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?
In an effort to address current health concerns, arrangements can be made for a meeting by telephone or a zoom call. Contact Lorraine at 732-842-6939 for scheduling. The reduced fee is the same for the first meeting. An information sheet will be emailed to you for completion prior to the meeting.