What Does an Executor Need to Do?

Checklist for Executor

• Locate the will and submit will for probate
• Apply for Employer Identification Number (EIN) from the IRS
• Transfer bank and investments from the deceased name into the name of the estate
• Use estate funds to pay any outstanding bills of the decedent (utility bills, mortgage payments, outstanding credit card bills, etc.)
• Collect all income, receivables and other funds due to the decedent the decedent or the estate
• Inventory safe deposit box in presence of bank officer
• Manage assets until distribution to beneficiaries
• Verify beneficiaries of bank accounts, retirement accounts and treasury bonds
• Determine beneficiaries of Life Insurance & Annuities
• Contact beneficiaries of will
• Notify Attorney General’s Office regarding charitable beneficiaries
• Complete Child Support Judgement Search of all beneficiaries (required before distribution)
• Do search for unclaimed property
• Have real estate appraisal or at least comparative market analysis done
• File final tax return (1040) covering the period from the beginning of the year to date of decedent’s’ death*
• File fiduciary Income Tax Return (10141) for the Estate during Administration*
• File Estate and/or Inheritance Tax Forms and apply for waivers*

* These items should be discussed with your accountant.

Whom to Notify

• Have mail forwarded to Executor.
• Banks
• Brokerage accounts
• Credit Card Companies
• Contact decedent’s employer for list and value of all benefits including qualified plans, stock options, and life insurance or final pay that may be due to the surviving spouse & family and any other death benefits
• Insurance companies (home, auto, life, long term care, disability)
• Please note that home owner’s insurance needs to be converted to vacant status for a home that is not occupied
• Newspaper & magazine subscriptions
• Pension Administrators
• Utilities
• Veterans Affairs Department

Things to discuss with your accountant in addition to above noted: (This is a list of suggestions and not to be considered all-inclusive and not a substitute for the advice of an accountant or attorney)

• Would a decedent’s unused exclusion be applicable to the surviving spouse?
• Was there an estate settlement or any litigation regarding beneficiaries of the estate?
• Should there be an informal or formal accounting?
• Did the decedent take his/her minimum IRA distribution in the year of death?
• Verify the consequence of inherited IRAs to the Estate or a beneficiary.
• How is the value of assets determined as of date of death?
• Is an alternative valuation of assets appropriate?
• How is a waiver or disclaimer appropriate for Estate or Inheritance tax?
• Determine how to obtain & complete paperwork necessary to transfer brokerage accounts from decedent’s name into estate.
• Are there life insurance policies that require a form 712 to be filed?
• Did you or do you need to file IRS Form 56, Notice of Fiduciary Relationship?