You've been named executor in someone's will.
The funeral is over. The initial shock has faded. And now you may be realizing:
I have no idea what I'm actually supposed to do.
You have legal authority to act. But authority without clarity is overwhelming.
What's your first step? Who do you call? What decisions do you make? What paperwork is required? How long will this take?
This guide walks you through what executors actually do—step by step, from day one through final distribution.
What Is an Executor, Anyway?
An executor is the person named in a will to manage the deceased person's estate.
Your responsibilities include:
- Securing the deceased's property
- Notifying beneficiaries and creditors
- Inventorying and appraising assets
- Paying debts and taxes
- Managing the estate during probate
- Distributing remaining assets to beneficiaries
You're essentially the manager of someone's financial affairs after they die.
It's a significant responsibility. But it's also a bounded responsibility—it has a clear beginning (appointment) and end (distribution of final assets).
Week 1: The First Steps
In the immediate days after the death, your first job is damage control and information gathering.
Day 1-2: Secure the Property
Your first priority: prevent loss or damage to estate property.
Do this:
- Locate the will (usually with the attorney or in a safe deposit box)
- Secure the deceased's residence (lock doors, notify neighbors, arrange for mail hold)
- Secure valuable items (jewelry, collections, documents—move to a safe place)
- Stop services that shouldn't continue (if appropriate; keep some utilities on)
- Contact the deceased's bank to freeze accounts (prevents unauthorized access)
Don't:
- Move into the house (can create liability issues)
- Give away or sell anything
- Pay bills from your own account (you'll need to be reimbursed)
- Make decisions about major assets
Day 3-7: Locate Key Documents
Gather these critical documents:
- Original will and any codicils
- Trust documents (if there's a trust)
- Deed to real property
- Bank account information
- Investment account statements
- Insurance policies
- Mortgage documents
- Loan documents
- Tax returns (last 2-3 years)
- Financial account usernames/passwords
- Attorney's contact information
Where to look:
- Safe deposit box (at the bank)
- Home safe or lock box
- Attorney's office (if the attorney drafted the will)
- Accountant's office
- Computer files
- Desk drawers, filing cabinets
Week 2-4: Official Notification and Appointment
Petition the Probate Court
Within 1-2 weeks of the death, you need to start the formal probate process.
What to do:
- Contact a probate attorney (many give free consultations)
- Provide them with:
- Original will
- Death certificate (get multiple certified copies—you'll need them)
- List of heirs and beneficiaries
- List of known assets and debts
- Proposed executor name and information
- The attorney will file a Petition for Probate with the probate court
What this accomplishes:
- Officially opens the probate process
- Names you as executor (or requests appointment)
- Gives you legal authority to act
Timeline: 1-2 weeks to prepare and file
Obtain Your Appointment
After filing, the court will:
- Review the petition
- Verify the will's validity
- Check that no one is contesting the appointment
- Issue an Order Appointing Executor (or Letter of Testamentary)
This document proves you have legal authority. You'll need multiple certified copies.
Timeline: 1-4 weeks (depends on court backlog)
Month 1: Notification and Initial Administration
Notify Heirs and Beneficiaries
State law requires you to notify all heirs (people entitled to inherit if there were no will) and beneficiaries (people named in the will).
What you must tell them:
- That the person died
- That probate has been opened
- That you're the executor
- Their rights as beneficiaries
- The court's address
- Their right to contest the will (if applicable)
How you notify them:
- Send formal written notice (your attorney can provide the language)
- Keep proof of delivery
- Follow state-specific requirements
Timeline: Within 1-3 weeks of court appointment
Publish Notice in Newspaper
Most states require you to publish notice in a local newspaper where the deceased lived.
This notifies unknown creditors that they have a limited time to file claims.
What to do:
- Contact the county's designated newspaper
- Provide notice text (your attorney can draft this)
- Pay the publication fee ($50-300 typically)
- Keep proof of publication
Timeline: 1-2 weeks; notice typically runs 1-3 weeks
Month 1-3: Asset Identification and Documentation
Create a Complete Inventory
You need to identify all assets in the estate.
Assets to inventory:
- Bank accounts (checking, savings, money market)
- Investment accounts (stocks, bonds, mutual funds, brokerage accounts)
- Retirement accounts (401k, IRA, Roth IRA, pensions)
- Real property (house, land, rental properties)
- Vehicles (cars, trucks, motorcycles, boats)
- Insurance policies (life insurance, annuities)
- Business interests
- Digital assets and online accounts
- Personal property of value (jewelry, art, collectibles)
- Cash on hand
How to find everything:
- Review documents you gathered
- Check bank statements for recurring transactions and transfers
- Review tax returns (show income sources)
- Contact previous employers (retirement accounts)
- Request an IRS transcript (shows institutions that reported income)
- Search safe deposit boxes
- Interview family members about known accounts
- Check mail for statements and bills
- Search the computer and email
By the end of this phase, you should have a complete list of everything of value in the estate.
