DANDELION GUIDE: AFTER THE GOODBYE

You’ve Been Named Executor, Now What?

Take your time, remember to breathe.

The role of an Executor or Trustee is crucial in ensuring that a deceased person's estate is handled according to their wishes and in compliance with the law. The executor is typically named in the deceased's will, and their responsibilities are broad, involving both legal and administrative tasks. As the Executor, you receive court authority to act on behalf of the estate, which includes notifying banks, financial advisors and others of your appointment.

The checklists below may feel cold and clinical. But, it’s all necessary. Your loved one and their family and friends are counting on you to honor the responsibility bestowed upon you. Even the most organized, responsible and trustworthy person may be overwhelmed with this role. It’s okay to hire professionals to help you meet your duties.

First Month

  • The first step for the executor is to obtain an official death certificate from the state. This document is necessary for almost all subsequent tasks, including handling the estate and notifying institutions about the death. You will need a minimum of 10 certified copies of the death certificate.

  • If you have to probate the estate, your estate attorney, if you have one, will notify the courts of the passing of your loved one and your appointment as Executor. You’ll then receive an original of the Letters Testamentary (also called the Letters of Administration or short certificate) naming you as the Executor, which you will need to act on behalf of the estate. You may need 10-15 certified copies to successfully administer the estate as many institutions require originals.

    • If there is a will, the executor is responsible for filing it with the appropriate probate court in the county where the deceased lived. The probate process formally validates the will and grants the executor the legal authority to carry out their duties.

    • If there’s no will (intestate), the court will appoint an administrator to handle the estate.

    • If the deceased had property in multiple states (e.g. a home in California and a vacation property in Nevada), you will need to file primary probate in the state of their legal residence (domiciled) and then ancillary probate in the other state(s). 

    • Remember, if there is a trust, you may not need to deal with probate at all.

  • The executor must create a comprehensive list of all the deceased's assets and liabilities. This can feel like an enormous task. Start a spreadsheet to track your progress. The executor may need professional help (e.g., an appraiser or accountant) to value certain assets accurately. See Family Sharing.

  • The executor must take immediate steps to safeguard the deceased’s assets, such as their home, personal property, vehicles, and financial accounts. This may involve:

    • Changing locks if necessary.

    • Protecting valuables or collectibles.

    • Ensuring any insurance policies remain in force.

  • The executor must inform the beneficiaries named in the will, as well as close family members, of the death and their role in the probate process. In some cases, legal notices of the probate proceedings may need to be published in newspapers to notify any unknown creditors or parties with potential claims on the estate.

    • Government Agencies:

      • Social Security Administration (SSA) – Stop benefits and check for survivor benefits (ssa.gov).

      • Medicare/Medicaid – Cancel health benefits (medicare.gov).

      • Veterans Affairs (VA) – If they were a veteran, contact the VA (va.gov).

      • Local Election Office – Remove them from voter rolls.

      • DMV

      • Secretary of State (voter registration)

      • City Clerk (or equivalent)

    • Financial Institutions

      • Family Accountant

      • Banks and Credit Unions – Close accounts and transfer assets to the estate account.

      • Credit Card Companies – Cancel cards to prevent fraud.

      • Mortgage or Rental Companies – Handle housing matters.

      • Pension/Retirement Accounts (401k, IRA) – Inform to process benefits.

      • Life Insurance Companies – File a claim if they have a policy.

      • Investment Firms and Stock Brokers – Close or transfer investments.

      • Credit Bureaus (Experian, Equifax, TransUnion) – Prevent identity theft by notifying credit agencies.

      • Car and homeowner insurance companies

    • Employer, via HR or direct manager – Collect final paycheck. Ask about unused PTO, bonuses due, benefits, and retirement accounts.

    • Healthcare

      • All healthcare providers - PCP, dentist, ophthalmologist, mental health providers, specialists

      • Health insurance companies

  • Notify the post office as to where the decedent's mail should be forwarded and contact utility providers to change billing information. If you are not sure of who to contact and which accounts are active, check the forwarded mail for 1-3 months. Statements and bills will come to you and you can begin closing those accounts. Check your loved one’s email for paperless statements. If you do not know their password for their email account, most email providers have a process through which you, as the Executor, can request access.

  • Open an estate checking account to deposit all funds for distribution

    • Obtain an EIN for the estate. Apply online with the IRS, you cannot use the deceased person’s SSN.

    • Gather required documents - Death certificate (certified copy), court appointment documents, estate EIN confirmation letter, your government-issued ID, copy of the will, if applicable.

    • Choose a bank - Many people use the deceased’s existing bank for simplicity. Confirm the bank offers estate accounts, not all branches do.

    • Open the estate account - Title the account as: Estate of [Full Legal Name of Deceased]. You are listed as executor/administrator.

    • Deposit estate funds - Transfer balances from closed personal accounts. Deposit checks payable to the estate. Use this account for all estate income and expenses.

