Your Comprehensive Guide To Being an Estate Executor

Serving as the executor of an estate is both an honor and a significant responsibility. An estate executor is responsible for carrying out the wishes outlined in a deceased person’s will, managing estate assets, paying debts and taxes, and distributing property to beneficiaries. Whether you’ve recently been named an executor or are planning your own estate, understanding the role can help make the estate settlement process smoother.

What Is an Estate Executor?

An estate executor is the person named in a will to administer a deceased person’s estate. Their role is to carry out the instructions in the will while managing the estate according to state law.

Executors act as fiduciaries, meaning they have a legal obligation to act in the best interests of the estate and its beneficiaries. This includes protecting estate assets, maintaining accurate records, paying valid debts and taxes, and distributing remaining assets according to the terms of the will.

While every estate is different, executors often work closely with attorneys, financial advisors, accountants, and the probate court throughout the administration process.

Who Can Be an Estate Executor?

In most states, almost any competent adult can serve as an estate executor. Many people choose a spouse, adult child, sibling, trusted friend, or other family member. Some individuals instead appoint an attorney, trust company, or professional fiduciary if their estate is particularly complex.

Although requirements vary by state, an executor generally must:

• Be at least 18 years old
• Be mentally competent
• Meet any state-specific legal requirements

Serving as an executor is voluntary. Even if someone is named in a will, they can decline the appointment if they don’t wish to serve. In that case, the court will typically appoint a successor executor named in the will or another qualified individual.

How Do You Become an Estate Executor?

Being named as an executor in someone’s will does not automatically give you authority to manage their estate. After the person’s death, the will typically must be filed with the appropriate probate court, which formally appoints the executor before they can begin acting on behalf of the estate.

While the exact probate process varies by state, it generally includes the following steps:

1. The deceased person’s will is located and submitted to probate.
2. The probate court validates the will.
3. The court officially appoints the executor.
4. The executor receives legal authority to administer the estate, often through documents known as Letters Testamentary.
5. The executor begins carrying out the responsibilities of settling the estate.

Once appointed, the executor is responsible for administering the estate according to the will and applicable state law.

Estate Executor Responsibilities: Step-by-Step

1. Locate the will (and important documents)

According to a recent study, 68% of adults do not have a will. And, if there is a will, it can be challenging to track down. If you don’t have a copy already, start by checking typical locations in the home, such as a filing cabinet, fireproof safe, or office desk drawers.

If you can’t find the will, you may come across contact information for a bank, financial advisor, tax preparer, or attorney to help you track it down.

2. Locate and secure estate assets

After locating the necessary documents, the executor must identify and safeguard the assets that make up the estate. This may include bank and investment accounts, retirement accounts, real estate, business interests, vehicles, personal property, and valuable collections.

Some assets, such as life insurance proceeds or retirement accounts with named beneficiaries, may transfer directly to beneficiaries outside of probate. Other assets may become part of the probate estate and must be managed until they can be distributed.

3. Notify and communicate with beneficiaries

As the executor, you may be in a position to communicate information and updates to the eventual beneficiaries of the estate. You may even be a beneficiary yourself. The most important point here is thorough and documented communication.

Sometimes, the person who is bequeathed an account in a will is not the same person that is named as the beneficiary. This can happen when either the will or the beneficiary designation is not checked and updated regularly.

Because beneficiaries are often family members of the deceased, emotions can be close to the surface and conflicts can arise. In these situations, deliver relevant information to those who have a right to it promptly and clearly—and rely on guidance from the estate attorney helping settle the estate.

4. Manage outstanding financial obligations

Before assets can be distributed, the executor is generally responsible for ensuring the estate’s financial obligations are addressed. This may include notifying creditors, paying valid debts, managing ongoing expenses, and coordinating required tax filings.

Depending on the estate, executors may need to file the deceased person’s final income tax return and work with tax professionals to address any applicable estate or inheritance taxes under federal or state law.

5. Coordinate retirement accounts and beneficiary assets

Certain assets, including IRAs, 401(k)s, life insurance policies, and annuities, often pass directly to named beneficiaries rather than through the probate process. Even so, executors may need to notify financial institutions, provide a certified death certificate, and coordinate with account custodians.

Because inherited retirement accounts can involve complex distribution rules and tax implications, beneficiaries should consult qualified tax and financial professionals before making withdrawal decisions.

6. Understand Tax Considerations

Generally, taxes must be filed for the deceased in the year of death. This said, the issue of taxes comes up more broadly from beneficiaries asking about estate tax and taxes on distributions. Unless you happen to be a tax expert, you should recommend that they talk to their own tax advisor to understand the tax implications of the inheritance.

