Serving as a fiduciary carries significant responsibility. Whether you are an executor, administrator or trustee, the role requires careful attention to legal, financial and administrative details, often at a time when families are still navigating loss. While every estate is unique, the checklist below outlines many of the core tasks a fiduciary may be required to complete as part of the administration process. It is not exhaustive, and your specific duties may vary, so it is essential to work closely with your attorney to understand your obligations and ensure the estate is handled properly from start to finish.
- Confer with your attorney on all matters regarding the estate.
- Arrange for an appropriate bond, if necessary.
- Notify the post office to forward mail.
- Make sure the house and other dwellings have fuel during the winter months.
- Open a checking account and/or savings account for the estate.
- Discontinue unneeded utilities.
- Examine the contents of the safe deposit box accompanied by the estate’s attorney.
- Search the house and other places for valuable papers and assets.
- Inspect all real estate and study mortgages and leases.
- Examine all life insurance, real estate, and personal property insurance policies.
- Select qualified appraisers and ensure they actually examine the property.
- Apply for social security and, if applicable, veterans’ death benefits.
- Investigate the possibility of profit-sharing or pension death benefits.
- Review income tax returns for the past three years.
- Review estate securities and keep close observation of the stock market and investment trends.
- Estimate administrative costs and determine the amount of assets to be sold to raise cash.
- Make sure all death and income tax returns are filed on time.
- Determine decedent’s financial contribution to all jointly owned property.
- Check for expenses and other properly deductible items that can be used in preparation of federal income and estate tax returns.
- File the required inventory of decedent’s assets with the Court within 9 months of the date of issuance of your letters testamentary or letters of administration.
- Prepare formal or informal accounting as the case may require and distribute the assets of the estate to the person or persons entitled thereto.
- Obtain receipts and releases or satisfactions of decree from beneficiaries.
- File status reports of probate administration.
- Close all estate accounts.
