Your Comprehensive Guide To Being an Estate Executor

Acting as an executor means taking on the responsibility of managing and distributing a deceased person’s assets according to their will. This role includes legal, financial, and organizational duties, as well as patience and diligence. To help guide you toward a more successful outcome, we’ve outlined ten common steps for executors.

How to Become Executor of an Estate

For purposes of this article, we are assuming that the deceased died with a will—you can’t be an executor without a will naming you as such—and hopefully you knew ahead of time that you were selected. Many of the steps below still apply if the deceased did not have a will.

State intestacy laws will determine who will take on the responsibilities of an executor (called an administrator or personal representative, depending on your state) and will dictate how the assets will be divided.

Now, let’s explore the ten most common steps of being an estate executor.

1. Locate the will

According to a recent study, 68% of adults do not have a will. And, if there is a will, it can be challenging to track down. If you don’t have a copy already, start by checking typical locations in the home, such as a filing cabinet, fireproof safe, or office desk drawers.

If you can’t find the will, you may come across contact information for a bank, financial advisor, tax preparer, or attorney to help you track it down.

2. Locate the assets

Like locating the will, finding the deceased’s assets may not be as straightforward as you would think. Ideally, detailed balance sheets and cash flow statements were maintained. Sometimes, executors must work with handwritten notes or old mail piles.

If the deceased worked with a financial advisor, they might have recorded an inventory, or their tax preparer could have a record of accounts that processed recent withdrawals or income. On top of all this, remember the physical assets, collections, and other items of value (whether monetary or sentimental) that are named in the will.

3. Work with the estate beneficiaries

As the executor, you may be in a position to communicate information and updates to the eventual beneficiaries of the estate. You may even be a beneficiary yourself. The most important point here is thorough and documented communication.

Sometimes, the person who is bequeathed an account in a will is not the same person that is named as the beneficiary. This can happen when either the will or the beneficiary designation is not checked and updated regularly.

Because beneficiaries are often family members of the deceased, emotions can be close to the surface and conflicts can arise. In these situations, deliver relevant information to those who have a right to it promptly and clearly—and rely on guidance from the estate attorney helping settle the estate.

4. Identify assets with no beneficiary

All the considerations above assume that every asset making up the deceased’s estate has a named beneficiary. Life insurance policies and qualified investment accounts often do, but may not always have a beneficiary or have updated beneficiaries.

Communication with the custodian of these assets will be necessary after delivering them the death certificate.

No matter how detailed the will is, there may be assets that are not specifically included—items like vehicles, savings bonds, stock certificates, valuables, and other possessions. This introduces the probate or intestate process, which can complicate the settlement of the estate.

5. Handling Individual Retirement Accounts (IRAs)

The deceased’s IRA or 401(k) may be their largest asset. These types of assets can have complicated distribution requirements and tax consequences when inherited. With tax-deferred accounts, the beneficiary will owe income taxes on any distributions from the account. There may also be a requirement to verify that the deceased took out that year’s required minimum distribution.

As executor, you can allow the beneficiary to work directly with the custodian on these accounts. Given the constantly shifting nature of the retirement tax law environment, it may be best to defer to tax advisors both on the executor’s duties and the beneficiary’s options.

6. Expect tax-related questions

Generally, taxes must be filed for the deceased in the year of death. This said, the issue of taxes comes up more broadly from beneficiaries asking about estate tax and taxes on distributions. Unless you happen to be a tax expert, you should recommend that they talk to their own tax advisor to understand the tax implications of the inheritance.

You may get questions about estate taxes. For an estate to be subject to federal estate tax, it needs to exceed $13.99 million for a single individual or $27.98 million for a married couple in 2025. But many states have their own estate or inheritance tax laws with much lower thresholds—$3 million in Minnesota and $5 million in Maryland, for example.

Other tax questions often include how inherited IRA and annuity distributions are taxed, and capital gains taxes, including whether the asset in question received a step up in basis. Because tax issues get complicated quickly, you’ll want to consult your tax advisor and should recommend that beneficiaries do the same.

7. Stay organized

The process of settling an estate can be long. As an executor, your work could be scrutinized both during and after the estate settlement process. Set up a system to organize the paperwork that will start to pile up and stick with it throughout.

For example, you might create one binder for each beneficiary, with a tab for each asset. Or, you could organize each asset and liability into its own folder. Regardless of the approach you take, it’s a good idea to keep notes from any discussions, copies of emails, records of when action was taken, and any associated paperwork.

8. Hire an attorney

If reading this list has you wondering if you’re up for the task, you’re not alone. You may decide you want an attorney to help you with the process. The question of whether to hire an attorney can focus on the cost, and whether you will be able to show the beneficiaries value for the added expense.

One potential benefit of hiring an attorney is that the process may go more quickly when left to a knowledgeable professional. If you do hire an attorney, plan to document all the services and expertise the attorney provides.

9. Dealing with a trust

Thus far, the discussion has been interpreting the deceased’s will and asset statements. If an estate contains a trust, you will find yourself with another document to interpret. Generally speaking, the presence of a trust should help the asset organization process. However, complex ongoing wishes of the deceased related to asset management may be built into the trust. These can include restrictions to the benefits of another individual or on certain investments. Should it exist, reading and understanding this trust document will be vital.

10. Learn from the process

Many people who have acted as an executor express a newfound motivation to organize their own financial plan and estate documents. Taking the time now to document your wishes, obtain needed legal documents, and create an inventory of your financial assets can make the process easier for your loved ones later.

The Most Important Responsibility of an Estate Executor

Further guidance is likely needed on all these topics, so work with your financial advisor, tax professional, and attorney to coordinate your duties as an executor. If you’re ready to organize your financial life, an advisor can help guide you through the process. Reach out today to get started with a complimentary meeting.

#2025-6818