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# Probate Tasks of the Executor

Organize the estate's finances.

1. Apply for an Employer Identification Number (EIN) for the estate. Open an estate checking account using the EIN. If you anticipate any significant amount to be in the account for longer than a few weeks, consider opening an interest-bearing account or a money market mutual fund to hold those proceeds.

   Contact each financial institution at which the deceased held an account to determine the number and balance at the date of death for all accounts there. You'll need at least the Letters Testamentary along with a certified copy of the death certificate. If other documents are required, the particular bank will apprise you.

   Some states require a release from the state taxing authority before account proceeds can be made available. This is typically not very difficult to obtain, especially if the beneficiaries are all either children or the spouse of the deceased.

   If any of the accounts are IRAs, there should be beneficiaries already named on them. You as executor will have no authority over an IRA account unless the deceased named his or her own estate as beneficiary. Practically speaking, however, you should advise the IRA beneficiaries (who, more often than not, are likely to also be beneficiaries under the will) to contact the bank for the necessary forms to submit in order to claim their money. Again, they too should expect to have to show at least the certified death certificate. Additionally, try to reconcile any differences between what you expected to find in the accounts and what was actually there. For example, if you have account statements from the previous year that show four certificates of deposit at XYZ Bank but only one is reported there currently, it's reasonable to assume that the others were probably cashed in or rolled over.

   You'll also need to obtain permission to open any safe deposit boxes that the deceased had. Again, local procedures can vary widely, so it' most prudent to simply ask the bank what they will need to let you in. Whether required or not, as an added precaution you should have a witness accompany you when inspecting the contents of the box, if there's any likelihood whatsoever that your veracity might be challenged by an interested party.

2. Notify the Social Security Administration of the decedent's death, and be prepared to return or refund any check received for the month of the death.
3. Calculate a projection of the estate's cash flow over the next few months using the best estimates that you have available, so you'll have a general idea of the estate's financial condition. List all fees, expenditures, and bill payments that you know will be coming due, and be sure to include a reserve amount for unanticipated expenses (because you will have some). Cash on hand (such as the deceased's checking account) and expected income (for instance, insurance settlements payable to the estate, final paychecks, etc.) should also be accounted for and listed with a future date. The same should be done for other assets such as CDs and financial accounts that will be liquidated during subsequent months and deposited into the estate fund.

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