Year-End Checklist for Your Estate Plan and Beneficiaries

As the year comes to a close, many Oklahomans take time to reflect on their financial and personal affairs. But one crucial task often overlooked is reviewing your estate plan and beneficiaries. Whether you’ve recently created an estate plan or it’s been years since you last updated it, the end of the year is the perfect time to ensure everything still aligns with your current wishes, family dynamics, and Oklahoma law.

A key part of this process involves understanding the role of your executor, the individual responsible for carrying out your estate plan after your passing. Selecting the right executor and keeping them informed can prevent legal headaches for your loved ones and help your estate avoid unnecessary delays in Oklahoma probate court.

Why the Executor’s Role Matters in Estate Planning

Your executor also known as a “personal representative” in Oklahoma has a legal duty to settle your affairs after you pass away. From managing assets to navigating court procedures, the executor ensures your final wishes are honored. If this person isn’t prepared, your loved ones could face confusion, delays, or even disputes.

By reviewing your estate plan at the end of the year and understanding what your executor will be responsible for, you can take proactive steps to minimize stress for your family and help your estate transition smoothly through the legal process.

Your Year-End Estate Planning Checklist

1. Review and Update Your Beneficiary Designations

Many key assets like life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts transfer outside of probate and directly to the named beneficiaries. That’s why it’s critical to:

• Confirm your beneficiaries are up to date
  
• Remove deceased or ex-spouse beneficiaries
  
• Add any new family members (such as children or grandchildren)
  
• Ensure names are spelled correctly to avoid transfer issues

Note: Beneficiary designations override your will in Oklahoma, so keeping them accurate is essential.

2. Check Your Will and Trust Documents for Relevance

Circumstances change. Ask yourself:

• Have you married, divorced, or welcomed new family members?
  
• Do you still trust the individuals you’ve named as guardians or executors?
  
• Has your financial situation changed?
  
• Do your documents reflect your current values and goals?

If any of the above apply, it’s time to update your estate plan.

3. Evaluate Your Executor’s Readiness

An executor should be trustworthy, organized, and ideally located in Oklahoma (to simplify probate). At year-end, take a moment to:

• Confirm your executor is still willing and able to serve
  
• Provide them with a summary of your estate plan
  
• Share the location of your important documents and passwords
  
• Consider naming an alternate executor in case your first choice can’t serve

The Executor’s Responsibilities Under Oklahoma Law

In Oklahoma, the executor plays a pivotal role in the probate process, which is generally required unless the estate is held entirely in trust or passes outside probate.

Here are the key tasks your executor will face:

1. Locate and Secure Assets

They must identify and safeguard all of your assets, from bank accounts and investment portfolios to real estate and personal belongings.

2. File the Will and Open Probate

Oklahoma law requires filing the will with the county probate court, usually within 30 days of death. The court will then issue “letters testamentary” giving your executor legal authority to act.

3. Notify Creditors and Pay Debts

Executors must publish a notice to creditors in an approved Oklahoma newspaper and pay valid debts before any distributions are made.

4. File Taxes

This includes final income tax returns and potentially estate tax filings, depending on the estate size.

 5. Distribute Remaining Assets

Once debts and taxes are paid and court approval is obtained, the executor distributes the estate according to your will or Oklahoma’s intestate laws if no valid will exists.

If you’re serving as an executor, explore our Probate Services in Oklahoma for trusted guidance.

Don’t Forget: Special Considerations for 2025

• Gift and estate tax exemptions may change annually. Work with a professional to ensure your estate stays within federal and Oklahoma limits.
  
• Review digital assets and ensure your executor has access instructions.
  
• If you’ve named a guardian for minor children, confirm your choice still makes sense.

Start the New Year with Peace of Mind

Your estate plan isn’t something to “set and forget.” A simple annual review, especially at year’s end, can make a world of difference for your family’s future. And if you’re an executor, understanding your duties now can help you feel prepared and supported when the time comes.

At Kevin L Miller, PC, we help families create, update, and carry out estate plans with clarity and care. Whether you’re just getting started or need help navigating the probate process, we’re here to guide you every step of the way.

Contact us today at (405) 443-5100 to schedule your year-end estate planning consultation. Let’s make sure your estate and your loved ones are fully protected.