- 1). Get copies of the death certificate. No investment professional, bank or government agency will speak with you until there is proof that there has been a death and that you're qualified to speak on behalf of the deceased. TrusteeAdvocate.com recommends securing at least a dozen certified copies of the death certificate. The Center For Disease Control and Prevention website provides links to easily find out where to write for vital records such as a death certificate.
- 2). Find the estate paperwork. If the deceased didn't share with you where his estate planning documents are, you may need to hunt. Start by asking friends if they know what attorney might have been used on any estate documents. In many cases, they may have a file that includes a will or trust document. If not, search the house and the bank safe deposit box. Contact any financial advisor or accountant the deceased hired and ask for details on the estate.
- 3). Read the will thoroughly and identify beneficiaries. The will should identify the wishes of the deceased, the beneficiaries, and possibly any professionals who can help. File a copy of the will within 30 days of death at the county court office. The court will also notify all beneficiaries, who are allowed to object to the validity of the will.
- 4). Inventory and value assets. Open a checking account in the name of the estate to keep money separate from your own funds. Make a record of assets on a spreadsheet and find out which apply to the will and which have different beneficiaries. 401k plans, IRAs and life insurance policies often have beneficiary designations attached which specify who receives these funds. Have assets valued by a professional, if necessary, to ensure there are no disputes about the worth of real estate or other assets which may fluctuate in value.
- 5). Pay bills and file tax returns. Keep a complete record of all bills paid from the estate. In some states, you must post a notice to all creditors of the death in a local newspaper. In North Carolina, for example, specific wording needs to be used in the notice and it should run for four consecutive weeks. Check with your state for specific requirements. The decendent's last tax return is due on the normal filing day the person would have filed, had they not passed away.
- 6). Distribute assets and collect a fee for service. Once all bills are paid and the probate court allows, distribute assets as directed by the court and the estate documents. Check the estate documents for details on any fee which will be paid to you. If none is specified, ask the court for direction. According to the Financial Planning Association, a fee of 2 to 5 percent of the estate's value is common. You aren't required to collect a fee and may decline.
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