The estate had the following debts and liabilities: — Mortgage on [Property Description]: $[Amount] — Outstanding Credit Card Debt: $[Amount] — Medical Expenses: $[Amount] ... 4. Expenses: The estate incurred the following expenses during the administration period: — Probate Fees: $[Amount— - Attorney Fees: $[Amount] — Accounting Fees: $[Amount— - Funeral Expenses: $[Amount] ... 5. Distribution of Assets: After the payment of all valid claims, debts, expenses, and taxes related to the estate, the remaining assets will be distributed as follows: — [Beneficiary 1's Name]: [Specify the assets they will receive] — [Beneficiary 2's Name]: [Specify the assets they will receive] ... Please review the provided breakdown of assets and expenses, and if there are any discrepancies or concerns, do not hesitate to contact me within the next [number of days] for further discussion and resolution. If no objections are received within this time frame, it will be assumed that the final account of assets and expenses is accurate and satisfactory. Upon your approval, I will proceed with the necessary filings and paperwork to officially close the estate and distribute the remaining assets to the beneficiaries accordingly. Thank you for your cooperation and prompt attention to this matter. Should you require any further clarification or assistance, please feel free to reach out to me at your convenience. Yours sincerely, [Your Name] [Your Law Firm's Name] [Attorney ID] [Email Address] [Phone Number]
Oklahoma Sample Letter for Closing of Estate with Breakdown of Assets and Expenses
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How to fill out Sample Letter For Closing Of Estate With Breakdown Of Assets And Expenses?
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Typically, fees ? such as fiduciary, attorney, executor, and estate taxes ? are paid first, followed by burial and funeral costs. If the deceased member's family was dependent on him or her for living expenses, they will receive a ?family allowance? to cover expenses. The next priority is federal taxes.
When someone dies, their debts are generally paid out of the money or property left in the estate. If the estate can't pay it and there's no one who shared responsibility for the debt, it may go unpaid. Generally, when a person dies, their money and property will go towards repaying their debt.
Generally, beneficiaries have to wait a certain amount of time, say at least six months. That time is used to allow creditors to come forward and to pay them off with the estate assets. (In some cases, an executor may make partial distributions to the heirs after he or she estimates the debts.
During the probate, all of your creditors will be given notice of the opportunity to file claims against your estate. The creditors will have about two months to file their claims. The personal representative of your estate will then have the opportunity to approve or deny those claims.
In Oklahoma, as a final step in the probate process, a personal representative must file a petition, set a hearing date, and go before the probate judge to officially close a probate case. After the hearing is complete, the probate judge will sign an order.
Additional examples of unsecured debt include medical debt and most types of credit card debt. If you die with unsecured debt, repayment becomes the responsibility of your estate. Your legal estate refers to all the assets, property and money left behind by you or another deceased person when they die.
Some assets will need to go through a legal probate process to determine who will inherit them, while a non-probate asset with a named beneficiary can be transferred directly to its new owner. The executor (or administrator) of your loved one's estate is responsible for the distribution of probate assets.
Secured debts will get paid first, as they are connected to the assets themselves. Unsecured debts, like credit cards or personal loans, are generally paid last. As executor, it is your legal obligation to put off payment of unsecured debts until funeral costs, estate expenses, taxes, and medical expenses are paid off.
