PARTNERS ASSOCIATES FINANCIAL PROFESSIONALS PREFERRED NETWORK OF SPECIALISTS
Advisory Services Charity and Community Media Careers
RESOURCES MoneyGuideElite℠ eMoney FAQ Mobile App Example Reports
Form CRS LICENSING Part 2A Part 2B Adam Part 2B Eric Part 2B Brad Part 2B Mike Part 2B Dominic Privacy Policy
 

Basic Estate Closure Checklist

The below is not meant to be an exhausted and comprehensive list of every item that could be potentially needed with every state. It is intended to provide an example of common steps and procedures.

 
 

I. Initial Procedures

  1. Obtain and review last wills and testaments as well as codicils.

  2. Select and hire an attorney to assist the executor. If you do not know of one, we are happy to provide you with referrals

  3. Gather information.

    1. Obtain certified copy of death certificate. We suggest requesting 5 to 10 depending on complexity of estate (some institutions will only accept an original and not a scanned/faxed copy).

    2. Collect personal information and papers (including financial information).

    3. Obtain names, addresses, and telephone numbers of beneficiaries and heirs.

  4. Probate the will.

    1. Give notice of probate proceedings.

    2. Admit the last will to probate court by applying to the court that handles probate matters.

    3. Apply to the court to appoint the executor.

 
 

II. Gathering Assets

  1. Open a checking account for the estate

  2. Obtain a Federal Identification Number from the IRS. (Form SS -4)

  3. Notify the IRS of the authority of the executor to act for the decedent. (Form 54)

  4. Contact employer to obtain final paycheck and any insurance.

  5. Contact life insurance provider

  6. Determine which assets are subject to probate and which pass automatically.

    1. Joint property passes to the surviving joint tenant.

    2. Life insurance and retirement benefits pass to their specified beneficiaries.

    3. Totten trusts (“payable-on-death” accounts) go to their specified beneficiaries.

  7. Take physical custody or control of the probate assets and safeguard them.

  8. Obtain valuations and appraisals of assets, as necessary

 
 

III. Payment of Debts and Expenses

  1. Pay decedent’s current debts such as utilities, medical expenses, credit cards, etc

  2. Estate expenses, such as court costs, executor and attorney fees should be paid.

  3. File appropriate tax returns.

    1. Federal estate tax return.

    2. State inheritance or estate tax return.

    3. Decedent’s final income tax returns (federal Form 1040 and applicable state return).

    4. Gift tax return (if decedent made substantial gifts - Form 709).

    5. Estate fiduciary income tax returns (federal Form 1041 and state).

    6. Trust fiduciary income tax returns (federal Form 1041 and state).

    7. Business and/or employment tax returns (for business interests).

 
 

IV. Closing the Estate

  1. Distribute assets.

    1. Specific bequests of cash and/or property should be distributed.

    2. Sell property which must be liquidated.

    3. Establish any trusts provided in the will.

    4. Distribute any remaining estate assets.

  2. Obtain tax clearances from appropriate government agencies.

  3. File final report/accounting of all receipts, disbursements, and activities of estate and executor.

  4. Close estate account and pay any final expenses.