What Are an Executor's Responsibilities?
An executor's duties include: filing the will with probate court, obtaining the death certificate, notifying beneficiaries and creditors, inventorying all assets (bank accounts, property, investments), securing and managing property during administration, paying outstanding debts and final expenses, filing the deceased's final tax return and any estate tax returns, distributing assets to beneficiaries, and providing a final accounting to the court. The role can require significant time and financial literacy.
How Do You Choose the Right Executor?
Choose someone who is trustworthy, organized, financially competent, and willing to serve. Common choices include a spouse, adult child, sibling, or close friend. For complex or large estates, consider a professional fiduciary or corporate trustee (bank trust department). Many estate attorneys recommend naming at least one alternate executor in case the first choice is unable or unwilling to serve. It's also worth considering whether a particular choice may create conflict among beneficiaries.
Are Executors Compensated?
Yes. Executors are entitled to reasonable compensation for their time and effort. Some states set statutory fee schedules (often 2-5% of estate value), while others allow "reasonable" compensation determined by the court. Many family member executors waive compensation, though they should consider that executor duties can require hundreds of hours. Professional executors typically charge fees, which are paid from the estate before distributions to beneficiaries.
Frequently asked questions
Can an executor be a beneficiary?
Yes. It is common for an executor to also be a beneficiary of the will — for example, an adult child serving as executor of a parent's estate. However, the executor still has a fiduciary duty to treat all beneficiaries fairly, regardless of their own interest.
Can I decline to be an executor?
Yes. Being named as executor in someone's will does not obligate you to serve. You can decline (called renouncing) when the time comes, and the court will appoint an alternate named in the will or a court-appointed administrator. It's best to discuss willingness before being named.