So You’ve Been Named the Executor…..Now What?

As if losing a love one wasn’t difficult enough, you now find yourself responsible for carrying out the administration of the estate.  Sure, being named Executor is an honor and reflects the fact that the decedent had a lot of confidence in you to take on the role, but it’s also a whole lot of work and responsibility as well.  Don’t think so?  Take a look at just some of the steps that you’ll need to complete.

Steps for an Executor During Estate Administration

1. Order and obtain the death certificates (How many will you need?  Get at least 20)
2. Copy the obituary & death notices for further proof of death if necessary
3. Determine if the decedent had a safe deposit box
4. Put together a comprehensive list of heirs, next of kin and beneficiaries
5. Make copies of the decedent’s marriage, birth certificate and military records if applicable
6. Locate the original will
7. Meet with and hire a trusted, experienced estate attorney
8. Formally open the estate and begin the probate process
9. Proceed with probate filing and determine if any trusts were created or will be involved
10. Determine if the decedent had life insurance and locate the policies
11. If there is real estate involved, locate the deeds, mortgages, leases, and other property information
12. Secure and take possession of all of the decedent’s personal tangible property including, but not limited to, cars, trucks, boats, recreational vehicles, mobile homes, motorcycles, furniture, fine jewelry, art and other household contents and effects
13. Secure and take possession of all of the paperwork related to the decedent’s financial assets including, but not limited to, stocks, bonds, bank accounts, IRAs, CDs, cash, mortgages, notes, pensions, life insurance, etc
14. Begin the process of fling insurance claims and obtaining distribution of same
15. Determine if there are retirement benefits, annuities, pensions and other financial accounts that will need to be liquidated and distributed
16. If possible, get copies of the past several years of the decedent’s state and federal income tax returns
17. Stop Social Security payments and determine if any such death benefits are still payable to the estate
18. If the decedent was a veteran, file for any burial benefits and survivor benefits that may be available
19. Open an estate bank
20. Collect any debts and/or other accounts receivable due or payable to the decedent
21. Notify Medicare of the death
22. Notify the banks where the decedent had accounts of the death
23. Notify any stock and/or brokerage account of the death; and transfer ownership of jointly or solely owned stocks, bonds and mutual funds
24. Notify credit card companies and close out and cancel all credit cards
25. Notify any and all other potential creditors of the decedent’s estate
26. Determine the priority and order in which the decedent’s creditors should be paid
27. Sell or transfer title to any automobiles the decedent owned
28. Pass jointly owned assets to the appropriate survivors
29. Transfer bank accounts and securities to the appropriate surviving joint owners
30. Transfer retirement and investment plans to the appropriate designated beneficiaries
31. If the decedent owned a business, arrange for the sale, transfer or dissolution of same
32. If the decedent was receiving royalties, arrange for the continued management of same and ongoing sales
33. If the decedent owned rental properties, arrange for management of the ongoing rents; rental properties, both in- and out-of-state, as appropriate
34. If necessary, terminate leases and outstanding contracts of the deceased
35. Arrange for the continuing payment of expenses, such as mortgage payments, utility bills, and homeowner’s insurance premiums, until the decedent’s home and other real property is sold
36. Notify decedent’s accountant, bookkeeper and/or tax preparer of the death and arrange for the preparation and filing of final state and federal income tax returns
37. Prepare and file an estate tax return for estate taxes, or any state inheritance return, if necessary
38. Determine whether the estate qualifies for “special use valuation” under the tax laws (IRC § 2032A), deferral of estate taxes (IRC §§ 6161 or 6166), etc
39. Pay any federal or state taxes that may be due
40. Keep detailed records of all receipts and disbursements made on behalf of the estate, including attorneys’ fees and executor’s fees
41. Keep detailed records of time spent and activities conducted on behalf of the estate during the administration of the estate
42. When debts and taxes have been paid and all the property distributed to the beneficiaries, the estate may be formally closed by the probate court

The Estate Administration Process can be Overwhelming

Feeling nervous yet? You should be. As you can see there is going to be a whole lot of work involved and the real potential for mistakes to be made.  Do yourself a big favor at the outset and make sure that you hire an experienced and reputable estate attorney to help you with this process.

At American Wills & Estates we’ve been guiding clients throughout Western Pennsylvania through the probate estate administration process with competency, compassion and care for over 25 years.  We handle the majority of the estates that we administer each year on a flat fee basis and provide all of our potential clients with a comprehensive free legal consultation. Give us a call today at 412-381-7370 or visit our law firm online at www.americanwillsandestates.com You’ll be glad you did.