EXECUTOR™S CHECKLIST - Jonathan Pond

1 Executor s Name: _____Decedent s Name: _____ Date of Death: _____Done NASTUDY THE WILL1. Locate the Locate and notify the Meet with family members, the attorney, and other interested persons todiscuss the provisions of the will; provide all possible assistance to the Note any special Confer with the attorney who will represent the FOR PROBATE6. Notify Notify post office to forward Give notice of appointment to banks, investment brokers, and Arrange for Open bank accounts for Discontinue telephone service and other utilities, when , INVENTORY, AND TAKE CUSTODY OF ASSETS12. If decedent owned assets in another state, appoint ancillary Search for List contents of all safe-deposit Assemble supporting data and establish the value of the assets in the Have assets appraised by a qualified appraiser when advisable or required by File claims for any veteran s or Social Security benefits that are File claim for life insurance payable to the Inspect all real Study leases and Examine all policies of insurance on real estate and personal property; havepolicies endorsed to the estate and the coverage increased when Study any employment contract or deferred compensation arrangements thatthe decedent may have had to determine whether payments are due the decedent S FINANCIAL RECORDS23.

2 Gather information about the decedent s financial affairs for the yearsimmediately before his or her death; make a comprehensive study of anybusiness interest that may be included in the Obtain all canceled checks and brokerage records of the decedent for severalyears before his or her death; get reproductions of all insurance policies that areowned by others or that are deductible under the marital S CHECKLISTThis CHECKLIST can be used by an executor to identify tasks necessary to settle an NA25. To determine the decedent s gross estate , ascertain all transfers to others withinthree years of the decedent s death that required the filing of a gift tax Study the decedent s income tax returns for the three-year period before his orher death; discuss these with the accountant or lawyer who prepared the returns,and gather data to support the returns if THE ESTATE27. Collect all income, receivables, and other moneys due the decedent or the Review estate securities, and analyze market and investment trends; keep adetailed record of all income, expenses, and estate Obtain court authority to pay such support allowance for the surviving spouseand minor dependents as may be permitted by Study any business interest that the decedent owned, and closely follow themanagement and finance of the Have periodic meetings with the attorneys representing the estate , thebeneficiaries, and others interested in the Examine each claim against the estate for reasonableness and validity.

3 Reject improper Maintain close supervision over and arrange for the management of real estatepassing through the executor s Defend against any lawsuit against the decedent or the Estimate cash needed for legacies, taxes, and other costs of settling the Select assets to be sold to raise Through an attorney, file all necessary petitions and accounts with the NONPROBATE ASSETS38. Ascertain whether all or some portion of jointly owned property with the rightof survivorship is includable in the decedent s gross estate for federal estatetax Examine all insurance policies on the decedent s life, trusts in which he or shehad an interest, and property over which he or she held any powers, to determinewhether any such asset is includable in the estate for tax Determine whether any trust created by the decedent is includable in the If the decedent was the beneficiary of a trust, determine whether thegeneration-skipping tax Determine whether demands should be made against persons who receiveproperty outside of the will for their proportionate share of the death RESPONSIBILITY FOR INCOME TAX RETURNS43.

4 File the final return for the Determine whether the estate will adopt a calendar or fiscal year Prepare for any audit by tax authorities of income tax returns filed by File income tax returns for the estate during the period of Decide whether to include in income the accrued interest on Savings Consider the income of beneficiaries in making distributions of property fromthe residuary NA49. Select a date for such distributions that results in overall income tax economy forboth the estate and the Provide beneficiaries with the income tax basis of assets distributed in Decide whether to take certain medical expenses as income or estate RESPONSIBILITY FOR DEATH TAXES52. Ascertain whether any credit is available against the federal estate tax forproperty taxed in another File a federal estate tax return within nine months of Decide whether administration expenses are to be deducted against the federalincome or estate Obtain a federal estate tax release so that chattels may be distributed as soonas Decide whether the estate is to be valued as of the date of death or sixmonths Decide whether the estate is entitled to defer the payment of any part of the File state inheritance and estate tax returns as may be required; apportion andcollect death taxes from the beneficiaries where required by Supplement and support documents to be filed with return ( , copies of anytrusts created by the decedent or financial statements of the decedent s business).

5 Qq60. Obtain waivers and releases when needed for transfer of securities andbank THE ESTATE61. Make partial distributions as the estate administration Prepare data for final accounting; show all assets, income, and Distribute the assets in accordance with the Receive releases from the beneficiaries and, in some states, be discharged bythe TASKS65. _____qq66. _____qq67. _____qq68. _____qq69. _____qq70. _____qqList persons other than the executor who are responsible for any of the above tasks:Task NumberPerson ResponsibleComments_____ _____ _____ _____ _____ _____ _____ _____ _____ _____ _____