In estate planning, one of the most critical roles is the executor. Whether you’re naming someone as your executor, or you’ve just been appointed to serve as one, understanding the executor responsibilities is an important step to make sure a person’s final wishes are carried out properly.,

In this blog, we’ll walk you through what an executor is, the probate process explained, the executor’s duties, common misconceptions, and how the executor vs trustee roles compare—especially as it relates to estate planning for retirement.

What Is an Executor?

An executor (also called a personal representative in some states) is the person named in a last will and testament to manage the estate of the deceased. This individual is tasked with carrying out the terms of the will, handling the probate process, settling debts, and distributing assets to beneficiaries.

This is not just a ceremonial title—it is a position with real legal responsibilities, oversight, and sometimes, significant time and effort. If no executor is named, a court appoints someone, and it may not be the person the decedent would have chosen.

Choosing the right executor is a key part of estate planning, and if you’re wondering, what are estate executor duties?—let’s get into it.

The Role of an Executor

Being an executor means more than simply overseeing the reading of a will. Here are the primary responsibilities:

• Locating and securing assets of the deceased
• Notifying beneficiaries and potential creditors
• Filing paperwork with the probate court
• Paying outstanding debts and expenses
• Filing the decedent’s final income tax return
• Distributing assets according to the will

The executor’s legal authority begins only after the court officially approves the appointment, granting what’s known as letters of testamentary. These documents allow the executor to legally access financial accounts, sell property, and settle debts on behalf of the estate.

What Makes a Good Executor?

While many people default to naming a spouse or oldest child, the right choice isn’t always the most obvious one. When choosing an executor, consider:

• Financial awareness
• Organizational skills
• Emotional readiness (especially during a time of grief)
• Integrity and trustworthiness
• Availability and geographic location

At Wealth.com—a trusted partner of Peace of Mind Wealth Management—estate planning attorney Dave Hutton emphasizes that being an executor is a weighty responsibility. And remember, your executor can always be updated later as your life circumstances or relationships evolve.

Executors and the Probate Process

One of the executor’s primary duties is to oversee the probate process, the court-supervised procedure of validating a will, settling debts, and distributing the estate.

How Probate Works

1. File the Will – The executor must file the will with the local probate court.
2. Get Appointed – The court officially appoints the executor and issues letters of testamentary.
3. Notify Creditors – A public notice is placed, allowing creditors to file claims against the estate.
4. Inventory Assets – The executor identifies, appraises, and secures all assets.
5. Pay Debts and Taxes – The estate pays funeral costs, outstanding bills, and any taxes due.
6. Distribute Assets – Once debts are settled, the executor distributes remaining assets according to the will.
7. Close the Estate – Final court filings are submitted to close the estate.

The probate process can take nine to twelve months, sometimes longer if there are disputes, contested wills, or complex assets. This is one reason many people seek to minimize probate by using tools like trusts and beneficiary designations.

Executor Compensation

Yes, executors can be compensated for their time and effort. Executor compensation is typically considered “reasonable” and can be:

• A fixed fee outlined in the will
• A percentage of the estate’s value (varies by state)
• An hourly rate, with a log of time submitted to the court

This is especially relevant for retirement-age individuals being asked to serve as an executor for a parent or spouse. Compensation acknowledges the seriousness of the task and the significant time commitment involved.

Common Misconceptions About Executors

There are several common misunderstandings about executor duties:

• You cannot act until the court appoints you. Even if you’re named in the will, you have no legal power until the court gives formal approval.
• Executor authority is limited to probate assets. Life insurance policies, retirement accounts with named beneficiaries, and assets in trust typically do not fall under the executor’s control.
• Being an executor does not mean you control everything. Beneficiaries have rights, and courts provide oversight. Disputes can lead to litigation, especially if there is suspicion of mishandling.
• Executor powers do not apply while the person is alive. That role is fulfilled by a power of attorney. The executor’s role begins only after death.

Executor vs Trustee

People often confuse the terms executor and trustee. Here’s a breakdown:

Feature	Executor	Trustee
Appointed by	A will	A trust document
When role begins	After death, with court approval	At trust creation or upon death
Oversees	Probate estate	Trust assets
Public record?	Yes (probate court filings)	No (trusts are private)
Court involvement?	Yes	Typically no

If privacy, simplicity, and avoiding probate are priorities, setting up a trust and appointing a trustee is an option to consider. But even with a trust, a will with an executor is still necessary to catch any unassigned assets.

How Wealth.com Simplifies Estate Planning

Through our partnership with Wealth.com, clients of Peace of Mind Wealth Management can:

• Create comprehensive estate plans
• Name executors and trustees
• Establish and manage living trusts
• Store and share digital estate documents

Their platform helps ensure that retirement planning includes a solid estate plan. Whether you’re asking, how do tariffs affect my retirement or what’s the role of an executor, having your legal affairs coordinated with your financial plan is essential for retiring comfortably.

Estate Planning for Retirement: Why It Matters

When you’re approaching or in retirement, estate planning is more than just checking off an item on your to do list—it’s contributing to your peace of mind. Having an estate plan that honors your wishes, protects your family from delays, and ensures your assets are handled smoothly is a key part of retiring with confidence.

Estate planning can be a daunting item to get started on. To get started on answering your questions about Estate Planning Explained: Executor Duties, schedule your  complimentary 15 minute call with us.

 

Investment Advisory Services offered through POM Investment Strategies, LLC dba Peace of Mind Wealth Management (“POM”), a Registered Investment Advisor. Wealth.com is not affiliated with POM. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. Investors should carefully consider the investment objectives, risks, charges and expenses associated with any investment. Always consult an investment advisor, attorney or tax professional regarding your specific situation.