ESTATE ADMINISTRATION CHECKLIST OF INFORMATION THAT NEEDS TO BE COLLECTED IN ORDER TO PREPARE AN INVENTORY, TAX RETURNS AND OTHER PROBATE REPORTS

I. ESTATE ASSETS--For each asset in the name of the decedent

at death:

A. Real Estate--For each parcel of real estate:

1. A copy of the last real estate tax bill or tax assessment.

2. In addition to the street address, a copy of the deed, survey or title insurance policy to the property so that the correct legal description is available

3. A professional appraisal (or, in the case of property

owned jointly by husband and wife, a market analysis from a real estate agent).

B. Bank Deposits--For each bank account or bank certificate of deposit, a letter from the bank stating:

1. The name of the bank.

2. The account number.

3. The name (or names) appearing on the account.

4. The balance of the account upon the date of death.

5. The amount of interest accrued to the date of death, but not yet credited.

C. Stocks--For each publicly traded stock:

1. The name of the issuing corporation.

2. The class of stock (i.e., common or preferred).

3. The number of shares held at death.

4. The CUSIP number and "ticker symbol" for the security.

5. The fair market value of the shares on the date of death.

6. If the stock was "ex dividend" on the date of death, the amount of the dividend.

D. Bonds and Notes--For each publicly traded bond or note:

1. The name of the issuing corporation, government, or authority.

2. The face amount of the bond or note.

3. The date of issue and date of maturity.

4. The stated rate of interest.

5. The CUSIP number for the bond or note.

6. The fair market value of the bond or note on the date of death.

7. The amount of unpaid interest accrued to the date of death.

E. Closely Held Businesses--For each private corporation or partnership in which the decedent had an interest:

1. Copies of financial statements for each of the five fiscal years preceding the date of death and a financial statement for the year of death as soon as it is available.

2. A copy of any shareholder agreement or partnership agreement.

3. If the corporation or partnership owns real estate or equipment that may have appreciated in value, it may be necessary to obtain an appraisal of the properties.

F. Other Notes--For each note or mortgage for which no market exists:

1. The name of the maker of the note or mortgage.

2. The face amount of the note or mortgage.

3. The date of the note or mortgage and the date of maturity.

4. The stated rate of interest.

5. The amount of unpaid interest accrued to the date of death.

6. A description of the security for the note or the property subject to the mortgage.

7. Any other information relevant to the fair market value of the note or mortgage, such as a history of defaults or late payments, the value of the security, or the creditworthiness of the maker.

G. Tangible Personal Property--An appraisal of household furniture, furnishings, jewelry, silver, china, appliances, automobiles, and other personal effects is recommended, particularly if there are items of particular value (e.g., antiques, fine art, or collections).

ASSETS JOINTLY OWNED WITH HUSBAND OR WIFE--In Illinois, all assets in the names of both husband and wife are presumed to be owned as joint tenants and so pass automatically to the surviving spouse. However, one half of those assets are still included in the gross estate for federal estate tax purposes, and so the same information will be needed as for assets in the name of the decedent alone.

ASSETS JOINTLY OWNED WITH OTHERS--Assets in the names of the decedent and one or more persons other than a surviving spouse may pass automatically to the surviving co-owners if the surviving co-owners have rights of survivorship. However, the entire value of an asset will be subject to federal estate tax unless the surviving owners can prove that they contributed to the purchase of the asset. Therefore, the same information is needed for jointly owned assets as for assets in the decedent's name alone and the following additional information will be required:

A. A copy of the title to each asset should be provided so that it can be determined if the asset passes to the co-owners or is part of the estate that passes under the will.

B. For federal estate tax purposes, please provide whatever evidence is available to show the contribution of each surviving owner to the purchase of the property.

GIFTS---For federal gift tax purposes, the following information will be needed with respect to each gift of the decedent made in the year of death

A. Name, address, and Social Security number of the recipient.

B. Date of gift.

C. Amount or description of gift. If gift was in property, the description should include the same information as that required above for an asset of the estate, including the fair market value on the date of the gift.

LIFE INSURANCE--For each policy of insurance on the life of the decedent, a Form 712 will be needed from the insurer.

RETIREMENT BENEFITS AND ANNUITIES---If any amount is payable to the estate or any beneficiary by reason of the decedent's death under any pension or profit-sharing plan, individual retirement account, stock option plan, annuity contract, employment agreement, or other arrangement, please provide:

A. A description of the plan, contract, or other arrangement.

B. The name, address, and Social Security number of the beneficiary.

C. The amount payable to the recipient as of the decedent's death.

ESTATE RECEIPTS-For each cash receipt after the date of death, either in the name of the decedent or in the name of the estate of the decedent:

A. The name of the payor.

B. The amount of the payment.

C. The date of the check.

D. The date received or deposited.

A brief explanation of the reason for the receipt (i.e., dividend, insurance refund, or such) or a copy of the disbursement memo, letter, or other documentation accompanying the receipt.

ESTATE DISBURSEMENTS---For each cash disbursement from the estate, and for any payment after death for any medical expenses of the decedent, any funeral expenses, legal expenses, accounting expenses, debts (including taxes) in the name of the decedent, or other expenses incurred by reason of the death of the decedent or in connection with the property of the decedent:

A. The name of the payee.

B. The amount of the payment.

C. The date of the check.

D. A brief explanation of the reason for the payment (i.e., debt, expense, or such) or a copy of the invoice or bill being paid.

If the decedent had a Court Guardianship before death, then the Guardian can only collect amounts owed to the Guardianship estate and cannot pay out any sums for debts of the decedent, even if incurred before death. All debts of the decedent must be paid out of the decedent's estate.

ESTATE BENEFICIARIES---Please provide the name, address, and Social Security number of each beneficiary of the estate. If any beneficiary is a minor (i.e., under the age of eighteen), please provide the minor's birth date.

OTHER INFORMATION--Please also provide copies of:

A. The last federal and state income tax returns filed by the decedent.

B. The last personal property tax return filed by the decedent.

C. Any trusts created by the decedent during his or her lifetime.

D. Any gift tax returns filed by the decedent.

E. Any trusts in which the decedent had any interest.

F. If the decedent was divorced, a copy of the divorce decree and separation agreement (or supply the name of the previous husband or wife and the date of the death or divorce).

G. Any premarital agreement entered into by the decedent.

H. The names and addresses of the decedent's accountant, insurance agent, stock broker, and any other tax or investment advisors.

Every estate must be closed and in order to arrive at the day it is a good idea to have a timetable for the events that are involved in an estate: