What Does an Executor Actually Do?
A will can name what’s called an executor, but the title alone does not fully explain the work involved. An executor is responsible for handling the estate following the death of an individual. That may mean locating property, dealing with creditors, keeping records, and distributing what remains.
The exact duties depend on the will and state law. An executor is also sometimes called a personal representative.
Does being named in a will give someone immediate authority?
Not necessarily. Being named as executor means the person who made the will chose them for the role. If probate is required, the court must recognize the will and give the executor authority to act. The executor may use court-issued documents to show a bank or other institution that they are authorized to handle estate property.
As previously discussed in What Happens During Probate?, the process can vary depending on the state and the estate. If there is no will, the court may appoint someone to perform a similar role.
What does the executor do with the property?
One of the executor’s initial jobs is to find out what belongs to the estate. This may include accounts, a home, vehicles, and personal belongings. The executor must protect the property, determine its value, and keep track of what comes into and leaves the estate. Depending on the state and type of proceeding, an inventory or other report may need to be filed with the court.
This does not mean the executor controls every asset the person owned. Property with a beneficiary designation or right of survivorship may pass directly to someone else, as discussed in What Does a Will Actually Control? The ownership documents still matter even when there is a will.
Can the executor give property to the beneficiaries right away?
Most of the time, there is more to do first. The executor must address valid debts, estate expenses, and required taxes. Creditors may have a period to make claims. If property is distributed too soon and the estate cannot pay what it owes, that can create problems for the person administering it.
After those obligations have been handled, the executor distributes the remainder of the probate property according to the will. They must follow the document and applicable law, even if they personally would have divided the property differently.
Why does recordkeeping matter?
An executor may need to explain what property the estate has received, what was paid, and what each beneficiary received. Bank statements, receipts, valuations, and records of distributions can help show how the estate was handled. Additionally, they help the executor prepare any required accounting or final reports.
Serving as an executor is more than carrying out a list of gifts to the recipients. The person takes responsibility for moving the estate from the property and obligations left at death to a final distribution that can be accounted for.
Tyler ThompsonAuthor