The will has been probated, the personal
representative has qualified and you are sitting down to ascertain
what the assets of the estate are, where they are; and whether they
are to be transferred, liquidated or a little of both. To determine
whether the estate is subject to the federal estate tax and the New
Jersey estate tax, you will need to determine the value of the assets
as soon as possible. The most efficient way to accomplish this is with
a checklist. While we do not have the space here to reproduce a
checklist, we will give you the important items in order that you may
fashion your own list.
The heading of your checklist should include
the decedentís name, social security number, last address, date of
domicile (for stock transfer purposes and for the federal estate tax
return), spouseís name, address, date of death, date of birth.
The next items will include information as to
the will or lack thereof, name and address of personal representative,
social security number of personal representative and a list of the
heirs or beneficiaries, giving their addresses and ages. You should
also leave a few lines for any additional information such as
information as to renunciations needed, etc.
You are now ready to list the assets of the
estate, starting with real property, location, how held, whether it is
rental property, income derived, values, mortgages, liens, etc.
The next category will be personal property.
These items will include:
- Bank Accounts
- Time Share/Co-Op
You should also have a section relating to
insurance. Name, address of company, name of beneficiary, policy
numbers, face value, etc. You will also need to obtain a #712 for the
policies if you have an estate subject to federal estate tax. Also you
need to know if the decedent was receiving any annuities as of the
date of death.
You should also have a section on whether or not
there was a safe deposit box, the contents thereof - the name and
address of decedentís employer, if any, to ascertain death benefits,
pensions, etc. Did the decedent own a business, have any interest in a
business, corporation or partnership? Ask for a copy of the prior yearís
income tax return to examine and to transmit to the inheritance tax
bureau with that return.
Also have a miscellaneous section to cover debts
of the decedent and miscellaneous information.