Executor Checklist

Documentation Checklist

Documents to gather first

  • Original will
  • Certified copy of death certificate
  • Trust documents
  • Stock and bond certificates
  • Copies of real estate deeds
  • Personal property titles (e.g., car, motorcycle, boat)
  • Insurance policies
  • Pension, profit-sharing, or other retirement plan records
  • Social security and Veterans Administration (VA) records
  • Decedent’s most recent federal income tax return and gift tax returns before death, if applicable

Additional documents

  • Brokerage account statements
  • Bank statements
  • Records of business interests (e.g., ownership or buy-sell agreement, debt records)
  • Credit card statements
  • Personal loan or note documentation
  • Mortgage documents
  • Divorce and stipulation agreements
  • Medical and hospital expense records (particularly for last illness)
  • Information regarding unpaid taxes
  • Funeral expense records
  • Outstanding household bills (e.g., utilities, phone)
  • Other general obligations
  • Safety deposit box numbers

Personal information: decedent

  • Full contact information (name, address, telephone number)
  • Date and place of birth
  • Date and place of death
  • Social security number (SSN)
  • Employer and occupation
  • Funeral home
  • Veteran’s status (and eligibility for VA benefits)

Personal information: decedent’s family members

  • Surviving spouse’s SSN and date of birth
  • If no surviving spouse, name and date of death; if divorced, ex-spouse’s name and date of divorce
  • Beneficiaries in will: names, addresses, phone numbers, SSNs
  • For intestacy: start by listing children, parents, siblings, grandchildren, nieces, and nephews

Action Items

Initial steps

  • Assist with funeral arrangements.
  • Petition to open probate estate and file will with the court.
  • Ensure that family’s immediate financial needs can be met.
  • Obtain employer identification number (EIN) for estate.

Safeguarding estate assets

  • Notify the decedent’s banks and other financial institutions of his or her death.
  • Open an estate bank account for depositing income, paying expenses, and transferring balances.
  • Notify credit card companies of the decedent’s death and cancel the cards.
  • Notify the mortgage company of the decedent’s death.
  • Engage a financial advisor to review the suitability of investments held and to perform ongoing investment management.
  • Verify that adequate insurance is in place to protect estate assets (e.g., home, car).

Evaluating assets

  • Record the value of all estate assets on the date of the decedent’s death.
  • Investigate all debts owed by the decedent.
  • Contact the decedent’s former employer for pension plan, qualified plan, and life insurance information.
  • Apply for and collect life insurance.
  • Obtain valuations for any collectibles owned by the decedent.

Administering estate

  • Assist in establishing trusts stipulated in the will.
  • Identify debtors and assess assets available to pay debts.
  • Maintain estate property until it is distributed from the estate (e.g., household).
  • Engage a tax professional to prepare the decedent’s final income and estate tax returns.
  • Pay all outstanding income, estate, and inheritance taxes.
  • Confirm that legal expenses, professional expenses, debts, and other administrative fees are paid.

Working with beneficiaries

  • Communicate directly with all beneficiaries and set expectations.
  • Provide regular updates regarding the status of estate administration.
  • Provide required notices and accountings in a timely fashion.
  • Communicate your actions for the distribution or sale of estate assets.

Making distributions from estate

  • Initiate the sale of assets and title transfers.
  • Distribute specific bequests.
  • Distribute assets to beneficiaries in accordance with decedent’s will or state intestacy statutes.
  • Obtain receipts from all beneficiaries.
  • Close estate accounts.
  • Prepare a final accounting of all assets, liabilities, expenses, and distribution of assets for beneficiaries.
  • Obtain approval from each beneficiary (or guardian).

This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.

IRS CIRCULAR 230 DISCLOSURE:
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

Greg Patterson and James Allen Canady are financial advisors located at Atlantic Wealth Management, 712 Bridges Street, Morehead City, NC 28557. They offer securities as Registered Representatives of Commonwealth Financial Network®, Member FINRA/SIPC. Greg and JA can be reached at 252-515-7800 or at [email protected].

© 2018 Commonwealth Financial Network®

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The accompanying pages have been developed by an independent third party. Commonwealth Financial Network is not responsible for their content and does not guarantee their accuracy or completeness, and they should not be relied upon as such. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Commonwealth does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. Securities and advisory services offered through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser. Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017.