What does an executor of an estate actually do?
An executor (called a personal representative in some states) files the will with the probate court, inventories estate assets, notifies creditors, pays debts and taxes, and distributes remaining assets to beneficiaries — all according to the will and state law.
Do I have to hire a lawyer to serve as executor?
No. Executors can and routinely do serve without an attorney. Probate court self-help centers and state court websites provide free forms, checklists, and instructions for every step of the process.
What is the first thing an executor should do?
File the original will and a Petition for Probate (or Petition for Letters Testamentary) at the decedent's county probate court. Bring certified copies of the death certificate. The court will schedule a hearing and, if everything is in order, issue Letters Testamentary.
How do I create an inventory of estate assets?
List every asset the decedent owned: bank accounts, investment accounts, real estate, vehicles, personal property, and business interests. Many states require you to file a formal Inventory and Appraisement with the probate court within 60–90 days of your appointment.
How do I open an estate bank account?
Once you have Letters Testamentary, bring them to a bank and open an estate checking account in the name of the estate (e.g., "Estate of Jane Doe"). All estate income and expenses run through this account. Do not mix estate funds with your personal accounts.
How do I handle the decedent's debts as executor?
Publish a Notice to Creditors in a local newspaper per your state's requirement, send direct notice to known creditors, and allow the claim period to pass (typically 3–4 months). Pay valid claims in the priority order your state specifies before distributing assets to beneficiaries.
What happens if the estate does not have enough money to pay all debts?
This is called an insolvent estate. State law sets a priority order for which debts get paid first — funeral expenses, estate administration costs, taxes, and then unsecured creditors. Beneficiaries receive nothing until all debts are paid in priority order.
Do I need to file taxes as executor?
You must file the decedent's final federal Form 1040 for the year of death. If the estate earns over $600 in income during administration, also file Form 1041 (U.S. Income Tax Return for Estates and Trusts). State income and estate tax returns may also be required.
How long does an executor have to settle an estate?
Most simple estates settle in 6–12 months. Complex estates with real property sales, business interests, or disputes can take 2–3 years. Your state's probate court may set deadlines for inventory filing and final accounting — check locally.
Can an executor be held personally liable?
Yes, if you breach your fiduciary duty — for example, paying yourself before paying creditors, distributing assets before debts are settled, or mismanaging estate funds. Follow the court's process carefully and keep detailed records of every transaction.
How do I transfer real estate out of a deceased person's name?
With Letters Testamentary in hand, prepare an Executor's Deed (or Personal Representative's Deed) conveying the property to the beneficiary or buyer. Have it notarized and record it at the county recorder's office. This clears title to the property.
What is a final accounting and how do I file it?
A final accounting is a detailed report to the probate court showing all assets received, all debts and costs paid, and all property available for distribution. Once the court approves it, you distribute the remaining assets and file receipts from each beneficiary.
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