You were named as Executor — now what?

Your friend or loved one has written their last will & testament — and they just named you as their executor or alternate executor. What does this actually mean?

First, note that if you were named as an alternate executor, then you will be asked to serve only if the person named as Executor is unable to, or declines to serve.

What is an executor?

An executor is responsible for carrying out the legal and financial wishes of their recently deceased friend or loved one, as outlined in their will. Executors are often entitled to compensation for the time they spend fulfilling these duties, but it is up to them whether to charge for their service or not. When an executor is a close relative or good friend of the deceased person, for example, they may decline to accept compensation. State law and the probate court will determine the amount of any compensation available. The duties of an executor vary on a case-by-case basis, but they often include some or all of the below:

• Determining if it’s necessary to take the will to probate court and, if so, filing the will there
• Locating the deceased person’s assets and managing them during the probate process
• Contacting the people and organizations the deceased person selected to inherit property, and, if necessary, certain close relatives (such as surviving spouse or children) who would have been entitled to property had there been no will
• Canceling credit cards
• Setting up a bank account for the estate
• Continuing any necessary payments, such as utility bills or home insurance premiums
• Paying off debts
• Paying final income taxes
• Ensuring the proper distribution of property to the people and organizations named in the will

Do I have to serve as executor?

No, being nominated does not obligate you to serve. When the time comes, you can decide whether to accept this responsibility or not. If you choose to decline, another alternate executor named in the will can take over, and if no alternate is available, the probate court will appoint someone else to serve. Even if you do agree to serve as executor, you can later choose to resign.

What should I do now?

• If the person that named you hasn’t done so already, get in touch to discuss the specifics of their wishes so you know exactly what your responsibilities will be.
• Ask the person that named you where their will is going to be stored so that you’ll be able to find it.
• Create or update your own will. It's quick, 100% free, and you can update it at any time.