Estate Administration Checklist

Goldman Sachs does not provide legal, tax, or accounting advice. Any statement contained in this communication (including any attachments) concerning US tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax and legal advice based on their particular circumstances.

The settlement of an estate, even a simple one, involves many details and can prove to be quite complex and time-consuming. The following is a list of many of the tasks an executor may be expected to complete. 

Probate the Last Will and Testament

• Review the Last Will and Testament
• Engage an attorney, if necessary
• Obtain certified death certificates 
• Open probate proceedings in state court
• Obtain letters of administration/letters testamentary
• Notify the family and other beneficiaries of the death and their inheritance
• Proceed with ancillary probate proceedings in other states and/or countries

Identify and Collect Assets

• Take physical possession of all of the real and personal property 
• Create an inventory of all assets and liabilities 
• Open estate checking and investment accounts
• Access safe deposit boxes
• Process life insurance and annuity claims 
• Collect any income, rents, interest, and dividends 
• Apply for any veterans’ benefits 
• Notify the Social Security Administration and apply for any benefits
• Collect any remaining compensation/benefits from the decedent’s employer 
• Consolidate all bank, retirement, and investment accounts 
• Locate and assemble all deeds, abstracts, and lease contracts 
• Re-title real property 
• Re-title automobiles, boats, or other vehicles
• Re-register intangible assets 
• Arrange for appraisals of real, business, and personal property
• Examine the adequacy of property and liability insurance
• Arrange for the storage and safekeeping of personal property
• Arrange for the security of real property

Settle Debts and Other Claims

• Determine the decedent’s final debts 
• Cancel all of the decedent’s credit cards 
• Issue the proper legal notice of the death to known creditors 
• Publish the legal notice of the death for unknown creditors
• Examine any claims against the decedent or the estate 
• Oppose any incorrect or invalid claims
• Maintain records of estate expenses, debt payments, and distributions
• Assume responsibility for any pending lawsuits 
• Determine and assert any claims against third parties for decedent’s death 
• Pay all valid debts and claims

Manage Estate

• Maintain full and accurate estate records 
• Pay all valid estate expenses 
• Pay all valid legal, accounting, and appraisal expenses 
• Pay final medical bills and funeral expenses
• Review and manage investments
• Arrange for the sale of real and personal property, as required 
• Obtain stock powers, tax waivers, and affidavits 
• Examine and manage all business interests
• Cancel memberships, subscriptions, etc.
• Obtain and review prior income tax and gift tax returns
• Review decedent’s personal records 
• Engage advisors and consultants, as necessary

Determine and Pay Taxes

• Compute the value of the estate 
• Select a valuation date for federal estate tax purposes 
• Engage in post-mortem tax planning 
• Prepare and file the estate’s income tax returns
• Prepare and file decedent’s final income tax returns 
• Prepare and file any outstanding Federal gift tax returns 
• Prepare and file the federal estate tax return 
• Prepare and file any state inheritance tax returns 
• Raise funds to pay any taxes due
• Pay all taxes, including personal and real property taxes
• Obtain a Closing Letter from the IRS and state taxation authorities

Distribute the Estate

• Determine who is entitled to share in the estate 
• Sell assets to raise cash for specific legacies 
• Distribute or sell any tangible personal property and real property, as necessary 
• Pay all final estate settlement costs
• Arrange for the transfer and re-registration of securities 
• Fund any resulting (or beneficiary) trusts 
• Prepare a final inventory and accounting 
• Obtain a release from the beneficiaries and probate courts
• Close the estate
  
  

The above list is not exhaustive, and each estate may call on an executor to handle a multitude of tasks in addition to those listed above. Please call the Trust Company with any additional questions you may have regarding the administration of an estate