Estate Administration Checklist

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The settlement of an estate, even a simple one, involves many details and can prove to be quite complex and time-consuming. The following is a list of many of the tasks an executor may be expected to complete. 

Probate the Last Will and Testament 

• Review the Last Will and Testament
• Engage an attorney, if necessary
• Obtain certified death certificates 
• Open probate proceedings in state court
• Obtain letters of administration/letters testamentary
• Notify the family and other beneficiaries of the death and their inheritance
• Proceed with ancillary probate proceedings in other states and/or countries

Identify and Collect Assets 

• Take physical possession of all of the real and personal property 
• Create an inventory of all assets and liabilities 
• Open estate checking and investment accounts
• Access safe deposit boxes
• Process life insurance and annuity claims 
• Collect any income, rents, interest and dividends 
• Apply for any veteran's benefits 
• Notify the Social Security Administration and apply for any benefits
• Collect any remaining compensation / benefits from the decedent’s employer 
• Consolidate all bank, retirement and investment accounts 
• Locate and assemble all deeds, abstracts, and lease contracts 
• Re-title real property 
• Re-title automobiles, boats or other vehicles
• Re-register intangible assets 
• Arrange for appraisals of real, business and personal property
• Examine the adequacy of property and liability insurance
• Arrange for the storage and safekeeping of personal property
• Arrange for the security of real property 

Settle Debts and Other Claims 

• Determine the decedent’s final debts 
• Cancel all of the decedent’s credit cards 
• Issue the proper legal notice of the death to known creditors 
• Publish the legal notice of the death for unknown creditors
• Examine any claims against the decedent or the estate 
• Oppose any incorrect or invalid claims
• Maintain records of estate expenses, debt payments and distributions
• Assume responsibility for any pending lawsuits 
• Determine and assert any claims against third parties for decedent’s death 
• Pay all valid debts and claims

Manage Estate 

• Maintain full and accurate estate records 
• Pay all valid estate expenses 
• Pay all valid legal, accounting and appraisal expenses 
• Pay final medical bills and funeral expenses
• Review and manage investments
• Arrange for the sale of real and personal property, as required 
• Obtain stock powers, tax waivers and affidavits 
• Examine and manage all business interests
• Cancel memberships, subscriptions, etc.
• Obtain and review prior income tax and gift tax returns
• Review decedent’s personal records 
• Engage advisors and consultants, as necessary

Determine and Pay Taxes 

• Compute the value of the estate 
• Select a valuation date for federal estate tax purposes 
• Engage in post mortem tax planning 
• Prepare and file the estate's income tax returns
• Prepare and file decedent’s final income tax returns 
• Prepare and file any outstanding Federal gift tax returns 
• Prepare and file the federal estate tax return 
• Prepare and file any state inheritance tax returns 
• Raise funds to pay any taxes due
• Pay all taxes including personal and real property taxes
• Obtain a Closing Letter from IRS and state taxation authorities 

Distribute the Estate 

• Determine who is entitled to share in the estate 
• Sell assets to raise cash for specific legacies 
• Distribute or sell any tangible personal property and real property, as necessary 
• Pay all final estate settlement costs
• Arrange for the transfer and re-registration of securities 
• Fund any resulting (or beneficiary) trusts 
• Prepare a final inventory and accounting 
• Obtain a release from the beneficiaries and probate courts
• Close the estate 

The above list is not exhaustive and each estate may call on an executor to handle a multitude of tasks in addition to those listed above. Please call the Trust Company with any additional questions you may have regarding the administration of an estate.