What is an executor?
An executor (sometimes called an executrix for a female) is the person named in a decedent’s will—or appointed by a court if no valid will exists—who is legally responsible for administering the estate and carrying out the deceased person’s last wishes. Duties commonly include locating assets, paying debts and taxes, and distributing what remains to the beneficiaries. The role often requires opening and administering a probate estate and working with courts, tax authorities, creditors, and heirs.
Key takeaways
– An executor implements the directions in a will and usually supervises probate.
– The executor must identify and protect estate assets, pay bills and taxes, settle creditor claims, and distribute inheritances.
– An executor can be a family member, friend, attorney, or other professional; the person should be trustworthy, organized, and usually at least 18 and not recently convicted of a felony (rules can vary by state).
– A trustee administers a trust; an executor administers a will. One person can serve as both, but they are distinct legal roles.
– Gifts named in a will are called bequests or legacies.
– Executors can be beneficiaries, but that can create conflicts and potential disputes.
Who can be an executor?
– Any competent adult selected by the testator (the person making the will).
– If a will names no executor or the named person cannot serve, the probate court will appoint an administrator or personal representative (different states use different terminology).
– Professional executors (attorneys, banks, trust companies) can be hired; they will charge fees that come out of the estate.
Executor duties (overview)
Major responsibilities include:
– Locate and secure the decedent’s original will and other estate planning documents.
– File the will and open probate if required by state law.
– Obtain certified copies of the death certificate.
– Identify, inventory, and safeguard estate assets (bank accounts, real property, investments, personal property).
– Notify beneficiaries and creditors; publish notice to creditors if required.
– Pay valid creditor claims and ongoing bills from estate funds.
– File the decedent’s final income tax return and any required estate tax returns; pay estate taxes.
– Manage estate assets during administration—insure real estate, maintain property, invest cash prudently.
– Prepare an accounting for the probate court (if required).
– Distribute property to beneficiaries according to the will and court approval.
– Close the estate and file final documents with the court.
Practical step-by-step checklist for acting as executor
Immediate steps (first 0–2 weeks)
1. Locate will and other key documents: original will, trust documents, deeds, insurance policies, stock certificates, account statements, beneficiary forms, previous tax returns.
2. Get several certified copies of the death certificate from the funeral home or vital records office.
3. Notify close family and named beneficiaries of the death.
4. Secure property and valuables (home, vehicles, safe-deposit box), and change codes/locks as necessary.
5. Contact institutions that administer survivor benefits (Social Security, pensions) to stop benefit overpayments and inquire about survivor benefits. (See Social Security Administration: Survivor Benefits.)
6. Consult an attorney experienced in probate/estate administration if the estate is complex, contains real estate in multiple states, or has potential creditor or tax issues.
Opening probate and early administration (2–8 weeks)
1. File the will and petition to open probate in the appropriate state probate court.
2. Apply for appointment as executor (often called “personal representative”); court will issue Letters Testamentary or Letters of Administration.
3. Notify known creditors and publish notice to creditors if required by state law.
4. Inventory estate assets and file inventory with the court if required.
Ongoing administration (1–12 months)
1. Pay valid debts, funeral expenses, and ongoing bills using estate funds.
2. Prepare and file the decedent’s final federal and state income tax returns; file estate tax return if the estate exceeds federal/state filing thresholds. (See IRS Publication 559 and IRS Estate Tax information.)
3. Maintain records: receipts, disbursements, bank statements, correspondence—these are essential for final accounting and to protect against beneficiary challenges.
4. Address disputes and creditor claims through the court process.
Closing the estate (usually months to a year or more)
1. Obtain court approval of accounting and distributions (if required).
2. Distribute remaining assets to beneficiaries per the will.
3. File final accounting and petition to close the estate; obtain court discharge to relieve personal liability.
4. Provide beneficiaries with documentation of distributions.
Timing: there is no fixed timeline—probate can take a few months for simple estates to several years for complex ones or if there are contests.
Important practical details and rules
– Beneficiary designations override wills for certain assets: assets with designated beneficiaries—retirement accounts (401(k), IRA), payable-on-death (POD) bank accounts, life insurance—pass directly to the named beneficiaries regardless of what the will says, unless no beneficiary is named. Make sure to check beneficiary forms early.
