1. Manage the assets and debts

Keep detailed accounts of how you manage the . This includes:

copies of all documents, receipts, statements, and appraisals related to the estate
a record of all the steps you took to administer the estate and how long it took to complete each task.

Make sure you can explain everything you did on behalf of the estate.

Estate bank account

It's important to keep all money of the estate separate from your own money or bank account.  

You should open an estate bank account to:  

deposit estate funds, including money from selling estate or investments 
pay the estate's taxes and

Selling assets

To sell a car, get a safety certificate and pay off any car loan. 

When selling real estate, like a house, you may need to empty it first. It's best to talk to the before using estate money for any major expenses like renovations.  

You must sell assets at the fair market value. That's the price a reasonable buyer would pay. Keep estimates from real estate agents or appraisers.  

If you plan to sell assets to your relative or to another beneficiary, all beneficiaries must agree to all the terms in writing before the sale. 

Pay debts 

Make a list of the estate's debts, for example, rent, mortgages, lines of credit, credit cards, and car loans.

You can put a “Notice to Creditors and Claimants” in a local newspaper or online publication asking people to contact you if the person who died owed them money.  

Ask for written proof of any claim. If the claim is valid, pay it from the estate and keep receipts to prove you paid it. If you're unsure about a claim, speak with a lawyer before paying the debt.  

Income tax 

Make sure that the person's income taxes for all previous years are filed and the taxes are paid.  

File a final return for the year in which the person died. And a separate tax return for the estate for the time after the person died. There may also be other taxes that need to be paid. 