When you've been named Personal Representative of someone's estate (formerly called the "Executor" or "Administrator"), you'll have a few jobs to get done. Although your lawyer will do the legal work and deal with the Court for you, you'll have a checklist of tasks that you'll need to do with the lawyer's help, including:
1. Establish files for documents.
2. Establish method for record keeping.
3. Select an accountant.
4. Open new bank accounts for estate.
5. Notify known creditors of death.
6. Examine business records and correspondence to identify all assets and creditors.
7. Inventory assets.
8. Appraise assets.
9. Sell unwanted assets.
10. File individual tax return for the year of the decedent's death.
11. File tax return for estate.
12. Close old bank accounts.
13. Close/transfer brokerage accounts.
14. Notify Social Security Administration.
15. Close charge/credit card accounts held by the decedent.
16. Keep records of time spent on estate administration and any expenses.
If you have questions about serving as Personal Representative of an estate, give us call at 253.858.5434 to see how we can help.