by Michael M. Evans, Executive Chairman
October 31, 2024
Most people believe that simply having their estate documents prepared is all that’s needed for a smooth estate settlement when the need arises in the future. For anyone who has taken on the role of executor, he or she knows better. Often a first-time executor has a steep learning curve of what the job entails. An executor’s to-do list can vary, depending on the complexity of an estate. Here we share some of the most common tasks to better familiarize someone with what it means to be an executor of an estate.
Executor Checklist
□ Obtain death certificate (usually from the funeral home).
□ Obtain short certificate (received when executor is sworn in at the courthouse, estate attorney usually assists with this task).
□ Obtain tax ID number from estate counsel to open estate account, which can be used to pay bills, taxes, and fees.
□ Notify:
-Financial institutions
-CPA
-Social Security Administration
-Health and life insurance companies
-Medicare
-Post office (to forward mail, if appropriate)
-Credit card companies
□ Cancel any services not needed.
□ Establish estate accounts with the bank and wealth advisor.
□ Get vehicle(s) appraised, if necessary (estate counsel can confirm).
□ Request date of death valuation letter from each bank account, investment company, etc.
□ Step-up cost basis on taxable brokerage accounts as of Date of Death (DOD), if directed by estate counsel.
□ Verify beneficiaries on existing life insurance policies and submit death certificate.
□ Place value on decedent’s personal effects (anything significant: collections, art, or jewelry) and ask estate counsel whether there should be a professional appraisal.
□ Distribute assets to identified beneficiaries. Most importantly, to avoid tax penalty, distribute Required Minimum Distribution (RMD) in calendar year of person’s DOD.
□ Confirm tax returns have been prepared and filed on time.
-Yearly federal and state income tax return
-File Federal and state estate tax returns
□ Close the estate (estate counsel will need executor’s signature).
Our experienced team at Grant Street specializes in working with families through the difficult process of settling estates. We help simplify what can feel like a complicated and daunting process during what is already a difficult time for families. Now is the time to plan ahead and build your trusted team of professionals to be there and support your family when you’re no longer able to. If you haven’t already built your team, don’t worry. There is no time like the present and we’re here to help.
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