Estate settlement
essentials toolkit
Timelines and checklists for
trustees and executors
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First eight things
you need to do
Before diving into the responsibilities of executors and
trustees, it’s importantto tackle the tasks that need to be
addressed in the rst few days after a loved one passes.
Notify closest family andfriends:
Ask them to start a phone tree to
help you notify others.
Consider dependents and pets:
Make arrangements for their
care, as needed.
Call decedent’s employer:
Request all benets information,
including details on employer-
sponsored life insurance.
Contact the funeral home:
Request at least 10 copies of the
death certicate.
Check on a surviving spouse:
If needed, contact a professional
support agency for assistance.
Contact the decedent’s
attorney and estate attorney:
Determine any special
considerations that will
requireassistance.
Notify the decedent’s doctor:
Obtain copies of all pertinent
medical records.
Reach out to banks and
nancial institutions:
Contact the nancial institutions
where the decedent had holdings
accounts or safe deposit boxes.
Research options for any
qualiedplans, including IRAs,
andupdating beneciaries.
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ESTATE SETTLEMENT ESSENTIALS TOOLKIT
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People to notify when someone passes:
• Accountant, nancial advisor, or tax advisor:
Discuss personal income tax returns and schedule
for estate tax lings; notify IRS of executor or
trusteeappointment.
• Life insurance companies:
Initiate claims processes.
• The Social Security Administration, Veterans Aairs:
Ask about applicable pensions and survivor benets
from these or other applicable agencies from which the
decedent received benets.
• Mortgage lender and estate agencies:
Obtain decedent’s debt information, titling, or property,
and ensure appropriate insurance is in place.
• Utilities and creditors:
Change name on accounts.
Within the rstmonth
ESTATE SETTLEMENT ESSENTIALS TOOLKIT
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Executor
Starts role based on
state-specific probate
requirements, normally
court-appointed
Reviews provisions of the will,
locates heirs, and discusses
preliminary probate
steps with attorney upon
decedent’s death
Must safeguard and marshal
the probate assets in
theestate
Manages process of probate
court oversight, which may
include court permission to
sell and distribute real assets
For court inventory or tax
purposes, obtains non-
probate asset information,
such as assets in trust
that are joint/payable on
death, and assets with
beneficiary designations, like
life insurance
Serves as an executor for
life (a probate case may be
reopened even after details
have beenfinalized)
Trustee
Starts role when
appointment is accepted in
writing, which may be when
the original trustee passes
away or resigns
Must identify, safeguard,
and marshal assets titled in
the trust’s name or payable
to the trust (insurance,
retirement benefits,
estateassets)
Administers the trust and is
responsible to beneficiaries
of the trust, normally without
court oversight
Monitors assets for quality
and preservation, recognizing
near-term distribution
requirements. For ongoing
trusts, monitors and
manages for the benet of
the beneficiaries’ needs
May be required, per
document terms, to keep
the trust operational
for the lifetime of the
surviving spouse or one or
morebeneficiaries
Similarities
Typically responsible
for disbursing assets
to beneciaries
Responsible for
paying taxes
Must remain faithful
to decedent’s wishes
The roles of an
executor and a trustee
These two roles have subtle dierences. Depending on how an
estate was structured, there may be an executor and a trustee,
who may or may not be the same person.
ESTATE SETTLEMENT ESSENTIALS TOOLKIT
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Obtain at least 10 copies of the death certificate.
Contact an attorney to discuss qualifying with the court to be appointed executor.
Apply for a Tax Identification Number (TIN) for the estate.
Open an account in the estate’s name.
Consider immediate sources of cash flow needed to cover living expenses for a surviving spouse or dependents, and ongo -
ing household expenses.
Contact the police to have them periodically check the house if it is now vacant.
Contact a tax professional to discuss federal and state income tax returns and potential gift and estate tax filings.
Contact other financial institutions for information on holdings, if any exist.
Contact banks to find accounts and safe deposit boxes.
Contact life insurance companies to initiate the claims process.
Contact the Social Security Administration and other agencies from which the decedent received benefits, such as the U.S.
Department of Veterans Aairs, to stop payments and ask about applicable survivor benefits.
Contact any agency providing pension services to discuss surviving spouse benefits.
Obtain IRA beneficiary information and discuss minimum distribution and IRA rollover options for the surviving spouse and
beneficiaries with a tax professional.
Obtain information on how real estate is titled and confirm appropriate insurance is in place.
An executor’s
startingchecklist
ESTATE SETTLEMENT ESSENTIALS TOOLKIT
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Months 3 – 6
• Appraise and value all estate assets
as of date of death (also alternative
valuation dates if advantageous for
estate taxreturns).
• Establish and document the tax
basis for all assets.
• Review prior income and gift tax
returns filed by the decedent.
• File an inventory of assets with the
court.*
• Pay validated creditor claims.
• Raise cash for payment of
administrative expenses, estate
taxes, and specific bequests.
• Distribute tangible
personalproperty.
• Establish a communication plan
that keeps beneficiaries well
informed throughout the process.
