As acting executor, while waiting for your authorization letter from the probate court, use the time to set up a temporary home office. A temporary home office will help you organize the estate and allow you to work from home. Additionally, set up the temporary home office in a way that allows you to work efficiently by keeping estate business separate from your personal business.

Gathering Important Documents

The main purpose of a temporary home office is organization. Usually, important documents and other property needed to settle an estate are buried in clutter at the decedent’s home. It is important to find these items and move them to your temporary home office to avoid losing them. The following documents are necessary in a formal probate administration:

1. The deed to the house if the decedent owned the home.
2. If the decedent was a landlord, obtain the lease and account information regarding the security deposit.
3. Statements related to the accounts listed on the Inventory of Assets.
4. The title to the car if the decedent had a car.
5. Three years of filed tax returns and any amended returns. If a return was amended in the past three years related to a return filed five years ago, you will need to retain the return that was amended.
6. If the decedent was self-employed, retain the documents related to their business activity.
7. The home and car insurance policies if necessary.

Setting Up the Home Office

At this point, you don’t have to think of everything. You can always go back to the decedent’s home and get what you need. However, don’t throw out any documents until you know they are useless.

Once you have retained all the documents, put them in storage boxes and bring them to your temporary home office. As a matter of convenience, use the storage boxes for filing purposes. Moreover, buy some hanging file folders and hang them inside of the storage boxes. In the end, you will have a temporary, efficient filing system where you can file the retained documents. As a recommendation, set up the following three filing boxes:

1. Use one filing box for all the miscellaneous documents related to property listed on the Inventory of Assets and other property of the decedent.
2. Use the next filing box for taxes. File all the documents needed to complete the estate tax returns. Also, put in this file all the tax returns relevant to the decedent from #5 above. 
3. Use the last filing box for the home and any other real estate the decedent may have owned.

After you filed the retained documents in the proper filing boxes, place them on a table or a desk away from your other personal business. At this point, you’re ready to efficiently claim assets using your Inventory of Assets for your checklist. After closing the estate, put the cover on the three storage boxes and keep them for three years.

Note:

To understand the document Inventory of Assets, refer to the article Setting up the Formal Probate Process Part 1.

Would you organize an estate administration differently? Please add your comments in the  comment box below.