So You’ve Been Named Executor of a Will – Now What?

If you’ve been named the executor of a will, or have recently been asked to fulfill the role, you probably have a few questions. Perhaps you are at the point where a person close to you has passed away and you are the named executor in their will. This article will help you understand the basics – what an executor is, what duties the role is required to fulfill, and where you can turn to for help.

I’m Paul Margerie – I help individuals and families in Wauwatosa, Elm Grove, Brookfield, and the greater Milwaukee region with expert estate planning legal services – this includes wills, trusts, probate, powers of attorney, and real estate topics. I specialize in helping young people and young families plan for and protect their future. I also help those who have been named executor of a will navigate their duties – give me a call today with questions.

Have you been asked to be the executor of a will? Here’s what you need to know: 

What is an executor?

The executor of a last will and testament (a “will”) is the person responsible for carrying out a deceased person’s wishes as outlined in their will, as well as managing all aspects of their estate after they pass away. Most married people name their spouse as the primary executor of their will. Then, they choose an alternate executor to undertake the role should something happen to both of them.

If you’ve been named executor or have been asked to fulfill the role, one of the best things you can do is to have a conversation with the person NOW to go through their will and make sure you understand their wishes. This is your chance to ask questions and hear directly from them how they want their estate managed in the event of their death.

Once a person passes away, the real work begins for an executor. Here is a rough outline of what you will need to do as executor

  1. Obtain a copy of the will, read it, and understand its contents.
  2. File a copy of the will in probate court- even if the will does not need to go through probate.
  3. Take inventory of the deceased’s property and determine who will inherit what assets.
  4. Notify the Social Security Administration, relevant banks and financial institutions, and relevant credit card companies that the person has died.
  5. Determine if the will needs to go through probate. If so, file a petition with the probate court to be designated executor of the will.
  6. Represent the interests of the estate in court, including filing an inventory of assets included in the estate.
  7. Set up a separate bank account to manage the finances of the estate.
  8. Manage and protect all assets until they are distributed or sold, including property, vehicles, safety deposit boxes, etc. If the deceased had pets, you should arrange for them to be cared for as well.
  9. Settle debts on behalf of the estate, including tax bills, mortgage payments, loan payments, and credit card debt.
  10. Distribute the contents of the estate to beneficiaries as outlined in the will. If the will does not specify who should get what, state law will dictate this.
  11. Determine what to do with anything left over.

That’s a long list – where can I get help as executor of a will?

The list above might look overwhelming but there is help and support out there for you if you decide to accept the responsibility of being executor of a will. Here are some helpful tips:

When someone asks you to be the executor of their will

  • Before saying yes, do you research to determine if this is a role that you both want to fulfill and feel you will be able to do well. Consider the fact that the person asking you will have recently passed away and you will be grieving – will that impact your ability to be detail-oriented and take on the complex tasks associated with being an executor?
  • It is absolutely ok to decline if you do not feel you will be up to the task.
  • If you say yes and change your mind later, let the maker of the will know ASAP. This will give them time to choose another person.
  • The best executors are detail-oriented, patient, thorough, and know the deceased well enough to understand their wishes and interpret their will. No executor is perfect, but if you have the above qualities, you will likely do a very good job as executor of a will.

If the time has come to fulfill your duties as executor

  • Get in touch with the estate planning lawyer for the deceased and/or another experienced estate planning attorney to ask questions and act as a resource to you throughout the process.
  • Also get in touch with an accountant – this person will be very helpful in answering questions you have related to finances, taxes, paying debts, etc.

For questions or more information, contact me, Paul Margerie of Margerie Law today.