– Compensation: executors are generally entitled to reasonable compensation, set by statute in many states or by the court. The estate pays these fees.
– Bonds: some courts require the executor to post a bond (insurance protecting the estate) unless the will waives bond or beneficiaries consent.
– Refusing or resigning: an appointed executor may refuse to serve or may petition the court to resign; the court will then appoint an alternate or an administrator.
– Conflicts of interest: an executor who is also a beneficiary must act in the estate’s best interest and treat all beneficiaries fairly; transparency and good recordkeeping help reduce disputes.
– Ninth-party professionals: an executor may hire attorneys, CPAs, appraisers, and real estate agents; these services are paid from estate assets.
Taxes and filings
– File the decedent’s final income tax return (Form 1040 in the U.S.) for the year of death and any trust/estate income tax returns as needed.
– Estates that exceed federal or state estate tax thresholds must file estate tax returns and pay taxes from estate funds. (See IRS: Estate Tax and Publication 559.)
– The executor is responsible for ensuring taxes are paid before distributions.
Disputes and contests
– Common disputes: validity of the will, allegations of undue influence, improper executor conduct, disputes over asset valuation, and creditor claims.
– Beneficiaries can contest a will within a statutory period set by state law.
– Executors should consult an attorney before making distributions if a dispute is likely, and retain comprehensive records to defend actions taken.
Personal liability and how executors are protected
– Executors are fiduciaries: they must act prudently, honestly, and in beneficiaries’ best interests. Breach of fiduciary duties can result in personal liability for losses.
– Protections: court supervision, bonding, and the ability to seek court approval for actions (e.g., selling property) can shield executors against later claims.
– Keep detailed records, obtain court approvals where necessary, and consult professionals for complex matters to reduce risk.
Is an executor the same as a trustee?
No. An executor administers a will and any probate estate. A trustee manages assets held in a trust under the trust agreement. Trust assets generally avoid probate. The same person can be both executor and trustee, but the roles have different legal duties and different controlling documents (will vs trust).
Can an executor also be a beneficiary?
Yes. It is common for an executor to also be named as a beneficiary. Being a beneficiary does not disqualify someone from serving as executor, but it raises potential conflicts of interest that require careful, documented handling.
What is a gift given in a will called?
A gift made under a will is called a bequest or legacy. Specific bequests are particular items or sums of money; residual bequests represent what remains after specific gifts and expenses are paid.
Practical advice for someone naming an executor (testator)
– Choose someone trustworthy, organized, and reasonably available geographically.
– Name alternate executors in case the primary cannot serve.
– Keep beneficiary designations up to date (they supersede wills for those assets).
– Discuss your choice with the person beforehand so they accept and understand the responsibilities.
– Keep an up-to-date list of assets and instructions; consider using a professional executor for complex estates.
– Review your estate plan periodically and after major life events.
When to hire professionals
– Hire a probate attorney if the estate is complex, if there are real estate holdings in multiple states, if significant taxes may be due, or if disputes are expected.
– Use a CPA for final tax returns and complex tax issues.
– Consider a professional fiduciary or trust company if no suitable family member is available or if impartial administration is important.
The bottom line
Executors play a central role in ensuring a decedent’s wishes are carried out and that creditors and taxes are properly paid before heirs receive inheritances. The job requires organization, transparency, and patience; in complex cases, timely use of experienced professionals and careful recordkeeping are essential to fulfilling duties while minimizing personal risk.
Sources and further reading
– Investopedia. “Executor.” (summary and practical notes)
– Internal Revenue Service. Publication 559, Survivors, Executors, and Administrators. https://www.irs.gov/forms-pubs/about-publication-559
– Internal Revenue Service. Estate Tax. https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
– Social Security Administration. Survivor Benefits. https://www.ssa.gov/benefits/survivors/
– U.S. Department of Justice. “Priority for the Payment of Claims Due to the Government.” (for creditor priorities in certain situations)
If you’d like, I can:
– Create a printable executor checklist tailored to a specific state,
– Draft a sample letter to notify institutions and beneficiaries,
– Outline typical probate timelines in several common states. Which would be most useful?