The Weight of the Will: Navigating Life as an Executor

Being named as the Executor of someone’s estate is an honor, but can often be an overwhelming responsibility. This role requires meticulous attention to detail, as well as emotional resilience and financial literacy. The Executor of a will, also known as a personal representative, carries a fiduciary duty to administer the deceased’s estate with honesty, diligence, and loyalty.  It is important to note that a person is not immediately Executor because the owner has died.  The next step is to petition the appropriate court as the “Nominated Executor,” for legal authority to act.  At that time, when the court provides the legal document empowering the Executor, usually called “Letters Testamentary,” the Executor submits to exclusive jurisdiction in that courtroom, and is subject to the court’s oversight, which can be complicated.

At its foundation, the Executor’s role is to carry out the instructions laid out in the deceased’s will. Executors must locate and safeguard all the assets of the estate, find and account for debts and liabilities, then discharge them, and eventually distribute the remaining property in accordance with the testator’s wishes. This process may stretch over a lengthy period, which can even last several years, and typically involves:

• Identifying and valuing all assets: This includes everything from real estate, bank and investment accounts, retirement funds, employment, and education, as well as digital assets and personal property like jewelry, art, and other valuables. This task is more simplified if the decedent has left a detailed Letter of Instruction that outlines family member contact information, locations of important documents, and an inventory of assets and liabilities.
• Navigating taxes: Executors are responsible for filing federal, state, and local income tax returns which the decedent would have been required to file, as well as any necessary or state tax returns applicable to the estate. This requires thorough documentation and often professional advice. If you live at an address different from the deceased, it is suggested to inform the IRS of your role as the Executor by filing IRS Form 56. This helps you to be sure that important tax notices and documents are not sent to the former address. You will also need to obtain a federal tax identification number for the estate by filing an IRS Form SS-4.
• Managing liabilities: The Executor must identify and settle all outstanding debts and financial obligations, from credit card bills and mortgage payments to final medical expenses, funeral costs, attorney fees, and your own Executor’s fee. State laws provide a priority sequence for when an estate’s assets are insufficient to pay all claims, and liabilities are divided into classes which must be paid in order.
• Court filings: Depending on the jurisdiction and size of the estate, the Executor will need to work through the probate court system, submitting required documentation and adhering to deadlines. Probate procedures vary from state to state, and even from county to county, and can be a lengthy process. It is best to consult an attorney who practices probate law, your county probate court, or a copy of your state’s probate code.

While anyone of legal age can be named as an Executor, not everyone is well-suited for the role. The best Executors tend to be:

• Organized: The volume of paperwork involved is extensive. From tracking down decades-old insurance policies to managing timelines for tax filings, staying on top of everything is critical.
• Detail-oriented: This is not a job for someone who takes a casual approach to record-keeping or multitasking.
• Comfortable with numbers: Valuing assets, reviewing tax documents, and understanding financial statements are routine tasks.
• Impartial: Perhaps most importantly, a good Executor is able to stay neutral and focused on fairness—particularly important when navigating potential conflict among heirs.

In a perfect world, the deceased would leave behind a neatly organized binder or digital folder with a full inventory of accounts, debts, insurance policies, digital passwords, and contact information for attorneys and accountants. In reality, Executors often find themselves hunting for information in tax records, unopened mail, or old filing cabinets while trying to track down a forgotten IRA account or long-abandoned safe deposit box. This investigatory aspect of the role can be very time-consuming and frustrating, especially in cases where the estate plan wasn’t kept current or well-documented.

One of the more daunting aspects of serving as Executor is the personal liability the role carries. Mistakes including financial missteps, missed deadlines, or failures to communicate with beneficiaries are risks which make documentation and transparency crucial throughout the process.

In addition to the legal and administrative duties, Executors may find themselves mediating tensions among family members or friends who are beneficiaries. Disputes may arise over sentimental items, perceived unfairness in the will, or simply long-standing family grievances that resurface during a time of grief.

Serving as an Executor can be deeply rewarding, but also intensely taxing. If you’ve been asked to take on the role, think carefully about whether you have the time, temperament, and resources to do it justice. If you're creating a Will and considering who to appoint, choose someone with a cool head, a steady hand, and a patient heart—and consider working with an attorney or trust professional to ensure your wishes are clear and easy to execute. In the end, a well-prepared Executor is the key to transforming a potentially overwhelming burden into a smooth and dignified transition of legacy. Reach out to an Oppenheimer Financial Professional today for more information.