Nine Month Timeline for Settling an Estate

• Month One

• Choose Funeral Homes, Director, and Cemetery Here.
• Read the Will.
• Secure Personal Property.
• Identify Executor or Executors.
• Communicate with Beneficiaries concerning the process.
• Obtain a Death Certificate.
• Accumulate all related documents and bills.
• Create a property inventory.
• Choose a Probate Attorney Here.

• With your probate attorney, file the Will.
• Make a list of all creditors and contact them.  Let them know you will be handling their claims.

• Bring bills, a creditor list, a list of property for sale, and an asset list to your accountant of choice.
• Inventory any safe deposit boxes and look for instructions concerning hidden assets.
• Provide informational updates to beneficiaries.

• Request home values for properties.
• Appraisers should now be directed to appraise and liquidate assets on liquidation list.

• Direct accountant to prepare Asset Inventory, Federal Estate Return 706. Here is the form. Understand the instructions.
• Review compensation with attorney.

• Updates should be prepared and delivered to beneficiaries concerning preliminary accounting and inventories.
• Close out creditor claims.

• With the Attorney and the Accountant, review any and all pending issues.
• Assure that bills are all paid.
• Provide any alternative valuations for specific assets.  If you are unsure, get multiple opinions on high-ticket items.  Assistance can be found here.

• File taxes 1040 (form, instructions)  and 1041 (form, instructions) using the assistance of your Accountant.

• Initiate asset distribution to beneficiaries.
• File a petition for discharge.
• Close the Estate.