Managing the estate of a loved one can feel overwhelming as you try to figure out your duties and the steps to take. Whether you are serving as a personal representative, executor, or trustee, having an estate administration checklist can simplify the process and provide clarity. There are two distinct roles: a personal rep or executor is responsible for administering the deceased’s estate, while the trustee is responsible for running any trusts. Quite often in family situations, the executor and trustee are the same person. Whatever your role, you will be accountable for keeping complete and accurate records regarding your responsibilities.
The following estate administration checklist is designed to help you navigate the estate and trust administration process and understand what to do to settle your loved one’s estate in the days, weeks, and months after their death.
Immediate Steps
- Locate the will/trust and review any instructions about the funeral, burial, cremation, etc.
- Make funeral arrangements in accordance with the deceased’s wishes. Request information on burial and mortuary benefits for veterans, if applicable.
- Arrange temporary care of dependents and pets.
- Determine immediate family cash needs.
- Secure valuable assets (e.g., home, personal valuables) and important documents.
- Obtain multiple copies of the death certificate, which will need for various situations, including insurance claims, tax filings, and asset and property transfers.
- Report the death to Social Security and apply for survivor’s benefits, if applicable.
- Report the death to any pension administrators.
- Notify Medicare using the deceased’s Social Security Number.
- Notify beneficiaries.
- Notify banks, financial professionals, accountants, insurers.
- Cancel any credit and debit cards that are solely in the deceased’s name and request transfers to the surviving accountholder for any cards help jointly.
- Notify utility companies.
- Arrange to pay recurring expenses and bills.
- Contact the deceased’s estate lawyer and financial professional (s).
Within Weeks
- Ensure all assets are property identified, prepare and inventory, and document the value of all estate-owned assets.
- Pay debts and notify creditors
- Collect any debts owed to the estate.
- Cancel memberships and subscriptions.
- Cancel passport, driver’s license and Social Security Number.
- Close social media accounts as they can be susceptible to identity theft is left active.
- Notify Veterans Affairs, if applicable.
- Contact the deceased’s past and recent employers and check eligibility for group life or accident insurance benefits, retiree life insurance, and company pension or savings plan payments to beneficiaries.
- File life insurance claims and arrange for proceeds to be paid to beneficiaries or the estate as directed.
- Transfer the title to the deceased’s residence and other real estate or title assets (e.g., vehicle, rental property) to the surviving spouse or named beneficiary.
- Review the will-trust with any beneficiaries.
- Review the status of any legal actions in which the deceased were involved.
Within Months
- Sell assets as directed by the will-trust or as otherwise directed.
- Distribute specific assets or gifts to beneficiaries as instructed under the will.
- Maintain records of all actions taken on behalf of the estate.
- Determine federal and state filing requirements.
- Apply for executor compensation, if applicable.
- Distribute residual estate assets.
- Obtain releases from beneficiaries.
- If you are a surviving spouse or the decedent was one of your beneficiaries, meet with your estate attorney to review your will-trust and estate plan to ensure it still aligns with your wishes.
Navigating the responsibilities of estate and trust administration can be complex, but you don’t have to face it alone. With careful planning and guidance, you can ensure that your loved one’s wishes are honored and their legacy is protected. If you need help understanding your role as executor, trustee, or beneficiary, or if you have questions about estate planning, our experienced team is here to provide the support and expertise you need. Contact us today for a consultation to discuss your unique situation and take the next step toward managing the estate with confidence and peace of mind.