    • Use only for estate business - Pay debts, taxes, and expenses. Distribute inheritances from this account only.

  • You might not know about all of these, but keep checking the mail and email.

    • Utility Companies (Electric, Gas, Water, Internet, Phone, Cable) – Cancel or transfer services.

    • Subscriptions and Memberships (Gym, Streaming Services, Magazines, Clubs) – Cancel accounts.

    • Cable/Streaming

    • Paypal, Venmo, or other pay apps

    • Phone and internet plan

    • Fishing, firearm or other permits

    • The executor is responsible for paying the deceased's debts and outstanding expenses, such as funeral costs, taxes, and bills.

    • This might involve working with creditors to settle the deceased's accounts and using estate funds to cover these payments.

Months 3-6

    • Work with family members to distribute possessions according to the will.

    • Search for and collect all assets (savings, checking and investment accounts, individual securities, safe deposit boxes). Collect all income, receivables and other moneys due, keeping detailed records.

    • Inspect real estate and personal property. Review leases and mortgages and associated insurance policies.

    • File claims for any veterans, Social Security, retirement or life insurance benefits that are due.

    • Review any employment contracts or deferred compensation arrangements to determine whether or not payments are due to the estate.

    • Assemble supporting data and establish value of all assets in the estate by having assets appraised by a qualified appraiser.

    • Acquire information on insurance policies on decedent’s life owned by others, as well as policies owned by decedent on others.

    • Identify and review gifts made by the decedent during life for tax implications.

    • Review the decedent’s personal and business tax returns for the three years prior to death and gather data to support returns if audited.

    • Determine distribution requirements of spouse or beneficiaries and whether any distributions are needed during settlement.

    • Review claims, bills and expenses submitted against the estate and pay them out of the estate checking account. 

    • Arrange for and oversee delivery or sale of tangible property and real estate.

    • Coordinate any litigation against decedent or estate.

    • Estimate cash needed for bequests, taxes and settlement costs and determine assets to be sold.

    • Execute and file required probate court pleadings through your attorney.

    • File decedent’s final individual income tax returns. And check to make sure they have been up to date with filing - you may need to file back taxes.

    • File fiduciary income tax returns for the estate during the administration period.

    • File estate tax return and pay estate tax within the appropriate deadlines.

    • Consider estate tax impact of nonprobate assets (for example, jointly owned property with right of survivorship, any trusts created or gifts made).

    • Determine whether any demands should be made against persons who received property outside of the will for their proportionate share of taxes.

    • Once all debts, expenses, and taxes have been settled, the executor will distribute the remaining assets to the beneficiaries named in the will.

    • Prepare data for final accounting showing all assets, income and disbursements.

    • Distribute the estate in accordance with the will. If there are specific bequests (e.g., a family heirloom or certain sum of money), those must be honored first. 

    • If the will creates a trust, the executor may need to work with a trustee to transfer assets into the trust.

    • Receive receipts and releases from beneficiaries and, if required, notice of discharge from the court.

    • Estates can take a lot of time to be settled and sometimes beneficiaries ask for early distributions. If this happens, think about your legal duty, not your feelings. As executor/administrator, your job is to pay debts, taxes, and expenses first. Until you know the estate is solvent, no one is entitled to money yet. If early distribution is possible, you can make pro-rata distributions (same percentage to all beneficiaries) and keep a cash reserve for unknown expenses. Get written acknowledgments from each recipient that the payment is an advance, not final and they may have to repay if expenses arise. Document everything and try to avoid one-off or “special case” distributions.

    • The executor must maintain detailed records of all transactions related to the estate, including receipts for payments made, distributions to beneficiaries, and correspondence with creditors, tax authorities, or other parties.

    • The estate may be subject to audits, and thorough documentation is necessary to demonstrate that the executor acted properly and responsibly.

    • After all debts have been settled, taxes have been paid, and assets distributed, the executor will petition the probate court to close the estate.

    • This final step involves submitting an accounting of all actions taken during the probate process to the court. If everything is in order, the court will issue an order to officially close the estate.

    • If there are disagreements among beneficiaries or family members about the will or the distribution of assets, the executor may need to help mediate and resolve these disputes, or, if necessary, assist in legal proceedings.

    • The executor is not responsible for resolving legal disputes but must ensure that any challenges to the will or claims against the estate are handled appropriately.

    • Throughout the entire process, the executor must act in the best interest of the estate and its beneficiaries, following the instructions in the will and adhering to fiduciary duties.

    • Executors are legally required to act with honesty, integrity, and diligence. Failure to do so could lead to legal action against the executor.

✱ Your Time is Valuable, too!

Being an Executor is an emotionally taxing and time consuming job. In many states, the Executor can pay themselves a fee for their time out of the estate account, which is definitely something to consider. It’s prudent to track your time as the Executor for this purpose.

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