Get Assets Appraised
For probate purposes, you need to know the fair market value of estate assets as of the date of death.
What needs appraising:
- Real property (houses, land)
- Business interests
- Rare collectibles, art, jewelry
- Vehicles (if valuable)
- Personal property of significant value
What doesn't need formal appraisal:
- Bank and investment accounts (current balance is the value)
- Retirement accounts (custodian provides value)
Appraisal process:
- Hire qualified appraisers (for real estate, vehicles, collectibles)
- Provide them with the property/item to appraise
- They provide formal appraisal documents
- File appraisals with the court (as part of the inventory)
Timeline: 4-8 weeks (appraisals take time)
Cost: Appraisals cost money (typically $500-$5,000+ depending on complexity). The estate pays this cost.
File the Inventory with the Court
After identifying and appraising assets, you file an official Inventory and Appraisement with the court.
This document shows:
- Everything in the estate
- The value of each asset
- Total estate value
Why it matters: The court uses this to verify the estate is being administered properly.
Timeline: Usually due 60-90 days after court appointment
Month 1-6: Debt and Creditor Management
Notify Known Creditors
You must formally notify anyone the deceased owed money to that the person has died.
Who to notify:
- Credit card companies
- Mortgage lenders
- Auto loan companies
- Student loan service companies
- Any other known creditors
How to notify:
- Send formal written notice (your attorney can draft this)
- Send to the address shown on account statements
- Keep proof of sending
Why it matters: It starts the clock on creditors' right to file claims against the estate
The Creditor Claims Period
Once you notify creditors, they have a legal period (typically 3-6 months, varies by state) to file formal claims against the estate.
During this time:
- Claims must be submitted by deadline
- You cannot distribute assets to beneficiaries
- You must track and organize claims
- You must dispute invalid claims
Why this period exists: It ensures all debts are known before assets are distribute. This is a hard stop—you wait, even if everything else is ready.
Pay Debts
As claims are filed and verified, you pay them from estate funds.
In order of priority (state-dependent, but generally):
- Funeral and administration expenses
- Executor fees and attorney fees
- Federal taxes
- Creditor claims (debts)
- Everything else
How to pay:
- From estate bank account
- Keep detailed records of all payments
- Require proof from creditors (claim forms, statements)
- Dispute invalid claims
Important: You're personally liable if you pay claims in the wrong order or if the estate becomes insolvent (not enough money to pay all debts).
Month 3-9: Tax Preparation and Filing
Gather Tax Documents
The deceased's final tax return must be filed, along with estate tax returns (if applicable).
Documents needed:
- W-2s (from employers)
- 1099s (interest, dividends, etc.)
- Previous tax returns
- Mortgage interest statements
- Property tax records
- Medical expenses
- Charitable donations
File the Deceased's Final Income Tax Return
Using the Form 1040 (final return for the deceased):
- Report all income through the date of death
- Deduct applicable expenses
- File by the normal tax deadline (April 15, or 6 months if you extend)
This is required even if income was minimal.
File Estate Tax Return (If Applicable)
For larger estates, you may need to file an estate tax return (Form 1041-EZ or Form 1040-ES, depending on complexity).
When it's required: Varies by state and federal rules; generally for larger estates.
Timeline:
- Must be filed by the normal tax deadline plus extensions
- If estate tax is owed, it must be paid by the deadline
Pay Taxes
Income taxes owed by the deceased are paid from the estate. Estate taxes (if owed) are paid from the estate. These are priority payments—they must be paid before distributions to beneficiaries.
This is where it gets complex:
- Different assets may have different tax treatments
- Retirement accounts may have special rules
- Principal residence sale may be tax-exempt
- Capital gains on inherited assets get stepped-up basis (beneficial)
A qualified accountant is invaluable here. Tax mistakes can be costly.
Month 6-12: Asset Distribution
Prepare the Final Accounting
Once debts and taxes are paid, you prepare a final accounting that shows:
- All assets received
- All expenses paid
- All distributions made
- Final estate balance (usually zero)
This document goes to the court and to all beneficiaries.
They review it to ensure:
- You've accounted for all money
- Expenses are legitimate
- The accounting is accurate
Settle Outstanding Matters
Before distribution, ensure:
- All debts are paid
- All taxes are filed and paid
- All liabilities are resolved
- All real property issues are settled (sales completed, if applicable)
- All insurance policies are settled
Distribute Assets
Finally, after everything is settled, you distribute remaining assets to beneficiaries.
How it works:
- Each beneficiary receives what the will specifies (or state law if no will)
- Some assets transfer directly (if joint ownership or beneficiary designation)
- Other assets must be sold and proceeds distributed
- Real property may be transferred to beneficiaries or sold
Your role:
- Determine distribution amounts for each beneficiary
- Execute asset transfers or checks
- Ensure beneficiaries receive what they're entitled to
- Get signed receipts from beneficiaries
Close the Estate
Once all distributions are made, you request the court to close the estate.
