Estate Administration Checklist

People often ask for an Estate Administration Checklist for what Administrators After they Receive Letters of Administration. Below is the basic Estate Administration checklist.

1. Confirm That No Last Will & Testament Exists

• Conduct a thorough search for a Last Will & Testament before proceeding with administration.
• Check the following locations:
  • The Decedent’s personal records, safe deposit box, and attorney’s office.  You can obtain permission to search the safe deposit box and/or the Decedent’s residence. 
  • The Surrogate’s Court in the county where the Decedent lived.
  • The Surrogate’s Court in the country where Decedent previously lived.
• If a will is found, consult an attorney before proceeding, as probate may be required instead of administration.

2. Determine If a Fiduciary Bond Is Required (SCPA 805) – Estate Administration Checklist

• New York Surrogate’s Court Procedures Act (SCPA § 805) may require a fiduciary bond before the administrator can act.
• Check the Surrogate’s Court order granting Letters of Administration to determine if a bond is required.
• If required:
  • Obtain a bond from a licensed surety company.
  • File the bond with the Surrogate’s Court before proceeding with estate administration.
• If the court waives the bond (e.g., all interested parties consented), no further action is needed.

3. Secure Letters of Administration

• Obtain certified copies of the Letters of Administration from the Surrogate’s Court.
• Confirm the extent of authority granted in the Letters. If the Letters are limited to a certain function, then the fiduciary is only authorized to perform that function.

4. Obtain the Decedent’s Death Certificate – Estate Administration Checklist

• Request multiple certified copies for financial institutions, government agencies, and other purposes.

6. Obtain a Tax ID (EIN) for the Estate

• Apply for an Employer Identification Number (EIN) from the IRS (IRS EIN Application).

7. Open an Estate Bank Account – Estate Administration Checklist

• Use the EIN to open a bank account for estate transactions.
• Deposit estate funds and use this account to pay valid debts and expenses.

8. Marshal (Collect) Estate Assets

• Locate and take control of the decedent’s assets:
  • Bank accounts
  • Real estate
  • Stocks, bonds, investment accounts
  • Personal property (vehicles, jewelry, collectibles)
  • Life insurance (if payable to the estate)
  • Retirement accounts (if payable to the estate)
• Notify financial institutions of the decedent’s passing.
• Don’t forget Unclaimed Funds and those pesky Computershare stocks)

9. Identify Creditors – Estate Administration Checklist

• Review outstanding debts and bills.
• Determine the priority of debts and ensure proper payments in accordance with SCPA Article 18.

10. Pay Valid Debts and Expenses

• Pay funeral expenses, last medical bills, taxes, and verified creditor claims.
• Keep receipts and detailed records of all payments.

11. Obtain Appraisals for Estate Tax Filings (If Required)

• If the estate is subject to federal or New York State estate tax, appraisals may be required for:
  • Real property (homes, commercial properties, vacant land)
  • Business interests
  • High-value personal property (art, jewelry, collectibles)
• Hire a licensed appraiser to determine fair market value as of the date of death.
• Use the appraisals to properly report asset values in tax filings.

12. File and Pay Taxes – Estate Administration Checklist

• Income Taxes:
  • File the decedent’s final personal income tax return (IRS Form 1040 & NYS IT-201).
  • File any estate income tax returns (IRS Form 1041 & NYS IT-205) if the estate generates income.
• Estate Taxes (if applicable):
  • File federal estate tax return (Form 706) if the estate exceeds the federal exemption threshold.
  • File New York State estate tax return (Form ET-706) if required.

13. Sell or Transfer Estate Property

• Transfer assets in accordance with New York’s intestacy laws.
• Obtain court approval before selling real estate (if necessary).
• Execute and file required deeds, stock transfers, and vehicle title changes.

14. Settle the Estate Accounting (Formal or Informal)

• The Administrator must account for all estate transactions, including income, expenses, and distributions.
• Estate accounting can be settled in two ways:
  1. Informal Settlement (Receipts and Releases)
     • The Administrator prepares an Informal Accounting, listing all assets collected, payments made, and distributions to heirs.
     • Each heir signs a Receipt and Release, confirming they received their inheritance and releasing the Administrator from further liability.
     • What is a Receipt and Release?
       • A legal document signed by a beneficiary acknowledging receipt of their full inheritance.
       • The beneficiary agrees that they have no further claims against the Administrator or the estate.
       • This method avoids formal court proceedings.
  2. Formal Settlement (Judicial Accounting & Court Order)
     • The Administrator files a Judicial Accounting with the Surrogate’s Court.
     • The court reviews and approves the accounting, and issues an Order of Settlement.
     • This process is often required if:
       • There are minor or incapacitated beneficiaries.
       • A beneficiary disputes the administration of the estate.
       • A more formal resolution is preferred.

15. Distribute Estate Assets to Heirs

• Distribute remaining assets according to New York intestacy laws.
• If settling informally, obtain Receipts and Releases from distributees or distribute based upon Court Order.
• Ensure all distributions are properly documented.

16. Close the Estate

• Retain records for future reference
• If the estate was settled informally, retain all Receipts and Releases in case of future disputes.
• If the estate was settled formally, file a Petition for Discharge and obtain a Court Order closing the estate.

Contact an experienced Estate attorney for assistance navigating the Estate Administration Checklist

Additional resources provided by the author

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For more information, please contact NYC Probate Litigation, Guardianship, Probate, and Estate Planning attorney Regina Kiperman:

Phone: 917-261-4514
Fax: 929-556-2089
Email: rkiperman@rklawny.com

Or visit her at:
40 Wall Street
Suite 2508
New York, NY 10005
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