Estate Administration

Step-by-step breakdown of the estate administration process as outlined:

Step 1: Client Intake & Initial Review

•  Meet with the proposed executor, administrator, or family members.
• Gather basic information:
  • Full legal name of the deceased
  • Date of death and place of residence
  • Names and contact info for heirs/beneficiaries
  • Presence of a will or trust
• Confirm your role and prepare an engagement letter.

Step 2: Collect Essential Documents

• Obtain certified copies of the death certificate.
• Secure the original Last Will and Testament, if available.
• Collect any trust documents, marriage certificates, or prenuptial agreements.
• Request financial records (bank, brokerage, retirement, real estate, life insurance).

Step 3: Determine Probate Need

• Review whether probate is required (depends on asset titles, will presence, and state law).
• Check if the estate qualifies for small estate procedures (if applicable).
• Advise the client on probate vs. non-probate assets.

Step 4: Open the Estate in Probate Court

• File:
  • Petition for probate or administration
  • Original will (if applicable)
  • Death certificate
• Obtain:
  • Letters Testamentary (for executors)
  • Letters of Administration (if no will)
• Notify interested parties as required by court rules.

Step 5: Apply for an EIN & Open Estate Account

• Apply for an EIN (Employer Identification Number) from the IRS Form.
• Open an estate bank account for managing assets and debts.

Step 6: Identify & Secure Assets

• Inventory all estate assets:
  • Real estate
  • Bank accounts
  • Vehicles
  • Investments
  • Digital assets
• Secure and insure any property at risk of loss or damage.
• Transfer or retitle assets to the estate, where needed.

Step 7: Notify Creditors & Pay Debts

• Publish required notice to creditors in local newspaper (state-specific).
• Review and validate any claims.
• Pay lawful debts, funeral expenses, and administrative costs.

Step 8: Handle Taxes

• Files:
  • Final Form 1040 (decedent’s personal income tax return)
  • Form 1041 (estate income tax return)
  • Form 706 (estate tax return, if estate exceeds exemption limit)
• Pay any state inheritance or estate taxes.

Step 9: Distribute the Estate

• Prepare a final accounting (as required by court or beneficiaries).
• Distribute remaining assets to beneficiaries according to the will or intestacy law.
• Obtain signed receipts and releases from all beneficiaries.
• Step 10: Close the Estate

• File a petition for final settlement and discharge with the probate court.
• Close the estate bank account.
• Archive important documents and provide a summary to the client.