Free Survivor Checklist

After considering the needs of a spouse, children are often the next most likely beneficiaries of an estate. If there are minor children and the Decedent's spouse is not living, the Decedent may have provided for a trust for the children. It may be necessary to appoint a guardian for children who are not yet 18 years old. If so, the will probably states who should be the guardian.

It is very important to provide complete information regarding the children, including birth dates.

It is important to know whether all of the Decedent's children are also the children of the Decedent's spouse. If this is not the case, the children and the spouse may each have separate rights under applicable state law. Further, they may have competing interests in distributions from the Decedent's estate. Therefore, it is important to have clear details regarding children of the Decedent and the identity of the children's other parent(s).

It is important to be aware of the circumstances of the death. For example, some life insurance policies pay an additional benefit if the Decedent's death was the result of an accident. If the death occurred "on the job," the Decedent's estate or family may have a claim against the employer or others whose negligence may have contributed to the death.

The cause of death will be listed on the death certificate. It is very helpful, and sometimes a requirement, to obtain a death certificate. Death certificates can usually be obtained from a local city or county government office.

The Decedent's debts will need to be paid. If the Decedent does not have sufficient assets to pay the debts in full, it may be necessary to use the state's probate system to address the non-payment of such items. In some cases, with the help of an attorney, it may be possible to make satisfactory arrangements with the creditors without using formal probate.

Include mortgages, deed of trust obligations, home equity loans, other consumer loans, education loans, credit card balances, and other loans. An estimate of the outstanding amount still owed is acceptable. Including contact information is very important.

See also Expenses and Bills.

It is important to have information regarding the Decedent's current employer (or past employer if the Decedent is retired). There may be unpaid wages, holiday pay, or other wages to collect. In addition, there may be life insurance, retirement plan benefits, and medical benefits to collect. Frequently, employers will have a designated person or department who can help with forms and information.

In most cases, the Decedent will have either a will, or a living trust plus a short "pour over" will that supplements the living trust. There may be other estate planning documents as well. The Decedent's personal papers should provide some indication as to where copies of these estate planning documents can be found. Often copies are kept in safe deposit boxes or with the Decedent's lawyer. These copies will be needed. Estate planning documents may include the following:

• Will (including codicils)
  
• Living trust and short "pour over" will (including amendments)
  
• Life insurance trust
  
• Charitable trust
  
• Other trust
  
• Written list explaining who should receive personal property (e.g., jewelry)
  
• Gift tax returns

The Decedent likely had at least a few routine monthly expenses. These expenses, may include utility bills, telephone, rent, and other housing or living costs. In addition, the Decedent may have had unpaid medical expenses, funeral costs, and other expenses. These items will need to be paid or otherwise resolved with the creditors.

Be sensitive to insurance bills that are unpaid at the time of death or that are received after the date of death. For the protection of the Decedent's assets, it is usually important to keep such policies paid up and in force for some period of time after the death.

See also Debts.

When looking through the Decedent's financial records and correspondence, be sensitive to information that will help you contact the Decedent's legal and financial advisors. Names, addresses, phone numbers, e-mail addresses, and other contact information for these advisors will be very helpful. Such advisors may include:

• Attorneys
  
• Accountants and tax return preparers
  
• Financial planners
  
• Investment brokers
  
• Insurance agents
  
• Bankers
  
• Employer benefits officer

Life insurance proceeds are distributed in accordance with a beneficiary designation completed by the owner of the policy. Therefore, it is important to know who was designated. This information can usually be obtained by reviewing information that accompanies the policy. It can also be obtained from the life insurance company.

Application forms will need to be obtained, usually by contacting the Decedent's insurance agent or the life insurance company. The forms must then be completed and filed with the insurance company to obtain the insurance proceeds. In most cases, an original copy of the death certificate must be submitted with the application.

For many estates, the life insurance will consist of one or more policies owned by the Decedent and which insure the Decedent's life. The Decedent may also have life insurance through an employer group policy. Often veterans of the U.S. military have at least a small life insurance policy.

Less frequently, the Decedent will have set up a life insurance trust that owns insurance on the Decedent's life. In such cases, it is important to contact the trustee of the life insurance trust.

It is also possible the Decedent owned life insurance policies that insured someone other than the Decedent. Such policies may have value that must be included in the Decedent's estate for estate tax purposes.

Information regarding the Decedent's marital status is very important. A surviving spouse is often the primary beneficiary under the Decedent's will or trust arrangements, and often is the primary beneficiary of life insurance and retirement plan benefits. In addition, a surviving spouse usually has specific rights under applicable state law.

In many estates, the only beneficiaries are the spouse and children. However, in other cases other family members, friends, charitable organizations, and other individuals will be named as beneficiaries.

Heirs are persons who would be entitled to distributions from the estate if the Decedent did not have a will or other estate planning documents to distribute the Decedent's property. All states have laws that define who "heirs" are. Usually, these definitions include spouses and children as first priorities. However, if a child has died before the Decedent, and if the child had living children (the Decedent's grandchildren), such grandchildren would also be heirs of the Decedent. For estates where the Decedent did not have descendants or a spouse, parents and siblings of the Decedent are usually the heirs.

In many cases, the heirs are the same as the beneficiaries under the will or other estate planning documents. However, in some cases heirs are not named in such documents as beneficiaries. For example, a child or grandchild may be omitted intentionally.

