What Does an Executor of a Will Do?

Kate Hookham is an attorney with the sophisticated planning strategies department at Northwestern Mutual.

One of the most important parts of estate planning is choosing an executor of your will. This person is tasked with carrying out your final wishes, which includes distributing your assets as outlined in your will. It’s a big ask—and you’ll want to make sure you pick someone you trust.

So what does an executor of a will do? Understanding how it works can come in handy, whether you’re working on your estate plan or have been appointed as an executor of a loved one’s last will and testament.

What is an executor of an estate?

The executor of a will is the same thing as an executor of an estate. These interchangeable terms refer to the person appointed by the court to carry out your last wishes. They should be named in the will, but if you die without a will, state laws will ultimately decide what happens to your estate and how your assets are distributed.

Who can be an executor of an estate?

Local and state laws vary, but the only hard-and-fast rules are that the executor must be legal age (18 to 21 in some states), be a U.S. resident and not be legally incapacitated. Some states also have restrictions on out-of-state residents serving as executors. You can choose a spouse, family member, friend or other loved one. Some people choose to name a lawyer, accountant or other trusted business professional.

What is the main duty of an executor?

The executor of your estate is responsible for buttoning up your financial obligations and distributing your assets the way you intended. Above all, they’re legally obligated to act in your best interest per your will.

Some of their main duties may include:

• Estimating the value of the estate: That includes all financial assets, accounts and insurance policies. Physical assets like real estate, vehicles, collectibles, jewelry and family heirlooms are included as well.

• Reporting the death to creditors: The executor should provide creditors with a copy of the death certificate and use the estate to pay any outstanding debts that aren’t forgiven after death.

• Contacting the appropriate government agencies, including the:
  
  Social Security Administration (SSA)
  
  Internal Revenue Service (IRS)
  
  Department of Motor Vehicles
  
  Veteran and military retiree benefits offices, if applicable
  
  Local election office (to cancel the deceased’s voter registration)
  
  Department of State (to return their passport)

• Initiating the probate process: Probate is the legal process for settling the deceased’s estate and ensuring the distribution of their assets. The executor is responsible for submitting the will for probate.

• Helping with funeral arrangements: The executor may help ensure that the deceased person’s burial wishes are honored.

• Maintaining the estate until all loose ends are tied off: An executor may have other tasks to complete in relation to wrapping up an estate—like maintaining a property until it is sold or filing the final tax return for the deceased person.

Executors typically have about a year to sort out the estate. Making sure they have access to all the relevant estate documents are located can prevent unnecessary speed bumps.

Can a beneficiary be an executor?

Yes. In fact, it's fairly common. When estate planning, you can name anyone you wish to be the executor of your will (as dictated by state laws)—including your heirs.

Can more than one person be an executor?

Technically yes—but you may want to proceed with caution. Having multiple executors could create uncertainty and open the door for conflict. Think of a scenario where three different siblings are all chosen. They’ll have to collaborate, divvy up the responsibilities and ultimately work together to ensure their duties are fulfilled.

Who is the best person to name as an executor?

In an ideal world, the executor of your will should be someone who:

• You know well and trust.

• Is responsible and can be counted on to fulfill their duties as executor.

• Is up for the task and wants to step into this role (though they have the right to decline).

Often, the best person to name as an executor may be a spouse, loved one, trusted friend or attorney.

Choosing the executor of your will is one of many important estate planning tasks. Your Northwestern Mutual financial advisor can help connect you to the right answers and help you think through how your financial plan can work with your estate plan to support your values, ensuring that your loved ones are taken care of.