Serving as a trustee in Lincoln County usually means stepping in after a parent or family member has passed away. For Lincoln County families with multi-generational land, the trustee inherits more than financial accounts.
What a Lincoln County trustee actually does
- Read the trust document carefully.
- Notify qualified beneficiaries under the Oklahoma Trust Act.
- Identify and secure trust assets, including family land and mineral interests.
- Open a trust EIN and trust bank account.
- Pay the trust's debts and expenses.
- File any required tax returns.
- Manage the assets prudently during administration.
- Prepare accountings for beneficiaries.
- Distribute according to the trust's terms.
- Document everything in writing.
Mineral royalties during administration
Mineral royalties on interests held in the trust continue to flow during administration. The trustee receives them, deposits them to the trust account, and accounts for them in the eventual distribution.