What to Expect If You’re Named Executor

An executor, also known as a personal representative or administrator, should carry out or “execute” the will’s instructions. Most often, an individual executor can easily settle a simple estate alone. But a large or complicated estate may require legal advice.

The probate court usually requires an executor to be bonded to protect all interested parties against fraud, embezzlement or negligence.

If you are named executor, you must pay debts or obliga­tions, distribute the remaining assets to heirs and complete the necessary tax forms.

Checklist of Executor Duties

Consult an attorney and certified public accountant (CPA) about your exact duties as executor. They can provide helpful perspectives on local probate procedures and the steps required for settling an estate. You may find it useful to work with the same professionals retained by the deceased. Generally, an executor may need to perform the following functions:

• File the will and initiate probate
• Request at least ten copies of the death certificate
• Assemble and inventory the estate’s assets
• Re-title property if necessary
• List any debt
• Close bank and brokerage accounts, and open an estate account
• Locate insurance policies and file claims for benefits
• File taxes
• Close the estate accounts and distribute the remaining assets to beneficiaries