Colin Wong
The executor of a will is responsible for managing a person’s estate after they die. Here’s what that might include.
When someone writes a will, they nominate a person—or multiple people—as their executor. The executor is responsible for carrying out the instructions outlined in the will.
This guide covers everything you need to know about will executors, including:
The duties of a will executor
Why executors need probate
The powers of a will executor
Who can be an executor
Do executors get paid?
Risks associated with being an executor
What to do if you don't want to serve as executor
The duties of a will executor
An executor's overarching responsibilities are to manage the deceased person's estate and carry out their wishes as outlined in the will. Specifically, that may include:
Locating the deceased person’s will
Filing the will and petitioning the probate court
Notifying beneficiaries named in the will
Valuing the deceased person’s assets
Identifying and settling outstanding debts
Paying debts from estate assets
Protecting the assets of the estate
Handling the deceased person’s final tax affairs
Distributing assets as instructed in the will
Preparing a final accounting for beneficiaries and, in most states, for the court
Funerals are the exception people expect to see on that list. Being named executor does not, on its own, put you in charge of the funeral. Most states set an order of who decides, starting with the spouse and then the next of kin, and the funeral usually happens before a court has appointed anybody at all. A will can name somebody for this, so if it matters to you, say so explicitly.
Why executors need probate
When a person dies with a will, the executor typically must file it with the probate court and ask to be appointed. Probate is the court-supervised process that validates the will and grants the executor the legal authority to act on behalf of the estate. That authority comes in the form of a document, usually called letters testamentary.
Without it, an executor generally cannot access bank accounts or investment accounts, or sell assets such as real estate and vehicles.
There are usually fees associated with the probate process. However, probate may not be required in all cases, for example when the estate falls below a certain value threshold, or when assets are structured to pass outside of probate, such as jointly held property or accounts with named beneficiaries. Thresholds and rules vary by state.
The powers of a will executor
Once the court has appointed them, the executor has the legal authority to act on behalf of the estate. Their powers typically include the ability to:
Access and close bank accounts
Access and close investment and brokerage accounts
Sell assets, including real estate and vehicles
Close service and utility accounts
Take out insurance on estate assets
File a final tax return on behalf of the deceased
Distribute assets in line with the will
Retirement accounts and life insurance are a different matter. Where somebody is named as beneficiary on the account itself, the money goes straight to that person and never becomes the executor’s to handle.
Who can be an executor?
An executor generally needs to be at least 18 and to have the capacity to carry out the duties. States add their own rules on top. Many will not appoint somebody with a felony conviction, and a number of states restrict or condition appointing an executor who lives out of state.
An executor can be a friend, relative, or partner, or a professional such as an attorney, financial advisor, or trust company. In some cases an organization, such as a charity receiving a significant portion of the estate, may be named as executor.
Do executors get paid?
Executors are often named as beneficiaries in the will and receive an inheritance in that capacity. Whether they are also compensated for their time as executor depends on the terms of the will and state law.
Most states allow executors to receive reasonable compensation from the estate, even if the will doesn’t specifically address it. Compensation is typically calculated as a percentage of the estate’s value or based on what the court considers reasonable given the work involved.
Risks associated with being an executor
Serving as an executor comes with real responsibilities, and real risks. If an executor is negligent in carrying out their duties, they can be held personally liable by beneficiaries.
For example, an executor is responsible for protecting estate assets until they are distributed. If an asset such as a property or vehicle is damaged because the executor failed to maintain or insure it, the executor may be held liable for the loss.
Executors are also responsible for paying the deceased’s debts and settling tax obligations before distributing assets to beneficiaries. Distributing assets before debts are paid can expose the executor to personal liability.
What to do if you don't want to be an executor
Being an executor can be a stressful and time-consuming responsibility. If you don’t feel able to fulfill the role, you can formally decline by filing a renunciation with the probate court. Some states call it a declination.
It’s worth doing this as early as possible. Once you have started acting as executor, stepping back usually means asking the court’s permission and accounting for what you have already done.
Taking the next step
You can write or update your will online with EveryWill, and it costs you nothing. Charities cover the cost, and you can choose to leave a gift to one if it feels right.
The information provided in this article is for general informational purposes only and does not constitute legal advice. Laws vary by state. For advice specific to your situation, please consult a licensed attorney in your state.