Key Estate Administrator/Executor Duties- 14 Key Tasks & Shortcuts!

Key Executor/Administrator Duties

1. Securing Key Assets: Ensuring care and protection of the family and assets of your deceased loved one is always the top priority after a death.
2. Sending Critical Notifications: This first round of notifications should not be about collecting information or providing detailed explanations about the death of your loved one. These notifications should be limited to those who were very close to or working with/for your loved one. There will be time to notify others later.
3. Arranging Funeral: This section provides details on arranging the funeral, preparing an  obituary or death notice, ordering death certificates, and post funeral follow ups. Additionally, as a part of this section, you and/or the funeral director will want to apply for Veteran’s burial benefits/funeral honors (if applicable).
4. Getting Organized: It is at this point where you should begin to get a better understanding of what it means to be an estate representative. Additionally, a critical step for any representative is to set up a good tracking system for key documentation, debts, and assets. Organization will be key to saving time and closing out your loved one’s affairs completely and accurately.
5. Cancel Benefits & Utilities: Go through a listing of services and utilities that were used by your loved one and cancel those that are no longer needed, including social security or veterans benefits!
6. Notify Colleagues & Associates: While you may have notified the employer, landlord, and/or tenants about the passing of your loved one during the initial notifications, this step is where you would formally notify each and request additional details, such as information about the last paycheck, rental payments due, and date personal effects need to be moved out.
7. Begin Estate Inventory: Identifying and classifying your loved one’s assets and debts has a significant impact on the amount of work you may need to perform as the executor. Understanding whether assets can be transferred outside of probate court (non-estate assets) or require court approval to be transferred to heirs/beneficiaries (estate assets) and calculating the total value of the estate assets, are the most significant inputs when determining whether you need to file for probate in court and for determining the type of probate for which you need to file.
8. Send Remaining Notifications: This step is about sending remaining notifications to various agencies, bureaus, corporations, and heirs/beneficiaries. Notifications sent to government agencies and corporations will help facilitate the asset transfer process and reduce fraudulent activity related to your loved one’s identity. Further, sending notifications to heirs/beneficiaries will help facilitate transparency between you as the executor and other family members/beneficiaries.
9. Apply for Benefits: There are quite a few benefits that are available to eligible family members of decedents who were veterans and/or receiving Social Security Benefits. After They Pass provides detailed next steps and applicable forms where it appears you are eligible for various benefits.
10. Consult Attorney & File for Probate: One of the critical determinations you will need to make during this step is whether or not you want to hire an attorney. Consulting with an attorney is especially recommended is you have any unique or unusual estate circumstances, such as estate assets in multiple states, business assets, an insolvent estate, wrongful death suit, potential contests to the will or disputes regarding your right to administer the estate, etc.
11. Open Estate Bank Account: If you are the trustee or a court appointed executor/administrator, it is recommended that you open a bank account in the name of the estate. Opening an estate checking account is not a requirement but it may help with keeping track of cashflow such as deposits, distributions of cash, and payments made for things like court costs or funeral expenses.
12. Complete Estate Inventory: This step is focused mainly on finalizing the debt and asset inventory to determine estate solvency. Solvency means evaluating whether or not the estate is fully funded – which means there are enough estate assets to pay off all the estate debt OR if the estate is insolvent- which means there are more estate debts than estate assets.
13. File Final Forms: This step includes one of the most technical tasks of the probate process- filing taxes on behalf of your loved one and/or his/her estate. Additional items covered include, filing final documentation/forms with the probate court, paying debts, and distributing assets.
14. Close Estate: This step includes the final tasks required to close out the estate of your loved one, including paying executor fees/compensation, notifying IRS of the estate closure, and closing the estate bank account.

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