You may get questions about estate taxes. For an estate to be subject to federal estate tax, it needs to exceed $13.99 million for a single individual or $27.98 million for a married couple in 2025. But many states have their own estate or inheritance tax laws with much lower thresholds—$3 million in Minnesota and $5 million in Maryland, for example.

Other tax questions often include how inherited IRA and annuity distributions are taxed, and capital gains taxes, including whether the asset in question received a step up in basis. Because tax issues get complicated quickly, you’ll want to consult your tax advisor and should recommend that beneficiaries do the same.

7. Keep organized records

The process of settling an estate can be long. As an executor, your work could be scrutinized both during and after the estate settlement process. Set up a system to organize the paperwork that will start to pile up and stick with it throughout.

For example, you might create one binder for each beneficiary, with a tab for each asset. Or, you could organize each asset and liability into its own folder. Regardless of the approach you take, it’s a good idea to keep notes from any discussions, copies of emails, records of when action was taken, and any associated paperwork.

8. Hire an attorney or professional advisor

If reading this list has you wondering if you’re up for the task, you’re not alone. Many executors work with estate planning attorneys, CPAs, financial advisors, and other professionals to help interpret legal documents, prepare tax filings, value assets, and administer the estate according to state law.

Professional guidance can be especially valuable when the estate includes complex investments, business interests, trusts, or family disagreements.

9. Administer trusts, if applicable

Thus far, the discussion has been interpreting the deceased’s will and asset statements. If an estate contains a trust, you will find yourself with another document to interpret. Generally speaking, the presence of a trust should help the asset organization process. However, complex ongoing wishes of the deceased related to asset management may be built into the trust. These can include restrictions to the benefits of another individual or on certain investments. Should it exist, reading and understanding this trust document will be vital.

10. Distribute Assets and Close the Estate

Once debts, taxes, and other legal obligations have been satisfied, the executor can distribute the remaining estate assets according to the terms of the will. After all required distributions have been made and any final court filings are complete, the estate can be formally closed.

Closing the estate marks the end of the executor’s responsibilities and the completion of the estate administration process.

Looking for additional financial guidance? Schedule your complimentary consultation with a Wealth Enhancement advisor.

Estate Executor FAQs

What is the first thing an executor of an estate should do?

One of an executor’s first responsibilities is to locate the deceased person’s will and gather important financial and legal documents. If a will exists, it generally must be filed with the appropriate probate court, which can then formally appoint the executor before they begin administering the estate.

Do you need a lawyer to become an executor of an estate?

No, an attorney is not legally required to become an executor. However, many executors choose to work with an estate planning attorney, especially if the estate is large, complex, or involves disputes among beneficiaries. A lawyer can help guide the probate process and ensure legal requirements are met.

What is the difference between an estate executor and an estate administrator?

Both an estate executor and an estate administrator are responsible for settling a deceased person’s estate, including managing assets, paying debts, and distributing property. The primary difference is how they’re appointed. An executor is named in the deceased person’s will, while an administrator is appointed by the probate court when there is no valid will or no executor is available to serve. Depending on your state, an administrator may also be referred to as a personal representative.

Can an executor also be a beneficiary?

Yes. It’s common for an executor to also be a beneficiary of the estate. For example, a spouse or adult child may inherit assets while also serving as executor. Even when they are a beneficiary, the executor has a fiduciary duty to act in the best interests of the estate and treat all beneficiaries fairly.

Can someone refuse to be an executor?

Yes. Being named as an executor in a will does not obligate someone to serve. If they decline the appointment, the probate court will typically appoint an alternate executor named in the will or another qualified individual to administer the estate.

Does an estate executor get paid?

In many cases, yes. State laws often allow executors to receive reasonable compensation for their services, although the amount varies depending on the size and complexity of the estate. Some executors, particularly family members, choose to waive compensation.

How long does it take to settle an estate?

The timeline depends on factors such as the size of the estate, state probate laws, taxes, creditor claims, and whether disputes arise among beneficiaries. While some estates can be settled in a few months, more complex estates may take a year or longer to administer.

Is an executor personally responsible for the deceased person’s debts?

Generally, no. An executor is responsible for using estate assets to pay valid debts before distributing inheritances, but they are not usually personally liable for the deceased person’s debts unless they have separately agreed to be responsible for them or fail to fulfill their fiduciary duties.

What happens if someone dies without a will?

If a person dies without a valid will, they are said to have died intestate. Instead of an executor, the probate court appoints an administrator (sometimes called a personal representative) to settle the estate. State intestacy laws determine who inherits the deceased person’s assets.

The Most Important Responsibility of an Estate Executor

Further guidance is likely needed on all these topics, so work with your financial advisor, tax professional, and attorney to coordinate your duties as an executor. If you’re ready to organize your financial life, an advisor can help guide you through the process. Reach out today to get started with a complimentary meeting.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. This article was originally published on 2/23/2025 and has been updated.

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