Estate Settlement Tool – Executor Concierge Services LLC

Estate Settlement Checklist

A guided checklist to help executors and family members navigate the estate settlement process — from the first days through final distribution.

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Phase 1: Immediate Steps (Days 1–7)

Time-sensitive actions that must happen right away

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Obtain certified copies of the death certificateOrder at least 10–15 copies. You will need them for banks, insurers, courts, and more.Urgent

Locate and secure the original WillCheck home files, safe deposit box, or attorney’s office. Do not alter or delay.Legal

Notify immediate family and key individualsInform beneficiaries, close friends, employer, and any named executor.Admin

Secure the deceased’s property and assetsChange locks if needed, collect mail, cancel newspaper delivery, notify building manager.Urgent

Arrange for care of dependents and petsEnsure children, elderly dependents, and animals in the home are cared for immediately.Urgent

Contact the deceased’s employer (if applicable)Notify HR to stop payroll, inquire about final paycheck, life insurance, and pension benefits.Financial

Begin documenting all estate-related expensesKeep receipts for funeral, travel, professional fees — these may be reimbursable from the estate.Financial

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Phase 2: Legal & Probate (Weeks 1–4)

Establish legal authority to act on behalf of the estate

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Consult an estate attorneyDetermine whether probate is required in your state and what filing deadlines apply.Legal

File the Will with probate court (if required)Most states require filing within 30–90 days of death. Check your local requirements.Legal

Obtain Letters Testamentary / Letters of AdministrationThis court-issued document gives you legal authority to manage the estate.Legal

Open an estate bank accountUse this account for all estate income and expenses. Do not commingle with personal funds.Financial

Obtain the estate’s federal tax ID (EIN)Required to open the estate account and file estate tax returns. Apply free at IRS.gov.Financial

Publish notice to creditors (if required)Many states require publishing a notice in a local newspaper to notify potential creditors.Legal

Forward mail to executor’s addressFile a mail forwarding request with the USPS to catch bills, statements, and notices.Admin

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Phase 3: Inventory & Finances (Months 1–3)

Catalog all assets and liabilities

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Create a complete inventory of all assetsInclude real estate, vehicles, bank accounts, investments, retirement accounts, life insurance, jewelry, and personal property.Financial

Obtain date-of-death valuationsGet appraisals for real estate, vehicles, businesses, and significant personal property.Financial

Identify and notify all financial institutionsContact banks, brokerages, and retirement account custodians with a death certificate.Financial

File life insurance and pension claimsContact each insurer and plan administrator. Most have a set window to file claims.Financial

Compile a list of all outstanding debtsMortgages, car loans, credit cards, medical bills, personal loans, and taxes owed.Financial

Cancel subscriptions and recurring servicesCredit cards, streaming services, utilities, memberships, and professional licenses.Admin

Notify Social Security AdministrationReport the death and repay any benefits received after the date of death (required by law).Admin

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Phase 4: Taxes & Creditors (Months 2–9)

Pay obligations before distributing assets

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File the deceased’s final income tax returnDue April 15 of the year following death (Form 1040). A tax professional is recommended.Financial

File estate income tax return (if required)If the estate earns more than $600 in income, file Form 1041.Financial

Determine if federal or state estate tax appliesFederal estate tax applies to estates over ~$13M (2024). Some states have lower thresholds.Legal

Review and pay valid creditor claimsEvaluate each claim’s validity. Executors can contest invalid claims.Financial

Sell assets as needed to cover debts and taxesFollow the Will’s instructions and state law for the order in which assets should be liquidated.Financial

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Phase 5: Distribution & Closing (Months 6–18)

Transfer assets to beneficiaries and close the estate

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Prepare a final accounting for the estateDocument all income received, expenses paid, and asset values. Provide copies to all beneficiaries.Legal

Distribute assets to beneficiariesTransfer real property by deed, transfer financial accounts, and distribute personal property per the Will.Legal

Obtain receipts and releases from beneficiariesHave each beneficiary sign a receipt acknowledging they received their share.Legal

File final court documents and close the estatePetition the probate court for discharge as executor. Close the estate bank account.Legal

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