FAQ for Executors
You have been chosen as an executor of someone's will. Here's how to get the answers and the help you need.
What's Below:
What is an executor?
The executor (called a personal representative in some states) is the person named in a will to be in charge of winding up the person's financial affairs after death. Basically, that means taking care of property, paying bills and taxes, and seeing to it that assets are transferred to their new rightful owners. If probate court proceedings are required, as they often are, the executor must handle them or hire a lawyer to do so.
Does the person named in a will as executor have to serve?
No. When it comes time, an executor can accept or decline this responsibility. And someone who agrees to serve can resign at any time. That's why you should name an alternate executor in your will -- a person who can take over from the executor if necessary. If no one is available, the court will appoint someone to step in.
Does an executor get paid?
The main reason most people serve as an executor is to honor the deceased person's request. But the executor is also entitled to payment. The exact amount is regulated by state law and is affected by factors such as the value of the deceased person's property and what the probate court decides is reasonable under the circumstances. Commonly, close relatives and close friends (especially those who are inheriting a substantial amount anyway) don't charge the estate for their services.