Checklist for Estate Executors

A checklist to guide executors through the estate administration procedure is provided below.

A checklist to guide executors through the estate administration procedure is provided below.

I. Preliminary Procedures

Obtain and read final wills and testaments and codicils.
Choose and retain an attorney to help the executor.
Collect information.
Acquire a death certificate.
Gather personal information and documents (including financial information).
Gather the names, addresses, and phone numbers of the beneficiaries and heirs.
Allow the will to be probated.
Notify the public about the probate procedures.
Apply to the court that handles probate cases to get the last will and testament admitted to probate court.
Apply to the court for the appointment of the executor.

II. Asset Acquisition

Create an estate checking account.
The IRS will issue you a Federal Identification Number. (Form SS-4) Notify the IRS of the executor’s power to act on behalf of the deceased. (Form 54)
Contact your company to get your last paycheck and any insurance benefits.
Make contact with your life insurance company.
Determine which assets must be probated and which will pass automatically.
The surviving joint tenant inherits the joint property.
Beneficiaries of life insurance and retirement benefits are named.
Totten trusts (“payable-on-death” accounts) are distributed to their designated beneficiaries.
Protect the probate assets by taking actual possession or control of them.
Obtain asset assessments and appraisals as needed.

III. Debt and Expense Payment

Pay the decedent’s existing debts, such as utilities, medical bills, credit cards, and so forth.
Court charges, executor and attorney fees, and other estate expenditures must be paid.
Fill out the necessary tax forms.
Return for federal estate tax.
Return for state inheritance or estate tax.
Final income tax returns of the decedent (federal Form 1040 and applicable state return).
Return on Gift Taxes (if decedent made substantial gifts – Form 709).
Returns of estate fiduciary income tax (federal Form 1041 and state).
Income tax returns for trust fiduciaries (federal Form 1041 and state).
Returns on business and/or employment taxes (for business interests).

IV. Estate Closure

Distribute your assets.
Specific cash and/or property bequests should be distributed.
Sell any property that has to be liquidated.
Create any trusts specified in the will.
Any remaining estate assets should be distributed.
Obtain tax approvals from the relevant government bodies.
File a final report/accounting of all estate and executor revenues, disbursements, and activities.
Close the estate account and settle any outstanding bills.