Pay the estate's bills, debts, and taxes
Once all assets have been cataloged and collected, the executor or administrator must pay all outstanding bills, debts, and taxes of the deceased.
The estate’s bills and debts must be paid before the executor or administrator can give the remaining estate assets to surviving family members, heirs, and beneficiaries.
Tasks
- Keep accurate records of all estate bills, debts, taxes and other expenses
- Validate estate debts
- Sell estate goods if necessary
- Determine estate solvency
- Review payment priority order
- Pay funeral expenses
- Pay medical bills
- Pay other bills and estate expenses
- Submit tax returns for the deceased
- Submit tax returns for the estate
- Pay estate administrative expenses
