Executor Duties: Asset Collection and Probate
When you’re named executor or administrator, one of your first jobs is to gather everything the person owned. Here’s a step-by-step guide to help.
Step 1: Gather Key Estate Documents
Death certificates (multiple certified copies)
The will or trust documents (if they exist)
Letters Testamentary (if executor) or Letters of Administration (if administrator)
Recent tax returns, bank statements, and bills
Step 2A: Locate Financial Assets
Checking and savings accounts (banks, credit unions)
Investment accounts (stocks, bonds, retirement accounts if no named beneficiary)
Life insurance policies payable to the estate.
Note: Most policies ask you to name one or more beneficiaries. If none are listed (or all listed beneficiaries die before the insured), the payout defaults to the insured’s estate.
Digital financial accounts (PayPal, Venmo, crypto wallets)
Step 2B: Tax-Specific Records
Final Individual Tax Return (Form 1040)
Collect W-2s, 1099s, and any income records for the year of death.
Include deductible medical bills paid within one year of death.
Prior years’ tax returns (to check carryovers and basis).
Property tax records.
Business tax filings (if deceased owned a business).
Charitable donation receipts (if listed in the will/estate plan).
Estate Income Tax Return (Form 1041)
Only required if the estate earns more than $600 in annual income during probate (from interest, dividends, rental income, etc.).
Federal Estate Tax Return (Form 706)
Only required for estates above the exemption ($13.61M in 2024).
Step 3: Secure Real Estate Property
Primary home and any other real estate (vacation, rental, land)
make sure any Maintain payments for rents or mortgages
Collect deeds and mortgage information
Keep utilities and insurance active
Arrange maintenance (lawn care, winterizing, etc.)
Step 4: Inventory Personal Property
Vehicles (cars, boats, RVs, motorcycles)
Jewelry, art, collectibles, antiques
Household goods and furniture
Digital property (photos, files, intellectual property)
Step 5: Identify Business Interests
Ownership in LLCs, partnerships, or small businesses
Business bank accounts and receivables
Contact partners or employees if applicable
Step 6: Collect Money Owed to the Estate
Unpaid wages or retirement benefits
Loans made by the deceased
Refunds (medical bills, insurance, overpaid utilities)
Step 7: Appraise & Document
Create a master inventory of assets with approximate values
Work with professional appraisers if needed (especially for property, art, or collectibles)
Keep records organized—probate court often requires a formal inventory
Step 8: Safeguard Everything
Store valuables in a secure location
Forward mail so bills and accounts don’t get missed
Cancel or secure digital accounts and subscriptions
Notify creditors to prevent fraud
Pro Tips for Executors
Order multiple death certificates (often needed to close accounts and file taxes).
Hire a tax preparer/CPA — estate tax law gets complicated fast.
Track out-of-pocket costs you pay as executor; many are reimbursable by the estate.
Don’t distribute assets too early — make sure taxes and debts are covered first, or you could be personally liable.
Key Reminder
As executor or administrator, you’re not expected to know everything on day one. Your job is to locate, protect, and document. Professionals (attorneys, accountants, appraisers) can help with the rest.