When planning for your future, in order to properly ensure your loved ones are taken care of after you’re gone, you must create a will. Once your will is created, who actually ensures that your wishes are carried out? That’s what an executor of a will is for. If you’ve ever wondered, “What is an executor?” or how the process works, this article will walk you through everything you need to know.

What is an Executor?

An executor of a will is a person or entity appointed by the principal of the will, to carry out the wishes of the will. The executor is responsible for managing assets, paying debts and taxes, filing paperwork, and carrying out any instructions the principal puts in the will. In simple terms, the executor makes sure that everything happens according to the wishes outlined in the will—whether that’s distributing assets, paying debts, or handling taxes.

The person creating the will typically names their executor within the will itself. This is usually someone they trust, like a family member, close friend, or even a professional (such as an attorney or financial advisor).

Responsibilities of an Executor of a Will

An executor’s role comes with many responsibilities. These duties must be handled with care and attention, as they directly impact how the deceased’s estate is managed. The main tasks of an executor include:

• Managing Assets: The executor gathers and safeguards the deceased’s assets, which can include property, bank accounts, investments, and personal items.
• Paying Debts and Taxes: The executor is responsible for paying any outstanding debts the deceased may have had, including taxes owed to the government.
• Distributing the Estate: After debts and taxes are paid, the executor distributes the remaining assets according to the instructions in the will.
• Filing Paperwork: Executors handle the legal paperwork involved with settling an estate, including dealing with probate court if necessary.

This is a significant role, as the executor has a legal duty to act in the best interests of the estate and its beneficiaries.

Who Can Be an Executor?

In most cases, an executor is a close family member or trusted friend. However, it’s important to choose someone who is not only trustworthy but also capable of handling the legal and financial responsibilities that come with the role. Here are some common choices for executors:

• Family Members: Spouses, children, siblings, or other close relatives are often chosen as executors because they are familiar with the person’s wishes and financial situation.
• Friends: A trusted friend may also serve as an executor, especially if they have the skills and availability to manage the estate effectively.
• Professional Executors: If an estate is particularly complex, some individuals choose a professional, such as an attorney or financial planner, to serve as their executor.

Ultimately, the person you choose should be someone who is reliable, organized, and capable of handling the various tasks that come with being an executor.

Challenges Executors May Face

Being an executor is not always straightforward. Executors can face several challenges, especially in complicated estates or when disputes arise among beneficiaries. Some common challenges include:

• Disputes Among Beneficiaries: Executors may need to navigate disagreements between family members or beneficiaries, which can be emotionally and legally challenging.
• Complex Financial Issues: Estates with multiple assets, investments, or debts may require significant financial management skills.
• Legal Requirements: Executors must follow legal processes, including filing documents in probate court and complying with local and state laws.

In some cases, executors may choose to hire professionals, such as estate attorneys or accountants, to help them manage the process more efficiently.

How to Choose an Executor for Your Will

Choosing the right executor is a critical decision in estate planning. Here are some tips to help you decide:

• Trust and Responsibility: The most important factor is choosing someone you trust completely. They should be responsible and able to carry out your wishes accurately.
• Organizational Skills: Your executor will need to handle legal documents, finances, and possibly manage real estate or other assets, so they should be detail-oriented and organized.
• Availability: Serving as an executor can take time, especially if the estate is large or complex. Make sure the person you choose is willing and able to take on this role.

Some people opt to choose a backup executor in case the first choice is unable or unwilling to serve when the time comes.

What Happens If There’s No Executor?

If a person passes away without naming an executor in their will, the court will appoint someone to serve as an administrator. This person will fulfill the same duties as an executor but is selected based on the court’s discretion rather than the deceased’s wishes. Typically, the court looks for a close family member to fill this role.

In cases where there is no will (intestate), the court-appointed administrator will distribute assets according to state laws, which may not align with the deceased’s wishes.

The Executor’s Timeline

Being an executor is not an immediate task—it can take months or even years to fully carry out the responsibilities depending on the complexity of the estate. Here’s a general timeline:

• Immediately After Death: The executor gathers necessary documents, including the death certificate and the will.
• Within Weeks: The executor files the will with the probate court and begins managing assets.
• Within Months: Debts and taxes are paid, and the estate is distributed according to the will.
• Final Steps: Once all distributions are made, the executor files the final paperwork to close the estate.

Make Your Last Will and Testament Easy with Timely

Creating a will doesn’t have to be complicated or time-consuming. With Timely, you can draft your last will and testament in about 15 minutes online, from the comfort of your own home. Timely’s user-friendly platform makes it simple to create a will that ensures your wishes are clearly documented and binding.