Executor
A person named in a will to carry out the deceased's final wishes, settle the estate, pay debts, and distribute assets to beneficiaries.
What is Executor?
An executor (called a 'personal representative' in some states) is the individual or institution named in a will who is legally responsible for administering the estate of a deceased person. The executor's duties include: filing the will with the probate court and beginning the probate process; taking inventory of assets; notifying banks, creditors, and government agencies of the death; paying valid debts and taxes (including any estate taxes owed); filing a final income tax return; and distributing the remaining assets to beneficiaries according to the will. Executors are entitled to reasonable compensation from the estate, typically a percentage of estate value set by state law. Choosing a trustworthy, organized executor is an important estate planning decision — the role can take months to years to complete, especially for large or complex estates. If someone dies without a will (intestate), a court appoints an administrator to perform similar duties.
Example
Maria names her eldest daughter as executor in her will. When Maria passes, the daughter files the will in probate court, notifies creditors and closes bank accounts, pays Maria's outstanding medical bills and credit card debt from estate funds, files Maria's final tax return, and after probate is complete, transfers the family home and remaining cash to the three beneficiaries named in the will — a process that takes approximately 14 months from death to final distribution.