Your Guide to Financial Clarity
Executor Checklist
Before
[ ]Healthcare directive (emergency personnel won’t follow)[ ]Relatives living with deceased (how long do they get to stay?)[ ]Live in caregiver (how long do they get to stay?)[ ]Ensure executor knows how to get all documents[ ]Determine small estate limit for state[ ]Burial wishes[ ]Religious constraints[ ]Choice of funeral home or mortuary[ ]Services[ ]Viewing[ ]Funeral (graveside?)[ ]Reception
[ ]Buried[ ]Casket, Vault[ ]Headstone (what on it)[ ]Plot (where)
[ ]Cremated[ ]Donate to Science[ ]Urn[ ]Scattered (where?)
[ ]When terminally ill or advanced fragility, do what you can ahead of time[ ]Desired last days location[ ]Home – call 911 after death, resale disclosure[ ]Hospice[ ]Hospital
[ ]POLST (Physician Order for Life Sustaining Treatment) or DNR (Do Not Resuscitate), not all states have POLST[ ]Take RMDs[ ]Put utilities & subscriptions in healthy spouse name[ ]Electric[ ]Gas[ ]Water[ ]Sewer[ ]Phone[ ]Internet[ ]Trash[ ]Netflix
[ ]Put vehicles in healthy spouse name[ ]Balance estate or maximize exemption?[ ]Maximize step-up benefit (e.g., if two trusts, fund dying spouse’s trust with low basis property and investments)[ ]Healthy spouse needs to maintain 5% ownership of house for property tax homeowner exemption[ ]Have healthy spouse take on sick spouse financial duties
After
[ ]Call 911 if at home[ ]Notify close friends and family[ ]Notify funeral home/ mortuary/ donate to science[ ]Notify Social Security (800-772-1213)[ ]Notify employer[ ]Get hold of estate documents (will, trusts, etc)[ ]Order death certificates through funeral home/ mortuary (at least 10)[ ]Arrange services (see burial wishes)[ ]Write obituary[ ]New advisory agreement with representative if not surviving spouse who is already a client[ ]Retain lawyer if probate is needed
Empty Home
[ ]Forward mail to executor[ ]Ensure care of any pets[ ]Secure home[ ]Arrange home upkeep (e.g., empty fridge, landscapers, indoor plants)[ ]Put out garbage[ ]Change utilities to executor’s address[ ]Leave contact information with neighbors[ ]Cleaning home[ ]Selling home or transfer to beneficiary
Financial
[ ]Gather financial documents[ ]Set-up Google Docs or equivalent to share expenses, assets, debts and distributions with beneficiaries[ ]Notify any remaining beneficiaries[ ]Disclaimers[ ]RMD (can still disclaim after taking RMD + RMD interest)[ ]If can’t make RMD by year end, form 5329 for penalty relief[ ]Is spouse/beneficiary about to die (get disclaimers)
[ ]Determine source of short term cash for executor[ ]Notify Life insurance[ ]Notify Medicare/ health insurance[ ]Notify auto, home and liability insurance[ ]Cancel credit cards[ ]Change utilities[ ]Notify banks and investment institutions (advisor will lose access at this point)[ ]Publish notice to creditors (starts clock)[ ]Get assessed values of real estate and other investment items on date of death[ ]Open estate checking account[ ]Pay bills[ ]Distribute inheritance to beneficiaries[ ]Small estate affidavit[ ]Cancel subscriptions[ ]Get EINs[ ]645 Election decision[ ]Estate[ ]Irrevocable trusts
Taxes
[ ]File last personal tax return[ ]Determine whether to file estate tax return[ ]File estate income tax return[ ]File trust income tax return[ ]Deliver K-1s to trust beneficiaries
Digital
[ ]Don’t notify email provider until all services have been switched to new email address and you have downloaded all emails for preservation (e.g., Thunderbird)
Business Owner
Misc
[ ]Notify DMV (revoke license, update registration and titles if needed)[ ]Distributing personal items