Estate Planning Executor Checklist

Executor/Administrator/Successor Trustee's Responsibilities and Checklist

1. ___ Locate the last will and/or trust document(s)
2. ___ Carry out written instructions of the decedent relating to his/her body, funeral, and burial arrangements
3. ___ Locate all important papers and information of decedent
4. ___ Change mailing address(es) for statements (bank, investment, etc.)
5. ___ If necessary, select an attorney to handle the estate
6. ___ Select a tax professional to prepare the required tax returns (1040, 1041, 706, and state returns)
7. ___ Notify heirs of appointment of attorney
8. ___ Notify IRS and state of your fiduciary relationship as executor, trustee, or administrator
9. ___ Locate all assets (cash, real estate, securities, collectibles, jewelry, life insurance, safe deposit box, etc.)
10. ___ Take possession of estate property
11. ___ Apply for tax identification number for estate/trust income tax returns (TIN)
12. ___ Transfer the decedent's accounts into account(s) for the estate using new TIN
13. ___ Pay expenses for last illness, funeral and burial expenses, and other debts
14. ___ Have real and personal property appraised as of the date of death
15. ___ Have any other assets appraised or valued as of the date of death
16. ___ Notify life insurance companies
17. ___ Notify trustees of retirement accounts
18. ___ Notify Social Security
19. ___ Obtain a list of debts of the decedent (mortgages, credit cards, auto loans, etc.)
20. ___ Arrange for family's immediate living expenses
21. ___ From the estate, raise cash that will be required to pay estate taxes, administration expenses, and other costs of settling the estate, if any 
22. ___ Decide which assets need to be sold, if any
23. ___ Satisfy charitable pledges listed in the decedent's will
24. ___ Locate last 3 years of income tax returns of decedent
25. ___ If a business is involved, locate comparative financial statements for any closely held business
26. ___ Locate all gift tax returns filed by decedent, if any
27. ___ Decide where to deduct the estate's administration expenses (Form 706 or 1040 or 1041)
28. ___ File final individual income tax returns by the due date (Form 1040 and state)
29. ___ File the estate income tax returns by the due date (Form 1041 and state)
30. ___ Consider special valuation on farm and business real estate
31. ___ Consider QTIP election
32. ___ Within 9 months of the date of death, file federal estate tax return and related state forms, if required (Form 706 and state)
33. ___ Safeguard any assets that will be distributed to minors
34. ___ Prepare a statement detailing the distribution of assets
35. ___ Prepare an accounting of both income and expenses of the estate
36. ___ Distribute assets to heirs and beneficiaries