If you’ve been named the executor of someone’s estate—or you expect you may take on this responsibility in the future—you may be wondering exactly what the role entails. Serving as an executor involves much more than distributing assets according to a will. From managing property and paying outstanding expenses to handling tax matters and communicating with beneficiaries, there are numerous responsibilities to address, often during an already difficult time. Understanding what is expected of you can help you approach the process with greater confidence and ensure the estate is handled properly.
Managing and protecting estate assets
Serving as an executor involves managing and protecting an estate until its obligations are settled and the remaining assets can be distributed to beneficiaries. One of the first steps is determining whether probate is required under applicable state law and, if necessary, beginning the probate process and obtaining legal authority to act on behalf of the estate. The executor generally must identify, secure, and value estate assets; notify appropriate financial institutions, creditors, utilities, and other organizations of the death; and establish an estate bank or investment account, as appropriate, to receive estate income and pay expenses. Throughout the process, detailed records should be maintained for all transactions.
The executor is also responsible for safeguarding property during the administration of the estate. This may include maintaining adequate insurance and security for a vacant home, paying necessary mortgage and utility bills and property taxes, and properly managing vehicles and other valuable assets until they can be transferred or sold. Business interests and investments may also require ongoing oversight. Investments should be managed in accordance with the will, applicable fiduciary and prudent-investor rules, and the interests of the beneficiaries, with professional guidance sought when appropriate. Similarly, a business interest may need to be operated temporarily and ultimately transferred or sold in accordance with governing documents, the estate plan, and applicable law.
Settling obligations and distributing assets
Before distributing the estate, the executor generally must address outstanding debts, taxes, administrative expenses, and other valid obligations. Assets may sometimes need to be sold to cover these costs, preserve the value of the estate, or carry out the terms of the estate plan. Executors should carefully document these decisions and ensure that sales and other transactions are consistent with their fiduciary responsibilities.
Although beneficiaries may be eager to receive their inheritances, executors should use caution when making distributions before the estate is fully settled. Certain assets may be distributed early when permitted by applicable law and appropriate under the circumstances, but the estate should retain sufficient assets to cover unresolved debts, taxes, expenses, and claims. Ultimately, the executor is responsible for settling the estate’s obligations and distributing the remaining property to the appropriate beneficiaries in accordance with the will and applicable law.
Final thoughts
Serving as an executor can be a significant responsibility, but you don’t have to navigate every financial and tax-related detail on your own. Professional guidance can help you understand your obligations, meet important filing requirements, maintain accurate records, and address tax matters that arise during the estate administration process. If you’ve been named an executor or are currently administering an estate, contact SEK’s Estate Planning team to discuss how we can help you manage the financial and tax responsibilities that come with the role.
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