Serving as a trustee in Purcell usually means stepping in after a parent or family member has passed away. For trusts holding family land and mineral interests, the trustee inherits responsibilities beyond simple account management.
What a Purcell trustee actually does
- Read the trust document carefully.
- Notify qualified beneficiaries under the Oklahoma Trust Act.
- Identify and secure trust assets.
- 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.
Family land and mineral interests in administration
For Purcell trusts holding family land or mineral interests, royalties continue to flow during administration. The trustee redirects payments to the trust account and accounts for them in the eventual distribution.