When completing this section, include information regarding all beneficiaries named in the will and other documents. If a beneficiary is not living, include information regarding that beneficiary's children/heirs. If you are in doubt, it is a good idea to prepare a family tree for use by a lawyer or other advisor who will be helping with the estate.

For the "Tax ID No." enter a social security number if the responsible person is an individual, and an employer identification number if the "reponsible person" is not an individual (e.g., a bank; 42-1567890).

Include information regarding other property that was owned by the Decedent. You can include summary information by categories with your best estimate as to values. Typical categories include:

• Cash accounts (checking, savings, certificates of deposit, money market accounts)
  
• Investments (stocks, bonds, mutual funds)
  
• Business Property (partnerships, corporations, equipment)
  
• Personal Property (furnishings, jewelry)
  
• Vehicles
  
• Other Assets

The rights of a surviving spouse can be affected by the terms of a premarital agreement between the Decedent and the surviving spouse. Therefore, you should be sensitive to the possibility that a premarital agreement exists, particularly, if

• The marriage occurred later in the Decedent's life.
  
• The Decedent had children from a prior marriage.
  
• The Decedent had significant wealth before entering into the marriage.

Information regarding prior marriages can be important. For example, a divorce decree might provide for child support or alimony payments as obligations of the estate. The decree might include information regarding entitlement to life insurance proceeds or retirement plan benefits.

Ownership of real estate is particularly important. It can be owned "jointly with rights of survivorship" which means that the surviving joint tenant(s) become the owners when one joint owner dies. You can also own property jointly as "tenants in common" which means that the part owned by a joint owner who dies does not automatically become the property of the other joint owners. Instead, it usually is distributed in accordance with the deceased owner's will. Some states have "community property" laws which have special rules that apply when an owner dies.

It is important to obtain accurate information regarding the real estate. A safe deposit box may have important real estate documents including a deed, abstract, or title insurance policy.

It is important to obtain contact information regarding the persons who will be responsible for handling the Decedent's estate. Initially, names, phone numbers, and addresses are the most important items of information. In some cases, it may also be necessary to obtain social security numbers or other identification numbers. The list of responsible people can be short (e.g., one or two people), or it may include five or six parties (including trust departments) in more complex situations. The names of such people can be found in wills and other estate planning documents and can include:

• Executors (or Personal Representatives)
  
• Trustees
  
• Guardians (for minor children)
  
• Surviving spouse or other key family member(s)

Proceeds and benefits from retirement plan accounts are distributed in accordance with a beneficiary designation completed by the owner of the accounts. Therefore, it is important to know who was designated. This information can usually be obtained by reviewing information that accompanies the accounts. It can also be obtained from the employer or other institution who administers the account.

Application forms will need to be obtained, usually by contacting the employer or the institution that handles the account. The forms must then be completed and filed with the employer or institution to obtain the retirement proceeds. In most cases, an original copy of the death certificate must be submitted with the application.

The typical place to start looking for legal and financial information is the residence of the Decedent. A desk, file, or home safe where papers and records are kept may provide very helpful information. In addition, the Decedent's mail usually provides (over a period of several months) a wealth of information regarding assets, liabilities and other useful information.

You should also be looking for evidence that the Decedent owned a safe deposit box at a bank or other financial institution. You may find a safe deposit key or other written record that shows where the safe deposit box is located.

Safe deposit boxes often include very important information including:

• Copies of wills, trusts, and other estate planning documents
  
• Life insurance policies
  
• Other insurance policies
  
• Real estate records
  
• Jewelry and coin collections
  
• Stock certificates and bonds
  
• Birth certificates
  
• Marriage certificates
  
• Photos
  
• Military records

1. The Survivor Checklist is not a legal document and does not need to be signed.

2. Certain information may not be available at the time the checklist is created. The program will print blank lines, and the information can be written on the printed document. Or, to print an updated document, open the saved document and enter the missing information.

When someone dies (referred to as a "Decedent"), the Decedent's surviving family members and/or friends need to gather up the Decedent's assets, pay any debts and expenses, and distribute the Decedent's remaining property to the proper beneficiaries. In many cases, tax issues will need to be addressed. Different procedures will be required, depending on the type of assets that the Decedent owned, the specific details of the Decedent's estate plan, and the circumstances that exist at the time of death.

The Survivor Checklist helps you organize the Decedent's personal, legal, and financial information for the benefit of the persons who will be responsible for handling the estate, often a close family member and a lawyer. The family member is often appointed as the "Executor," "Administrator," or "Personal Representative" in accordance with formal probate proceedings. This program uses the familiar term "Executor."

This program assumes that the Decedent had a written will that might be "admitted to probate" so that the Decedent's wishes as stated in the will can be followed. It is not always necessary to use probate to accomplish the Decedent's estate plan, and an attorney can help you with that decision. The information gathered by using this Survivor Checklist is also helpful where the Decedent did not have a will. For example, if the Decedent used a living trust instead of a regular will to state his/her wishes, this checklist would also be helpful for that situation.

If the Decedent did not file income tax returns for the most recent year, that task will probably need to be done. In some cases, a federal tax return will not be required because the Decedent's income was too low. However, that decision should be made only after carefully reviewing all of the assets and income of the Decedent with a tax advisor. In a few states, there is no state income tax filing requirement.

Tax returns often include information that helps identify or confirm assets owned by the Decedent. For example, a tax return may include a listing of interest income that helps locate a certificate of deposit with a bank where the Decedent had no other accounts.