What Does an Executor Do?
An executor is the person named in a will to manage the estate. After the court appoints them, they locate the will and assets, notify heirs and creditors, protect property, pay valid debts, final bills and taxes, keep records, and distribute what remains to beneficiaries as the will directs. Executors are fiduciaries who must act honestly and in the beneficiaries' interest, and they are usually entitled to reasonable compensation.
Being named executor is an honor and a job. It can take months of work and comes with legal duties (Cornell LII).
First steps after the death
- Find the original will.
- Get multiple certified death certificates.
- Secure the home, vehicles and valuables; keep insurance in force.
- Notify Social Security, banks, and the deceased's employer.
- Forward mail and cancel subscriptions.
Getting authority
The executor files the will with the probate court and asks to be appointed. The court issues letters testamentary, which banks and others require. See how probate works.
Core duties
- Inventory assets and get valuations.
- Open an estate bank account, using an employer identification number from the IRS; never mix estate funds with personal money.
- Notify creditors and review claims; pay valid debts in the order state law requires.
- File tax returns: the final individual income tax return, estate income tax returns if the estate earns income, and an estate tax return if required (IRS).
- Manage property: maintain real estate, sell assets if needed, collect money owed.
- Keep records of every transaction.
- Distribute assets to beneficiaries, getting receipts.
- Close the estate with the court.
Our executor checklist lists the tasks in order.
Fiduciary duty
Executors owe duties of loyalty and care to the beneficiaries (Cornell LII). They should not favor themselves, sell estate property to themselves at a discount, or delay without reason. Breaches can make an executor personally liable.
Pay
Executors are usually entitled to compensation, set by state law, the will, or the court, and to reimbursement of reasonable expenses. Family members often waive fees.
When co-executors disagree
Co-executors often must act jointly. If they cannot agree, they can try mediation or ask the probate court for instructions. A court can remove an executor who is not performing.
Can you decline?
Yes. You can decline the appointment, or resign later with court approval; an alternate named in the will or another person is then appointed.
An estate planning lawyer can advise executors and reduce personal liability risk.
Sources
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This article is general legal information, not legal advice, and reading it does not create an attorney-client relationship. Laws differ by state and change over time; talk to a licensed attorney in your state about your situation.