Owens, Owens & Rinn, Ltd., handles complete Estate Administration Duties.  If you would like our firm to handle estate administration on your behalf, please contact us.

Below are 50 Duties of the Executor, Trustee or Agent of the Executor that you might find beneficial:

• Locate the Will and file with the Probate Division of the Circuit Court

• Petition Court for appointment as Executor/Personal Representative of Estate

• Arrange for inventory of the Safe Deposit Box contents

• Make sure that desired funeral arrangements have been carried out

• Obtain death Certificate or Doctor's statement for insurance claims (sometimes birth and marriage certificates also are necessary)

• Obtain life insurance claims forms, fill out and submit with policy (or policies).  Obtain proceeds for beneficiary and form 712 for Estate Tax Return.

• File claims for final medical bills with Medicare and other medical insurance carriers

• Check on Social Security lump-sum death benefits

• Check on Veteran's Administration benefits

• Check on Social Security benefits for survivors

• Check on possible pension and profit-sharing benefits

• Locate bank accounts and transfer funds to Estate account

• Invest surplus cash

• Obtain from Court permission for allowance for support of family

• Collect and take possession of all assets (stock and bonds, etc.)

• Execute appropriate purchases and sales.  Value marketable securities and closely held assets

• Notify all heirs, legatees, devisees and next of kin of their interest in the Estate

• Assemble necessary documents for each parcel of real estate, including deeds, abstracts, and insurance policies.

• Arrange for appraisals of real estate, jewelry, stamp and coin collection, etc., to determine fair market value for tax and accounting purposes

• Investigate status of any business interest owned, including closely held stock and partnership interests

• Supervise operation of family-owned business until either sold or distributed

• Prepare an inventory of all Estate assets including bank accounts, real estate, automobiles, furniture, jewelry, and other possessions; file original with Court (as required), and send copies to beneficiaries

• For Estates, publish legal Notice of Hearing in a newspaper acceptable to the Court

• Determine what debts exists.  Mortgages?  Life Insurance Loan?  Bank Loans?  Auto Loans?  Settle these debts

• If necessary, oppose in court all incorrect or invalid claims against the Estate

• For Estates, pay claim after claim period has expired.  Obtain receipts and/or vouchers for all bills and claim paid

• Examine all real estate.  Determine condition, adequacy of insurance, status of taxes, bills, and assessments.  If necessary, screen for environmental contamination

• For income-producing real estate, collect rents, make repairs, pay real estate taxes, maintain insurance, arrange for utility service, and handle all tenant-related issues

• Communicate regularly with co-fiduciaries and interested parties

• Maintain complete records for all transactions in the account provide statements for all receipts and disbursements

• Collect dividends and interest on Estate's assets

• Ascertain cash requirement for debts, taxes, and expenses, and review all assets to see how necessary funds can best be raised

• Prepare court accounting, as required

• Compute estimate of any State and Federal taxes.  Prepare preliminary tax notices required by law.  Analyze tax planning options

• Select valuation date for Federal Estate Tax Return, as required.  Determine charitable, martial, other deductions, and elections.

• Prepare Federal and State Income Tax Returns for the Estate and related Trusts

• Prepare Gift Tax or Generation-Skipping Tax Return as required

• Prepare final Federal (1040) and State Income Tax Returns of the deceased

• Obtain Estate Tax Closing Letter from Internal Revenue Service

• If the Estate is audited by a government agency and a tax deficiency is levied, determine whether to negotiate, appeal, or accept the ruling

• Pay final administration expenses

• Prepare detailed Final Accounting that is acceptable to the Court, and send copies to beneficiaries as required

• Prepare Report of Final Distribution, and send original to Court with copies to beneficiaries as required

• Petition Court for discharge of Executor/Personal Representative

• Prepare a Plan of Division and Cash Accounting to divide the residue of the Estate

• Arrange to transfer and registration of securities with transfer agent

• Distribute Estate assets to beneficiaries in accordance with the Plan of Division and Cash Accounting

• Prepare final Federal and State Income Tax Returns for the Estate and/or Trust and give Internal Revenue Service notice of termination of fiduciary relationship

Questions?  E-Mail our Head Legal Assistant of the Estate Administration Department

  Barbara Kornacki

All information on this page is copyrighted by Owens, Owens & Rinn, Ltd. 2002