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EXECUTOR’S CHECKLIST
We are not attorneys or accountants and none of this is intended to replace legal or tax advice from a professional.
This checklist is just a guideline to help you get started. Please add or delete items as needed.
____ Locate the will
____ Obtain a lawyer, if necessary
____ Apply to appear before the probate court
____ Notify beneficiaries named in the will
____ Arrange for publication of notice to creditors and mail a notice to each known creditor
____ Send notices of the person’s death to the post office, utilities, banks and credit card companies
____ Inventory all assets and have them appraised, if necessary
____ Collect debts owed to the estate
____ Check with the deceased’s employer for unpaid salary, insurance and other employee benefits
____ File for Social Security, civil service or veteran’s benefits
____ File for life insurance and other benefits
____ File city, state and/or federal tax returns
____ File state death and federal estate tax returns
____ Determine and pay valid claims against the estate
____ Distribute assets and obtain signed receipts from beneficiaries
____ File papers to finalize the estate
For your own protection, you should keep a copy of all records for at least two years. And don’t hesitate to seek the guidance of a professional if you need help in settling the estate.
Generally, an estate is responsible for paying the executor a fee. This fee may be specified in the will, or it may be determined by state regulation. The executor’s fee may be waived. If the executor is an attorney, the law in most states prevents him or her from collecting both an executor’s fee and an attorney’s fee for legal advice on the estate.
Generally, an executor is entitled to be reimbursed from the proceeds of the estate for expenses incurred in settling the estate. For example, if you live in California and are named executor of an estate in New York, the estate is liable for your commuting costs.
Helpful websites for information:
Helpful terms:
Executor - the person appointed by the decedent in the decedent's will to run and manage the estate. "Executrix" is a term sometimes used for female executors.
Settlor - a person who makes a trust.
Testator - a person who makes a will; one who dies leaving a will.
Beneficiary - a person who receives anything pursuant to the terms of a will.
Estate - the property and assets belonging to the decedent.
Reed Green
Certified Estate Specialist
Auctioneer’s License #16038
GREEN BID AUCTIONS, INC.— TX LIC: 15246, 16038—6850 N. Shiloh, #K-189 - Garland, TX 75044
972-480-9500—www.greenbidauctions.com