People and Places to Call Upon the Death of A Family Member

An Estate Administration Overview

People who need to be called within a few hours or days might include:

  1. Immediate Family
  2. Guardian for minor children
  3. Caretaker for decedent’s pets
  4. The executor of the decedent’s willTrustee of the decedent’s trust, if any
  5. The person holding power of attorney – power of attorney expires at the death
  6. Hospital or organ bank
  7. Funeral home – make arrangements, and order a sufficient number of death certificates (10-15)

One need not reach out to the following contacts immediately, but within a few days to a week, one might consider:

  1. Credit card companies – cancel credit cards
  2. Life insurance company(ies) request claim forms
  3. The local social security office
  4. Insurance company – car and home policies – update to the estate
  5. Personnel department (or labor union) of the decedent’s employer – ask about any death benefits 
  6. Financial professional, stockbroker, insurance agent
  7. An attorney experienced in probate – make an appointment
  8. Banks and financial securities companies – determine beneficiaries of retirement assets
  9. Trustee of any trust benefiting the decedent
  10. Veteran’s administration (if applicable) – ask about death and survivors benefits
  11. Secure decedent’s home (if lived alone) and office, change locks if others had access
  12. If there is a Will, identify the names of witnesses if not evident in Will
  13. Notify the post office to forward mail
  14. make sure the home and other dwellings have fuel during the winter months

Within the first month or so, the following contacts should be made, if appropriate to the circumstances:

  1. Utility companies
  2. Health or other clubs to secure reimbursements for advance membership payments
  3. Department of Motor Vehicles asks license plates of the decedent need to be returned
  4. magazine subscription offices – cancel
  5. College financial aid office
  6. Review insurance coverage for the decedent’s property and car
  7. Decedent’s accountant – determine the status of income tax returns and inquire if he/she has experience in preparing 1041s (estate income tax returns)

Probating will/initiating administration

  1. Confer with your attorney on all matters regarding the estate
  2. If there is a will, locate it and determine if the names of witnesses are legible
  3. If there is a trust, locate it
  4. Apply to the Surrogate’s Court for Letters of Testamentary or Letters of Administration

Identifying, valuing, and gathering assets

  1. If you have access, examine the contents of the safe deposit box, accompanied by the estate’s attorney, if an issue is anticipated.
  2. Review any estate securities held, closely observe the stock market and investment trends, and consider liquidating to “safe” money if appropriate.
  3. Search home another place for valuable papers and assets.

Preserving Assets

  1. Discontinue any needed utilities
  2. Inspect all real estate and review any mortgages and leases
  3. Examine all life insurance, real estate, and personal property insurance policies

Inventory of assets/estate tax return

  1. Select qualified appraisers and carefully review their reports
  2. Obtain income tax returns for the past three years – cross-check with the estate tax returns
  3. Make sure all tax returns are filed on time
  4. Determine the decedent’s financial contribution to any jointly owned property
  5. Check for expenses and other deductible items which can be used in the preparation of federal income and estate tax returns
  6. File the required inventory of the decedent’s assets with the court on a timely basis
  7. Investigate the possibility of profit sharing or pension death benefits
  8. Investigate and list any and all gifts the decedent may have made within three years.

Paying debts and liabilities of the estate

  1. Estimate administrative/estate costs, and determine whether any assets need to be sold to raise cash
  2. Open a checking account and/or savings account for the estate

Accounting and Distribution of Assets

  1. Prepare formal or informal accounting as the case may require, and distribute the assets of the estate to the person or persons entitled thereto
  2. If an informal accounting is sufficient, obtain receipts and release and waiver of citation from beneficiaries; if a formal accounting is required, prepare accounting in accordance with court rules and submit a decree settling account after formal accounting is finalized.

 

Please be advised this is a suggested checklist and is by no means intended to be all-inclusive.  You should discuss your duties and responsibilities as a fiduciary more fully with your attorney.

 

 

Courtesy of Jill Miller & Associates, P.C.

 

Related Articles: 

Plan Today In Preparation for Tomorrow 

Know Your Estate and Gift Tax

CEMA: A Strategy to Save at the Closing Table

The Value of An Agent

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