Executors and administrators (personal representatives) need answers to those of the following questions relevant to their case:
- Where do I find the will?
- What are the specific instructions, if any, for the personal representative on the distribution of assets, including non-real estate physical/tangible property such as art, books, clothes, collectibles, furniture, jewelry, etc.?
- What kinds of assets are involved – Such as real estate, life insurance, bank accounts, retirement accounts, stocks, bonds, mutual funds, savings bonds, annuities, safety deposit boxes, or businesses or partnerships, etc.?
- Are any beneficiaries in debt to the decedent? If yes, then will that debt be settled out of that person’s portion of the estate?
- Is there cash accessible sufficient to handle known or anticipated taxes and expenses?
- If estate taxes will be due, which assets are to be liquidated or used to pay them?
- Is there a life insurance policy, where is it, and who are the beneficiaries?
- What other assets may pay death benefits? If any, what are the procedures to claim benefits?
- If there are annuities, IRAs, or other similar assets, who are listed as the beneficiaries?
- What debts and other liabilities (including contingent liabilities) exist, and how are they to be paid?
- If there are dependents, are there support obligations that will need to continue?
- Where did the departed keep important papers? – Including investment and bank account statements, insurance policies, real estate deeds, vehicle “pink slips,” stock certificates, savings bonds, pension and annuity information, etc.
- Did the departed have a safety deposit box or safe? If yes, where is it, and how can you get the key or combination?
- If the deceased was owner of or partner in a business, is there a plan for business transfer or continuation? Where are the business’ records located?
- For each beneficiary, what is the name, address and phone number?
- For each of the deceased’s attorney, accountant, insurance agent, and investment advisor, what is his or her name, address and phone number?
- Did the deceased make prior or prepaid arrangement for a cemetery plot or mortuary placement?
- Do any beneficiaries have any needs or challenges needing discussion? – Including financial irresponsibility, physical or mental disability, problem relationships, substance abuse problems, threatened lawsuits, troubled marriages, etc.
- Did the decedent keep financial, business or tax records electronically, on a computer or online? If yes, get usernames, passwords and the computer and/or resource’s locations.