Should I agree to serve as Executor?
Before deciding whether to accept this request, it’s important to understand what the role of executor requires. Depending upon the complexity of the estate, you’ll need to file the will with the probate court to validate the will and open the estate. You’ll also need to
- File for an estate tax number from the IRS and open an estate bank account.
- Notify Social Security, banks, Veterans Affairs, pensions, investment companies and credit card companies.
- Locate and/or create an inventory of all assets.
- Use the estate bank account to pay outstanding bills, funeral expenses and medical bills.
- Pay taxes for the last year of the person’s life and any estate taxes owed.
- Distribute assets to beneficiaries named in the will.
- Close digital accounts if possible, including social media, retail, airline miles, etc.
Once a person agrees to become an executor, they should sit down with the person and go through their documents. Make sure the will is up to date, and if there is no will, insist they meet with an estate planning attorney to have one prepared.
Be sure to find out where all important documents are stored, including deeds, financial statements, insurance policies and contact information for professional advisors.
If the estate is complex, it may be wise to enlist the help of an estate planning attorney to help you through the process.
Perhaps the biggest challenge an executor faces is not paperwork—it’s family dynamics. Ask the person to communicate their intentions to family members so no one is taken by surprise by any decisions. If the wishes are only conveyed in the will, friction may arise. Executors need to have the ability to say no, which is not always easy.
Writing a letter of intent or making a video detailing how they want their personal possessions distributed can prevent fights over “what Dad wanted.”
Executors are entitled to compensation, which is paid by the estate. Fees are typically based on a percentage of the overall estate’s value, which varies by state and by the estate’s complexity. In some cases, people waive the fees, especially if they are a beneficiary. For others, it’s fair to be compensated for the time and effort taken up in settling the estate.
Serving as an executor can be challenging. The executor is responsible for their actions, so there are times when having a professional on the team is smart. An estate planning attorney can help with taking on as much or as little as needed.
Visit our website www.MoTrustLaw.com to get more estate planning information and to subscribe to our complimentary e-newsletter. Our e-newsletter is designed to provide valuable information to residents of Moberly, Macon, Kirksville, Salisbury, Columbia and surrounding areas.
Reference: The Norman Transcript (April 18, 2026) “Senior Column: How to Prepare to be an executor of an estate”