Being an Executor 101
Months of paperwork, not years of law school.
In short
Being named executor makes you the estate's project manager and its fiduciary, legally bound to act in the estate's interest. It is months of paperwork, not years of law school. You can say no. You can get help. And you can be paid, if you choose.
The job, honestly
File the will and open probate. Get your letters, the court paper that makes banks talk to you.
Secure and inventory everything. Notify creditors, agencies, institutions.
Pay valid debts and taxes from the estate. Distribute what remains. Account for all of it, and close.
Typical timeline: months to more than a year, mostly waiting on institutions.
Three rules keep you safe
Never mix money; open an estate account and run every dollar through it.
Paper everything; receipts, letters, dates.
Distribute last; paying heirs before creditors is the classic mistake, and it comes out of your pocket.
You do not have to do this alone, or at all
Declining is allowed; the court appoints an alternate.
Attorneys and accountants are paid by the estate, not by you.
Executor compensation is lawful; some states set a formula and others allow reasonable compensation. Waiving it is sometimes wise for family peace, but that is your call, not their entitlement.
Watch-outs
- Do not pay estate debts from personal funds.
- Do not let anyone take just the watch before inventory.
- Do not miss tax deadlines.
- And one more truth: executors grieve too, usually last. Our guide on the handler's grief is for you.
Sources
- Duties of the personal representative, including keeping estate assets separate from your own, keeping complete records, and notifying creditors, with personal liability for failuresopens in a new tab
- Fiduciary duties when managing money or property for someone elseopens in a new tab
- The executor settles the deceased person's debts from the estate, and family members do not usually pay from their own moneyopens in a new tab
- Final income tax returns, estate income tax returns, and the estate administrator's tax responsibilitiesopens in a new tab
- Court appointment and letters, and fees to administer the estate are generally set by law as a percentage of the estate's valueopens in a new tab
Related
- The executor's master checklist
- Opening an estate account
- Probate 101
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