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Step-by-step guide for administering a trust after the grantor passes away. Answer a few questions to get a personalized checklist for your situation.
Answer a few questions to get a personalized checklist for your situation.
This checklist provides general guidance for trust administration. Requirements vary by state and trust document. Consult a licensed attorney for legal advice.
Immediate priorities for a successor trustee in Oklahoma include obtaining certified death certificates, locating the original trust document, securing trust assets, and notifying beneficiaries. An EIN is required since the trust becomes irrevocable after the grantor's death.
Oklahoma has constitutional homestead protection. A surviving spouse has a lifetime right to remain in the homestead. Minor children are also protected. Trustees must account for these rights before distributing homestead property.
In Oklahoma, custodial accounts under the Uniform Transfers to Minors Act (UTMA) terminate when the minor reaches age 18, though the transferor can specify an age up to 21. Trustees managing inherited custodial accounts follow this timeline.
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