Locate and secure deceased person's assets and then sensibly manage them during probate process, which commonly takes about a year. Depending on contents of will, and financial condition of estate, this may involve deciding whether to sell real estate or securities owned by deceased person.

Handle day-to-day details, such as terminating leases, credit cards and other outstanding contracts, and notifying banks and government agencies—for example, Social Security Administration, post office, Medicare and Department of Veterans Affairs—of death. Set up an estate bank account to hold money that is owed to deceased person—for example, paychecks and stock dividends.

Pay continuing expenses—for example, mortgage payments, utility bills and homeowner's insurance premiums. Pay any debts that estate is legally required to pay.

The executor must also notify creditors of probate proceeding. State law will define required method of notice. Creditors have a certain amount of time—usually about four to six months—to file a claim for payment of any bills or other obligations you have not voluntarily paid. The executor decides whether a claim is valid. Pay income taxes. Federal tax returns must be filed for year in which person died. Pay estate taxes if necessary. It is unlikely, but state and federal estate tax returns may be required. Only very large estates owe federal estate tax; for deaths in 2001, if someone leaves less than $675,000 worth of property, no federal estate tax is due. (And any amount of property left to a surviving spouse who is a U.S. citizen is estate tax-free.) This exempt amount is set to rise until it hits $3.5 million in 2009, and federal estate tax is scheduled to be repealed in 2010. However, tax will reappear in 2011 unless Congress extends repeal.

Most states do not collect estate taxes of their own, but take a piece of federal taxes due, if any. Some states impose inheritance tax; rates depend on who inherits property. Check with your states' taxing authority. Supervise distribution of property—such as cash, personal belongings and real estate—to people or organizations named in will. When debts and taxes have been paid and all property distributed to beneficiaries, ask probate court to formally close estate. Being an executor involves lots of details and handling many mundane tasks. So, some may think that being meticulous is most important attribute to look for when naming executor of your will. However, I think trust is really characteristic you want for your executor.

Others choose someone who stands to inherit a substantial amount of their property. Naturally, a person with an interest in outcome is likely to be conscientious in managing your affairs after your death. When you consider alternative, that executors are only paid a small percentage of estate (the exact amount is state regulated) you will want to choose someone who will honor their fiduciary responsibility and is willing to do job.

Ref: Guiding those Left Behind in Pennsylvania, Amelia E. Pohl, Esq. And Harold N. Fliegelman, Esq., and Nolo’s Encyclopedia of Everyday Law, edited by attorneys Shae Irving, Kathleen Michon & Beth McKenna

How to conduct your home inventory

Now that you know what you need, here’s how to get started:

1)Systematically go through your house or apartment one room at a time*. 2)List down each item in room, including contents of desks, drawers, closets, etc. 3)Describe each item as completely as possible, recording all details as discussed in previous section. 4)When you’ve finished all rooms in your house, don’t forget garage, patio, outside buildings, etc.

*You might be tempted to skip from one room to next recording “high dollar” items only. But, while this is better than nothing, remember that “little items” can really add up also, and in event of a disaster, these items might be most difficult to remember.

What’s next?

Ok, so after you’ve completed your home inventory you know what you have and how much it’s worth. Great! Now review your home insurance policy - Are you over insured? Under insured? Perhaps for first time, you can answer this question easily by comparing your policy amount to total value of your household items.

Remember, if you store your home inventory list in your home, it could be destroyed along with your belongings. Whether your home inventory consists of a written list, diskette, cd-rom, paper report, photographs, or whatever, be sure to store it in a safe place - preferably in another location such as at your work place, a friend’s house, or in a safe-deposit box.

Don’t put it off!

Perhaps you’ve been reading this article and thinking about creating your own home inventory. Get started now while it’s fresh in your mind!

If you have just moved into an apartment or house, starting your home inventory may be an easy task. This is a great time to begin organizing your home inventory. If you’ve been living in your house for awhile, however, you may have a lot of work to do. Now is time to start! Plan to inventory at least one room in your house this week, and continue one room at a time until you’re done.