What this means:
- The probate process is officially complete
- Your responsibilities as executor end
- You're released from liability (except for fraud or mismanagement)
- The estate is settled
The Ongoing Responsibilities (Throughout)
Beyond the specific phases, you have continuous responsibilities:
Managing Estate Assets
While the estate is open, you're responsible for:
- Maintaining property in good condition
- Paying property taxes, utilities, insurance
- Preventing loss or damage
- Securing valuable items
- Managing rental properties if applicable
Communicating with Beneficiaries
Keep beneficiaries informed of:
- Progress in settling the estate
- Timeline expectations
- Major decisions being made
- When distributions might occur
Keeping Detailed Records
Document everything:
- All money received
- All expenses paid
- All asset transfers
- All decisions made
- Correspondence with institutions
These records prove you've administered the estate properly.
Managing Conflicts
If disagreements arise:
- Address them early
- Be transparent about decisions
- Explain your reasoning
- Consider mediation if disputes escalate
- Know that some decisions may be questioned by beneficiaries
Common Challenges Executors Face
"I Can't Find All the Accounts"
- This is extremely common. Accounts remain undiscovered, resetting the timeline.
- Solution: Be thorough in your search. Check email, bank statements, tax returns, computer files. Contact the IRS for a transcript if necessary.
"I Don't Understand the Taxes"
- Estate and income tax can be complex, especially with business interests, multiple properties, or retirement accounts.
- Solution: Hire a CPA who specializes in estate tax. The cost is worth the accuracy.
"Beneficiaries Are Upset About the Timeline"
- People want their inheritance quickly. But probate takes time.
- Solution: Set realistic expectations early. Explain the mandatory creditor period and court timelines. Keep beneficiaries updated.
"The Will Is Ambiguous"
- Sometimes the will doesn't clearly address a situation.
- Solution: Ask your attorney for guidance. In some cases, you may need to petition the court for clarification.
"Am I Personally Liable?"
-
Yes. As executor, you have personal liability if:
- You pay claims in the wrong order
- You distribute assets before debts are paid
- You make decisions that harm the estate
- You commit fraud or mismanagement
- Solution: Work with an attorney. Make decisions carefully. Document everything. Consider executor liability insurance.
What Helps (And What Doesn't)
What Makes Your Job Easier
✓ Complete documentation (asset lists, account information, organized records)
✓ Clear will with no ambiguities
✓ No family disputes
✓ Cooperative beneficiaries and creditors
✓ Professional support (attorney, accountant)
✓ Detailed records from the deceased
What Makes Your Job Harder
✗ Missing accounts or assets
✗ Ambiguous or contested will
✗ Family disputes
✗ Creditor complications
✗ Complex assets (businesses, multiple properties, real estate in different states)
✗ Tax complexity
✗ Poorly organized records
Executor Compensation
You're allowed to charge a fee for your work.
How it typically works:
- Fees are specified in the will (if named executor is paid)
- Or state law provides a default (usually a percentage of the estate)
- Typical range: 1-5% of estate value, depending on complexity
- Fees are paid from the estate
Important: You don't have to take a fee. Some executors waive compensation (especially if they're a spouse or close family member). Others do take compensation for the time invested.
When to Hire Professional Help
Always hire an attorney if:
- The estate will go through probate (which it likely will)
- The estate is complex
- There are disputes
- You're uncomfortable with the responsibility
Consider hiring an accountant if:
- There's significant income to report
- Multiple properties are involved
- There's a business interest
- The estate is large
- Tax issues are complex
Professional fees come out of the estate, not your pocket.
The Core Lesson: Preparation Matters
What becomes clear through this process: Executors' jobs are much easier when the estate was prepared.
When:
- Assets are documented
- Accounts are listed
- Procedures are clear
- Records are organized
- Beneficiaries understand the process
...the estate settles in 9-12 months with relatively few complications.
When those things are missing, the executor faces months of searching, uncertainty, and stress.
Moving Forward
If you've just been appointed executor, take a breath. The process is bounded. It has clear steps. It ends with a final distribution.
Work through each phase methodically. Get professional help where you need it. Keep detailed records. Communicate with beneficiaries.
And if you're planning your own estate, remember: Make your executor's job easier.
- Document your assets.
- Organize your records.
- Tell someone where everything is.
It takes a few hours to organize now. It saves your executor months of work later. A Guidepost gives you a clear structure for capturing your financial information and access details.
If you're an executor navigating estate administration, remember that you don't have to do this alone. Professional support is available and worth the cost. And if you're planning your own estate, proper preparation significantly simplifies the executor's responsibilities. An estate readiness assessment can help you identify what documentation your executor will need to settle your estate efficiently.