7 Steps to Take as an Executor—Part 1

If someone is named the executor under a person’s will, their job is to carry out the express wishes of the decedent. Even before being formally appointed by the court, the executor should:

1. Follow the decedent’s burial and memorial instructions. The executor may have to arrange for the funeral and burial, and will need to order death certificates from the funeral home. (Death certificates must include a date in order to ensure the appointment of the executor.) The executor also might have to prepare an obituary for the local paper after checking through the decedent’s files to see if they had already written their own obituary.
2. Secure the property. The executor should take possession of any valuable personal property, such as jewelry or artwork. If the decedent’s house is empty, the executor should ensure that it is being watched and maintained as if it were still occupied. For example, if there’s a landscaper, he should be instructed to keep the property in its usual condition.
3. Locate the will. The executor should notify the attorney that’s mentioned in the will about the death. An accountant can also be hired to handle the taxes that will eventually be due.
4. Follow the terms of the will to determine who needs to be notified about any interest they have under the will. The decedent’s attorney will guide the executor in any other required procedures.
5. Report the death to the Social Security Administration. The executor should also notify companies that administer the decedent’s pension, IRA, and life insurance policies.
6. Gather the decedent’s files and records. Income tax records, in particular, are an excellent source of information about assets. Please note that a court order will probably be required so that the executor can obtain access to the contents of a safe deposit box.
7. Make an inventory of financial information about the decedent. Such an inventory can include bank accounts, life insurance policies, stock certificates, and brokerage account statements.

Please contact me with questions or comments about these steps. My next article will discuss steps to take once the executor is issued the appointment letters from the court. Stay tuned!

Robert W. Shaw, Esq.
(914) 328-1222
E-mail Bob

Tags: Estate Planning, Executor, Robert Shaw