After a loved one passes, in addition to the heartache, comes a long and often overwhelming list of things to be done. This week, I wanted to provide a checklist that can hopefully make life easier for those dealing with an already very difficult situation. I broke the list down into action steps including what to do first and ending with closing the estate. It is important to note that almost everyone should seek the advice of an attorney, CPA, and advisor when going though this process to ensure everything is done both timely and correctly to minimize mistakes and delays.
Immediate Actions After Death
- Obtain multiple certified death certificates (10–15 is common)
- Secure the decedent’s home, vehicles, and valuables
- Locate the original will and any codicils
- Identify whether assets are probate vs. non-probate (Non-probate examples: jointly owned property, TOD/POD accounts, life insurance with beneficiaries)
Open the Estate (Surrogate’s Court)
- File the original will with the County Surrogate
- Apply for Letters Testamentary. If there is no will, apply for Letters of Administration
- Pay filing fees (varies by county, typically modest)
- Obtain executor certificates (short certificates) for banks and institutions
Estate Administration Setup
- Apply for an Estate EIN (IRS Form SS-4)
- Open a separate estate bank account
- Forward mail to executor’s address
Notify Interested Third-Parties
- Banks & investment firms
- Social Security Administration
- Pension administrators
- Insurance companies
Create an Inventory & Valuation of Assets
- Identify and list all estate assets such as
- Real estate
- Bank & brokerage accounts
- Business interests
- Vehicles
- Personal property
- Obtain date-of-death values; Retain appraisers if needed (real estate, business, collectibles)
NJ does not require a formal inventory filing unless requested, but you must keep one.
Address Debts, Expenses & Creditor Claims
- Publish Notice to Creditors (optional but recommended)
- Identify and pay: Funeral expenses, final medical bills, and any credit cards & loans
Do NOT distribute assets yet. It is important to keep the accounts open until all debts have been paid. Note that many bills, especially medical bills, can take several months to come in. Creditors generally have 9 months to make claims. Making distributions to heirs (who may become impatient) before everything is paid can be a big problem. Remind heirs that the process takes time and that you are bound by a fiduciary duty to properly administer the estate. Be sure to keep detailed records of every payment.
Taxes (Critical in New Jersey)
- File final personal income tax return (Form NJ-1040)
- File estate income tax returns (NJ-1041 if required)
- Determine if NJ Inheritance Tax applies. Class A beneficiaries (spouse, children, grandchildren) are exempt. Class C, D beneficiaries may owe tax.
- File NJ Inheritance Tax Return (Form IT-R)
- Obtain tax waivers before asset distribution
Executors are personally liable if taxes are missed.
Interim Accounting & Executor Duties
- Maintain detailed accounting by tracking all receipts, disbursements, and Executor fees.
- Communicate periodically with beneficiaries
- Avoid conflicts of interest
NJ allows executor compensation based on statute or will language
Distribute Assets
- Confirm all debts and taxes are paid
- Obtain receipts & releases from beneficiaries
- Distribute assets per the will
- Transfer titles (real estate, vehicles, securities)
Close the Estate
- File final accounting (if required). Retain records for at least 7 years
- Close estate bank account
- Obtain beneficiary releases protecting the executor
Executor Risk Checklist (Read This Twice)
- Never co-mingle estate funds
- Never distribute before tax clearance
- Keep everything documented
As I mentioned earlier, always consult and Attorney or CPA/Advisor if you are unsure about how to complete any of these steps. Paying for help is a lot cheaper than making a mistake and having to go back and correct it later.
Frequently Asked Questions About Being an Executor
1. What is the first thing an executor should do after someone passes away?
Start with immediate essentials:
- Obtain multiple certified death certificates (10–15 copies)
- Secure the home, vehicles, and valuables
- Locate the original will
- Identify which assets are probate vs. non-probate
These steps help you gain control and begin the process properly.
2. What does it mean to “open the estate”?
Opening the estate involves going through the county court (Surrogate’s Court) to file the will, be officially appointed as executor (receive Letters Testamentary), and gain legal authority to act on behalf of the estate. Without this step, you typically cannot access or manage estate assets.
3. Can I distribute assets to beneficiaries right away?
No—this is one of the most common (and costly) mistakes. You must first pay all debts/expenses, allow time for creditor claims, and handle all tax filings and approvals. Distributing too early can make the executor personally responsible for unpaid obligations.
4. Do I need professional help as an executor?
In most cases, yes. Working with an attorney, CPA, and financial advisor can help ensure everything is handled correctly, avoid delays, and protect you from costly mistakes. The process is complex, and guidance can make it much more manageable.