This article will give you a basic overview of what goes into the process of administering an estate. Before taking any steps in administering the estate, you should consult with your attorney.
This article will not deal with the work that the attorney performs in handling the probate estate, but rather will focus on the role of the Executor or Trustee of the estate. To learn more about how to prevent your own estate from going to probate, you can read this article: Estate Planning Goals: Probate Avoidance.
1. Open a Checking Account. You should open a checking account in the name of the estate. Take copies of the letters of office or small estate affidavit and death certificate with you. You will also need to provide the bank with the employer identification number (EIN) of the estate.
2. Keep Good Records. The record of each receipt and payment will be used in an accounting. Keep detailed records about each check written and amounts received. List each item separately.
7. Estate Management
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