An executor, sometimes called a personal representative, manages a deceased person's estate. The job is serious and time-consuming, and the person has a legal duty to act carefully and honestly for the heirs.
Core duties
- File the will with the probate court and ask the court to appoint you.
- Notify heirs, beneficiaries and creditors as the law requires.
- Secure and inventory the estate's assets.
- Open an estate bank account and obtain a tax ID number for the estate.
- Pay valid debts, final expenses and taxes from the estate.
- Distribute what remains according to the will or state law.
- Keep careful records and give an accounting if the court or beneficiaries require.
Legal duties
Executors owe a fiduciary duty, which means acting in the interests of the estate and beneficiaries rather than their own, avoiding conflicts and treating beneficiaries fairly. An executor who mismanages the estate can be personally liable.
Compensation and help
Executors are generally entitled to reasonable compensation or a statutory fee, in addition to reimbursement for expenses, though family members often waive it. It is common and wise to hire a probate attorney and accountant for complicated estates.
Can you say no?
Being named executor is not mandatory. You can decline before you take on the role, and the court will appoint someone else. If you start acting, you may have to go through a formal resignation process.
Frequently asked questions
How long does it take?
Often several months to a year or more, depending on the estate's complexity and the court.
Do I pay debts from my own money?
No. Debts are paid from the estate, but be careful not to distribute assets before debts and taxes are resolved.