Estate Administration Checklist
An estate administration checklist is important to have because it ensures that everything is taken care of in regards to the estate. This can help to avoid any missed steps or potential problems.
1. Gather Estate Information:
This includes the name of the estate, contact information for the executor, beneficiaries, and any other interested parties, as well as the date of death.
2. Notify Heirs of Your Passing:
This includes letting them know about the estate and providing them with any relevant documents or information.
3. Inventory Assets and Debts:
This includes taking an inventory of all assets and debts of the estate. This will be used to determine what needs to be paid off and what can be distributed to heirs.
4. Pay Bills and Final Expenses:
This includes paying any outstanding bills or final expenses, such as funeral costs.
5. File Taxes:
This includes filing any taxes that are due for the estate. This may need to be done for both state and federal taxes.
6. Transfer Titles and Assets:
This includes transferring any titles or assets that are in the name of the deceased to the beneficiaries or heirs. This may need to be done for property, vehicles, bank accounts, investments, and more.
7. Close Accounts:
This includes closing any accounts that are in the name of the deceased, such as credit cards, utility bills, and more.
8. Distribute Assets to Heirs:
This includes distributing any assets that have been left to heirs. This may include money, property, possessions, and more.
9. Transfer the Estate to the New Executor:
If there is a new executor appointed, this includes transferring the estate over to them. This includes giving them any relevant documents and information.
10. Renew Property Insurance:
If the deceased had any property insurance, this includes renewing the policy.
11. Change the Will if Necessary:
This includes making any changes to the will that may be necessary, such as adding or removing beneficiaries.