Administering an estate that needs to go through a formal probate process requires a few tasks. As mentioned in the article Understand the Task in front of You, there is a preliminary list of tasks that need completion to close an estate. The initial task is to set up the formal probate process.

Setting up the Formal Probate Process

Initially, to begin the formal probate process, the attorney must send the will and other documents to the probate court. In the estate of my Uncle, the attorney requested the following documentation to properly begin the process:

1. A list of all the beneficiaries, including any charities, with their addresses and contact information.

2. Provide an inventory of assets that include estimated values of personal possessions, estimated balances for accounts, account numbers, the name of the financial institution, and designated beneficiaries assigned to any accounts.

3. The original will.

4. A copy of the death certificate.

Once I delivered the requested documentation to the attorney, we went over the documentation and talked about the next steps which included the following:

• The attorney would complete the documentation to submit to the probate court.

• Once the attorney completed the documentation, I would have to return to the office and sign documents related to my appointment as executor.

• Obtain an EIN number for the estate. (I completed this task myself since I am familiar with the process. Obtaining the EIN takes only a few minutes online using the link below).

In the beginning, setting up the formal probate process takes a lot of information gathering. However, once you completed gathering the information, you now have a checklist of tasks needed to settle the estate.

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Notes:

There are many sites where you can apply for an EIN number. I would recommend applying for the EIN number through the IRS using the following link: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online.

Also, probate laws are state specific. So, check with a probate attorney or an estate attorney that is familiar with probate law in your state.

Recommended Reading

The Executor’s Guide–The Executor’s Guide will give you information in the appendix on general probate laws for your state.