Executor's First Steps Checklist

7 Essential First Steps For New Executors

If you've been named as an executor of someone's estate, it's normal to feel a bit overwhelmed at first. It's a big responsibility, but you can handle it by taking things one step at a time. Here's a checklist of the 7 most important things to focus on in the beginning:

1. Locate the will and other key documents
2. Notify beneficiaries, family members, and key contacts
3. Secure assets and take inventory
4. Set up an estate bank account
5. Get advice from professionals as needed
6. Create a system to stay organized
7. Take care of yourself during the process

Let's look at each of these in more detail. Remember, you don't have to do everything all at once. Taking it step-by-step will help you fulfill your duties effectively without getting overwhelmed.

Locating The Will And Other Key Documents

One of your first priorities should be to locate the deceased's will and other important estate planning documents. The original signed will is typically required to begin the probate process. Other documents to look for include:

• Trust documents
• Deeds and titles to property
• Vehicle registrations
• Stock certificates and investment account statements
• Bank statements
• Life insurance policies
• Tax returns from the past 3 years
• Marriage and birth certificates
• Military service records
• Social security info

If you're not sure where to look, start with any home filing cabinets, fireproof safes, and safe deposit boxes. Documents may also be held by attorneys, financial planners, or accountants who worked with the deceased. If a document can't be found, check with the probate court to see if they have it on file.

Organizing and safeguarding these documents will be crucial for carrying out your duties and settling the estate properly. Consider scanning copies to have backups.

Notifying Beneficiaries, Family, And Key Contacts

It's important to notify key people about the death and the estate, including:

• Beneficiaries named in the will
• Immediate family members
• The deceased's attorney, accountant, financial advisor
• The estate's beneficiaries
• Guardians of minor children
• The Social Security Administration
• Banks and financial institutions
• Creditors and utility companies
• The post office
• Insurance providers

Send written notification to beneficiaries and consider having a family meeting to share information, set expectations, and address initial questions. You don't have to have all the answers right away - you can let them know more details will be coming as you work through the estate settlement process. Provide your contact information and assure them you will be administering the estate properly.

Securing Assets And Taking Inventory

To protect the estate's assets:

• Secure real estate and vehicles. Consider changing locks and putting valuables in a safe place.
• Close credit card accounts and notify issuers about the death.
• Contact banks to change account information. Set up an estate account if needed.
• Locate and secure digital assets, including files, photos, and cryptocurrency keys.

Next, create an inventory of assets, debts, and liabilities. This will give you a clear picture of the estate and help with dividing assets later. Include:

• Real estate
• Vehicles
• Bank and investment accounts
• Personal property like jewelry, art, and collectibles
• Life insurance policies and retirement accounts
• Business ownership interests
• Debts and liabilities

If you need help valuing things, consider hiring an appraiser. Also track your time and expenses, as executors are typically entitled to reasonable compensation.

Setting Up An Estate Bank Account

It's a good idea to open a bank account in the name of the estate. This will give you a place to:

• Deposit incoming funds and cash
• Pay debts, taxes, and ongoing bills
• Receive interest income during probate
• Cut checks to beneficiaries when it comes time to distribute assets

Requirements vary, but most banks will open an estate account with the death certificate and proof of your executor appointment. The account should have a unique tax ID rather than using the deceased's SSN. Talk to an accountant or banker for details on how to properly set this up.

Keeping estate funds separate will help you avoid mixing assets with your own and stay organized. Be sure to keep detailed records of all estate-related transactions.

Getting Advice From Professionals

As an executor, you don't have to go it alone. You are allowed to seek advice from professionals and pay their reasonable fees from the estate. People who may be able to assist you include:

• Lawyers, especially those specializing in probate and estates
• Accountants and tax professionals
• Financial planners and investment advisors
• Real estate agents and appraisers
• Insurance agents

Remember, asking for help is a sign of responsibility, not weakness. Don't be afraid to consult experts to ensure you understand your duties and are administering the estate properly. This can actually help prevent personal liability down the road.

Staying Organized While Settling The Estate

Being an executor involves a lot of paperwork and attention to detail. To avoid costly mistakes and delays:

• Set up a filing system for estate documents, bills, and correspondence. Consider both physical and digital copies.
• Keep a journal of tasks and decisions. This can help if your actions are ever questioned.
• Use checklists to keep track of where you are in the process.
• Create a calendar of important deadlines like tax and bill due dates.
• Maintain an up-to-date contact list for beneficiaries and key professionals.
• Schedule blocks of uninterrupted time to make progress and avoid procrastination.

If you are not naturally organized, consider bringing in a detail-oriented family member or friend to help you create systems. There are also software programs and apps designed for executor tasks that may be useful.

Whatever tools you choose, staying organized will make your job much easier in the long run. It can help you honor your loved one's wishes and wrap up the estate as efficiently as possible.

Next Steps For New Executors

Being an executor can seem like an overwhelming job at first. But you've got this. The key is to start with the priorities and take things one step at a time. This checklist of initial tasks will help you get on track:

1. Locate the will and other key documents
2. Notify beneficiaries, family members, and key contacts
3. Secure assets and take inventory
4. Set up an estate bank account
5. Get advice from professionals as needed
6. Create a system to stay organized
7. Take care of yourself during the process

Remember, don't be afraid to ask for help, whether it's from professionals or organized family members. Focus on progress over perfection, and don't neglect your own needs in the process. You can carry out this important role with confidence.

For more tips and tools, check out our full Estate Executor Guide. We're here to support you every step of the way.