Months 7 – 8
• Amend inventory of estate assets
and debts/expenses, if necessary.
• Examine the availability and
appropriateness of making
available post-mortem tax
elections and disclaimers.
• Prepare/review drafts of federal
and estate tax returns.
• Pay specic requests, if applicable
and prudent at this time.
Month 9 and beyond
• Create a reserve fund for taxes and
expenses.
• File the decedent’s personal income
tax returns and pay tax.
• File fiduciary income tax returns
for estate/trust and pay tax.
• File federal and state estate tax
returns and pay tax.
• Obtain estate tax and income
taxclearances.
• Obtain final approval of court.*
• Make a final distribution of
remaining assets and obtain
receipts, as appropriate.
Estate settlement
timeline
There is no one-size-fits-all schedule for probating a will.
However, after you complete initial tasks, these are generally
the responsibilities you’ll need to handle before the estate
isfinalized.
*If required by the court
ESTATE SETTLEMENT ESSENTIALS TOOLKIT
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Notify trust beneficiaries and document your acceptance of your role as trustee.
Review the individual’s financial statements and prior year’s tax returns to identify assets titled in the trust’s name.
Establish a new bank account or have the existing bank account renamed to identify you as trustee.
Identify a financial advisor who can conduct a portfolio review of all investment assets in the trust.
Consider consolidating multiple trust accounts for ease of management.
Determine an appropriate amount of easily accessible money to cover ongoing trust-related fees, taxes, and expenses.
Create a list of key contacts at financial and other institutions. Provide each with:
Copies of the death certificate and your trustee acceptance form
The trust’s Tax Identification Number (TIN), which you can request from the Internal Revenue Service
Arrange asset appraisals for estate and income tax purposes.
Work with the estate attorney and/or tax advisor to file required return(s) and pay taxes due (coordinate with the executor of
the estate if one is appointed).
A trustee’s starting
checklist
ESTATE SETTLEMENT ESSENTIALS TOOLKIT
 
 
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Months 3 – 6
• Appraise and value all trust assets
as of date of death (also alternate
valuation dates if advantageous for
estate tax returns).
• Establish and document a tax cost
basis for all assets.
• Pay validated creditor claims (if not
being done by an executor).
• Generate cash for payment of
estate taxes and specific bequests.
• Distribute tangible
personalproperty.
• Establish a communication plan
that keeps beneficiaries well
informed throughout the process.
Months 7 – 8
• Finalize an inventory of trust
assets and debts/expenses.
• Examine the availability and
appropriateness of making
post-mortem tax elections and
disclaimers available.
• Prepare/review drafts of federal
and state estate tax returns.
• Pay specific bequests, if applicable
and prudent at this time.
Month 9 and beyond
• Create a reserve fund for taxes
andexpenses.
• File estate and income tax returns
and pay tax (if not being done by
an executor).
• File fiduciary income tax returns
for trust and pay tax.
• File federal and state estate tax
returns and pay tax (if not being
done by an executor).
• Obtain estate tax and income tax
clearances (if not being done by
an executor).
• Make a final distribution of
remaining assets and obtain
receipts, as appropriate.
Trust settlement
timeline
There is no one-size-fits-all schedule for administering a trust.
However, after you complete initial post-mortem tasks, these
are generally the responsibilities you’ll handle before the trust
administration is finalized.
ESTATE SETTLEMENT ESSENTIALS TOOLKIT
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ESTATE SETTLEMENT ESSENTIALS TOOLKIT
Call on Wells Fargo
& Company
If you need assistance settling the estate
Wells Fargo Estate Services can provide trust and probate settlement
servicesfor large estates or trusts including those with complex assets.
Services can include estate planning document review; probate and trust
administration; fiduciary investment management; business advisory services
including business valuations and closely held asset management; oil, gas,
and mineral rights management; real estate asset management; and post-
mortem tax planning and tax advice. To learn more, contact your advisor
or contact the Estate Services Liaison Team at 855-355-8088 or email
estateservices@wellsfargo.com.
For help with savings, checking, and other bank accounts
Call Wells Fargo Bank, N.A. at 800-869-3557. Banking professionals can tell
you what steps are necessary to obtain accountinformation.
If you have questions about a brokerage relationships
A recent account statement from Wells Fargo Advisors may have the name
and number of the decedent’s financial advisor, or you can call 866-281-7436.
Investment professionals will make sure you have a complete inventory
of investment accounts and explain your options for liquidatingthem or
updatingownership information.
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Wells Fargo & Company and its aliates do not provide legal or tax advice. In limited circumstances,
tax advice may be provided by Wells Fargo Bank, N.A. Please consult your legal and/or tax advisors
to determine how this information, and any planned tax results may apply to your situation at the
time your tax return is led.
This information is designed to provide general information regarding the estate settlement process,
but it is not exhaustive. We encourage you to work closely with your tax advisor and estate planning
attorney during this difficult time.
Estate plans need to be prepared and reviewed by an attorney who specializes in estate planning and
is licensed to practice estate law in your state.
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