Estate Administration Checklist for Executors and Trustees
Torq's Estate Risk Assessment is a step-by-step guide to help you identify and prevent the most common, and costly, mistakes in estate settlement. These are the first four.
The first steps
- Understand your fiduciary role. Executors and trustees have legal duties, such as loyalty and prudence. Consult an attorney before taking any action.
- Secure and inventory assets. Secure all property, locate the financial documents, and create a detailed, dated inventory of assets and their estimated values.
- Keep estate funds separate. Open a dedicated estate bank account and pay the deceased's debts and estate expenses only from it.
- Notify creditors properly. Failing to notify known creditors or pay legitimate debts can lead to lawsuits and penalties paid from the estate.
See the full estate risk assessment for the rest of the list.
Need support? Contact Torq, call 512-325-6035, or read about estate services.