Estate Transition & Probate Checklist

This checklist guides you through the most important steps to take as an executor or administrator of an estate.

Rember to Take Into Account Your State-Specific Details

The Estate Administration Checklist

Before You Begin

    • Create a comprehensive list of assets and debts, distinguishing between those held in each trust and those outside the trusts.

    • Obtain multiple certified copies of the death certificate

Legal Steps

    • The process of locating a will can vary based on individual circumstances. Being diligent in your search and seeking assistance from professionals when needed can help ensure that the deceased person's wishes are carried out appropriately.

    • If you cannot find the original will, you may have additional steps to take with the local jurisdiction.

    • Identify and review the terms of each trust. Determine if there are any revocable or irrevocable trusts, their purposes, and the appointed trustees.

    • Inform beneficiaries and heirs about the existence of each trust, their roles within them, and the overall estate administration process.

    • As Wills are public information, the Court is going to do this for you as when you open the Estate all listed interested parties are notified.

    • If there is a Trust, the trustee has the fiduciary duty to notify beneficiaries, but not necessarily the heirs at law.

    • Identifying assets within an estate involves several steps to ensure a comprehensive assessment.

    • A decade ago, it used to be much easier to identify an estate’s assets. “Just keep an eye on the mail over the next few months and you’ll learn about all of their accounts” was a common piece of advice. However, in today’s rapidly evolving digital world statements are frequently delivered via e-mail. It’s critical to cast a broad net when searching for estate assets.

    • This is jurisdiction-specific and requirements will change based on your location.

    • Safeguard and manage assets. This is especially important when it comes to real estate, weapons, and personal property.

    • If applicable, publish a notice to creditors for assets outside, following local laws and requirements.

    • Often, the local jurisdiction will file this notice for you when you open the estate. There is a fee associated for publication that can be paid by the estate’s assets.

    • In some jurisdictions, filing of the notice begins a window of time where creditors can make a claim against the estate.

    • In some jurisdictions, the window of time may also be based on the date of death. Certain government entities are exempt or may have extended timeframes to make a claim.

Inventory and Valuation

    • Prepare a detailed inventory of all assets.

    • Obtain appraisals for valuable assets, if necessary, for each asset.

    • Bank and financial institutions with date of death value is important. Sometimes you must ask the bank to provide specific information.

    • The date of death value is important as the local jurisdiction may require information about the value of assets on the date of death. It is also important for tax purposes and establishing the value of assets at the time of transfer, which is called basis.

Tax Matters

    • You will be required a federal tax return.

    • You may be required to file an estate tax return.

    • Prepare and file the deceased person's final income tax return, including any income earned up to the date of death.

    • Consult with a tax professional to understand the tax implications for each trust, if any.

    • Determine which assets need to go through the probate process.

    • Assets with designated beneficiaries, such as life insurance and retirement accounts pay directly to the designated party and generally fall outside of a probate process.

    • This typically includes all assets not held in trusts or assets that are not jointly held or have designated beneficiaries.

    • Determine whether a simplified or small estate probate process can be used for eligible assets to save time and resources.

    • Every jurisdiction is different.

    • Assets held within a trust should follow the terms of each trust document for distribution, typically without the need for probate.

    • If there is a will, follow the instructions in the will for distributing assets covered by the will but not held in trusts.

    • If there is no will, proceed with the intestate process according to local laws for assets requiring probate.

    • Have beneficiaries sign releases acknowledging receipt of their inheritances from each trust or assets that have gone through probate or estate transition.

    • Beneficiary releases serve two primary purposes: firstly, they provide proof that assets have been successfully transferred, and secondly, they help to cover the administrative liability of the person responsible for managing the estate's transfer.

Determining Whether Assets Require Probate

    • Notify relevant government agencies about the decedent's death, especially if they were receiving government benefits (e.g., Social Security).

    • Identify and secure digital assets such as online accounts, email, social media, and cryptocurrencies.

    • Determine the value of non-tangible assets such as intellectual property, copyrights, and patents.

    • Identify and claim to determine beneficiaries.

    • File life insurance policies held by the deceased.

    • Address the transfer or sale of business interests, if applicable.

    • Determine beneficiaries and address the distribution of retirement accounts, IRAs, and pension plans.

    • Address any remaining funds in HSAs and FSAs and determine rightful beneficiaries.

    • Access and inventory the contents of any safe deposit boxes.

    • Organize estate sales or auctions for personal property that will not be distributed to beneficiaries.

    • Consider donating items as an alternative. Tax deductions may apply to the decedent’s final taxes.

    • Manage property taxes, maintenance, and rental properties if the estate includes real estate.

    • Be aware of potential Medicaid recovery claims against the estate if the deceased received Medicaid benefits.

    • Ensure all assets are properly funded into any trusts, if applicable.

    • A family allowance is a provision typically found in probate law that provides financial support to certain surviving family members during the administration of a deceased person's estate.

    • Determine and allocate family allowances or exemptions available under local laws.

    • Address any disputes or contestation of the will or trust.

    • Close utility accounts, cancel subscriptions, and settle outstanding bills.

    • Note that the estate may only need to pay legitimate claims made against the estate.

    • Ensure all funeral and burial expenses are paid.

    • On occasion, life insurance or other assets will be assigned to pay funeral costs directly.

    • This may be a priority claim within the estate.

    • Cancel or transfer contracts, leases, and memberships.

    • Implement any specific bequests outlined in the will.

    • If there are ongoing trusts established, continue to manage and administer them according to their terms.

    • Don’t forget about tax returns.

Additional Steps

Finalize The Estate

    • Close any accounts and financial instruments outside the trusts that have gone through probate or estate transition.

    • Keep detailed records of all financial transactions and communications related to each trust, assets that have gone through probate or estate transition, and other additional steps.

    • Prepare a final accounting of all estate and trust transactions, separately for each trust and assets that have gone through probate or estate transition.

    • Don’t distribute assets until the exception period for interested parties to contest or make a claim has passed or all claims and contests have been resolved.

    • File any required closing documents with the probate court for assets outside the trusts that have gone through probate or estate transition.

    • Obtain court approval, if required, to be released from duties for assets that have gone through probate or estate transition.