Estate Settlement Organizer
1.
Locate and record all of the deceased’s documents related to their estate:
Last will and testament
Obtain several certified copies of the deceased’s death certificate (which will be needed for filing life insurance claims, etc.)
Burial/memorial instructions
revocable living trust, if any
Deeds (real estate, property)
Bank statements
Investment/brokerage statements
Stock and/orbond certificates
Life insurance policies
Car, motorcycle, RV or boat titles, etc.
Deceased’s income tax returns for the three years prior to death
2.
Open an estate in probate with the probate court.
The named executor/executrix must visit the probate court where the deceased lived (their legal home) at the time of death and open the estate to be probated.
3.
Determine the deceased’s assets as of the date of their death and value them.
Assets include: real estate, land, businesses, personal effects such as jewelry, art (paintings, drawings, sculpture, etc.) and collectibles, automobiles, boats, etc.
4.
Determine the deceased’s liabilities (debts) and pay the deceased’s bills and estate settlement expenses.
Locate and continue to pay any and all mortgage payments and loans until the property (home, land, car, etc.) is sold or the loan(s) are paid in full.
Pay property taxes when due.
Pay all insurance premiums.
Locate and pay off all legitimate credit card bills and notify the credit card institution(s) that the account (if it has a single account holder –the deceased’s –is to be closed due to the death of the account owner.
Locate and pay utility bills until such time as any and all real estate is sold during the estate settlement process.
Finalize and pay all nursing home or assisted living bills, medical bills and hospital bills.
Pay the ongoing expenses of administering the estate- including legal and accounting fees.
Pay funeral and any funeral related expenses.
5.
Notify all parties (banks, Pension Administrators, Social Security, etc.), of the deceased’s date of death.
6.
Pay the deceased’s income taxes and estate taxes.
Arrange for the preparation and filing of the decedent’s final federal and/or state income tax returns, all required federal estate income tax returns and state income tax returns (if the estate earns income during the course of settlement).
If the deceased’s estate is taxable for federal and/or estate tax purposes, arrange for the preparation and filing of a federal estate tax return and/or a state estate tax and/or inheritance tax return, if required.
7.
Distribute the remaining balance of the estate to the beneficiaries, as directed by the Last Will and Testament
Making distributions of the estate assets to the named estate beneficiaries is the last step in the estate settlement process.
RECOMMENDED
8.
Secure the services of an accountant familiar with preparing and filing Federal and State Income Taxes and Estate Taxes.
9.
Secure the services of a licensed Attorney familiar with Probate and Estate Settlement