What kind of documents will I need to have for estate administration

The following represents some of the actions an Executor would have to take in order to begin administering the Estate: Generally if there are assets in an estate that are held solely in the name of the decedent without a named beneficiary the following actions are generally required.

  1. Make probate appointment with Clerk of Circuit Court in the state and county where the deceased lived.
  2. Prepare estate memorandum of facts
  3. Prepare list of heirs
  4. Prepare probate inventory
  5. Qualify as personal representative
  6. Send Notice of Probate within 30 days
  7. File affidavit of Notice of Probate
  8. Open estate checking account
  9. Open estate brokerage account if necessary
  10. Consider payment of legatees (interest due after one year)

Documents:

Although the following is not exhaustive, it is a good list to start with:

  • Certified copies of the death certificate (between 10-20).
  • Income tax returns filed for the decedent for the past three years.
  • Any gift tax returns previously filed for the decedent.
  • Any back-up documentation for the decedent’s tax preparer.
  • All account statements relating to accounts with banks, brokerage firms, mutual funds, etc., for the period preceding and following the date of death
  • Any document relating to an asset in which the decedent had an interest.
  • An approximate valuation of all tangible personal property owned by the decedent (e.g., furniture, jewelry, art, clothing), the value being that price for which you could sell this property in its current (used) condition.
  • Approximate valuation of all collections, if any (stamps, coins, other collectibles).
  • Copies of all life insurance policies and Form 712’s on the life of the decedent or owned by the decedent on the life of another.
  • List of all bank safe deposit boxes, including location and address.
  • Copies of deeds for any real estate that the decedent owned.
  • Any assets inherited by the decedent in the last ten (10) years for which an estate tax return may have been filed (to claim any allowable credit for prior payment of estate taxes).
  • Bluebook values for all automobiles owned by the decedent.
  • A written, independent date of death valuation of all real estate owned by decedent.