To Do List for Executors and Administrators

Have you been named as an executor or has someone asked you to serve as one? Maybe a family member or friend has recently died and you were named as administrator. What now?

Executors vs. Administrators

An executor is a person named in a will to take care of the deceased's estate. An administrator serves basically the same function when a person dies without a will. In either case, the person so named must act as a "fiduciary" with respect to the deceased's assets. Acting as a fiduciary generally means you must do your best to protect the assets of the deceased and act in the best interest of the estate.

Here is an overview of some of the of the tasks you'll need to do.

To Do List:

- Collect information about the deceased's assets and liabilities. You and your attorney will use this information to come up with a list filed with the court.

• Look for property deeds, car titles and other documents that show ownership of assets
• Locate copies of financial statements such as bank, brokerage and IRA account statements
• Find out if the deceased had a safe deposit box. Your attorney can help you access it.
• Locate insurance policies - home, health, life
• Obtain records of home loans, car loans, and credit card and other bills

- Find and safeguard all business interests, valuables, personal property, important papers, the residence, vacation homes, and other properties.

- Pay the decedent's bills and taxes.

• Household bills such as utilities and water
• Property taxes
• Outstanding medical bills

- File tax returns such as the deceased's income tax return and an estate income tax return (in some cases). You may also need to file an estate tax return.

- Keep detailed records of all receipts and payments.

- Prepare and file a final accounting with the court.

- Distribute property to heirs.

Being an executor or administrator is a serious and sometimes time-consuming commitment. Fortunately, your estate attorney can assist you along the way.