Executor Playbook: Preparing Documents and Duties

What Does an Executor Need to Know for Document Preparation and Duties?

Taking on the executor role means you’ll combine project management, bookkeeping and legal compliance during what is often an emotional time for family members. This playbook lays out the documents to gather, the sequence of duties, recordkeeping standards, and practical tips I use with clients to reduce delay and dispute.

First 7–14 days: immediate actions and documents to locate

• Obtain certified copies of the death certificate (plan for 10–20 copies; many institutions require originals). The county or state vital records office issues these.
• Locate the original will and any trust documents. If you can’t find the original will, check with the decedent’s attorney, safe-deposit box records, or personal files.
• Identify key financial documents: recent bank and brokerage statements, mortgage/loan statements, retirement account statements, life insurance policies, and property deeds.
• Secure accounts and property: change locks if needed, notify banks to freeze or flag accounts (not necessarily close them), and secure valuables.
• Notify immediate parties: beneficiaries named in the will, the attorney who drafted the estate plan, and (if applicable) the trustee of any living trust.

Why these steps first: Many institutions (banks, insurers) will want an official death certificate and proof of your appointment. Acting quickly preserves assets and prevents misuse.

Core documents an executor should collect (checklist)

• Original Last Will and Testament and any codicils
• Trust agreements and trustee contact info (if applicable)
• Certified death certificates (multiple copies)
• Deeds, mortgage statements, and vehicle titles
• Bank and brokerage account statements (last 12 months) and account numbers
• Retirement account statements and beneficiary designation forms (401(k), IRAs)
• Life insurance policies and contact info for insurers
• Recent tax returns (federal and state) for the last 3–5 years
• Social Security statements and contact information (to report death)
• Business ownership documents, partnership agreements, stock certificates
• List of monthly bills, subscriptions, and recurring transfers
• List of creditors and outstanding debts (credit cards, personal loans)
• Safe deposit box information and keys
• Digital asset inventory: email accounts, cloud storage, crypto custody info, password manager location

Tip from practice: Keep a single, encrypted digital index (password-protected spreadsheet or document stored offline and on a secure cloud). Note where originals live and where you keep certified death certificates.

Sequence of legal and financial duties

1. File the will with the probate court (if probate is required). The probate filing starts the court- supervised process that validates the will and appoints you formally. Probate rules vary by state—check local court requirements.
2. Petition the court to be officially appointed executor (sometimes called personal representative). You’ll receive Letters Testamentary or Letters of Administration; these are often required by banks and for selling assets.
3. Open an estate bank account (after appointment) to collect funds, pay bills, and track expenses. Avoid using personal accounts for estate transactions.
4. Notify creditors and publish required notices. Some states require a published notice to unknown creditors; follow local court rules.
5. Inventory and appraise assets. For high-value assets you may need formal appraisals (real estate, business interests, valuable personal property).
6. Pay valid debts, funeral expenses, and ongoing bills from estate funds. Maintain a ledger of payments.
7. Prepare and file tax returns: final individual income tax return (typically Form 1040) and any necessary fiduciary or estate tax returns (e.g., Form 706 if the estate meets filing thresholds). Consult IRS guidance and your CPA for deadlines and filing details (see IRS.gov).
8. Distribute assets to beneficiaries per the will or state intestacy law after tax and creditor obligations are satisfied and the court approves distributions.
9. Close the estate with the probate court once all duties are completed and accounting is accepted.

Caveat: Some assets bypass probate entirely (payable-on-death accounts, jointly held property with rights of survivorship, or accounts with named beneficiaries). Identify non-probate assets early so you don’t duplicate distributions.

Taxes and filing responsibilities (practical guide)

• Final individual income tax return: You must file the decedent’s last federal (and state) income tax return for the year of death. If you need to file an extension or pay estimated taxes, consult a tax professional. The IRS has a page for deceased taxpayers and filing obligations (irs.gov).
• Fiduciary income taxes: If the estate generates income during administration (interest, dividends, business income), the estate may need to file Form 1041 (U.S. Income Tax Return for Estates and Trusts).
• Estate tax returns: Federal (Form 706) and some state estate tax returns may be required if the estate’s gross value meets filing thresholds. These thresholds change over time—verify current limits on the IRS site before filing.
• Handling refunds and payroll/pension issues: Executors may be entitled to refunds owed to the decedent or the estate. For step-by-step executor guidance on handling refunds and state-specific steps, see our article on handling refunds for deceased taxpayers.

Communication and recordkeeping: reduce conflict and audit risk

• Provide beneficiaries with a clear timeline and periodic updates. A one-page status summary monthly will prevent many disputes.
• Keep detailed records for every deposit, bill paid, appraisal, and distribution. Include invoices, canceled checks, and receipts.
• Use an estate ledger that mirrors the probate accounting you’ll present to the court.

Professional tip: In my practice I recommend keeping a separate estate bank account and reconciling it monthly. If beneficiaries see the ledger and bank statements, they’re less likely to contest distributions.

Digital assets and passwords

Digital assets require a different approach—passwords, online accounts, NFTs, and crypto custody can be time-consuming. Create an inventory that includes where passwords or password manager access are stored, and whether the decedent used multi-factor authentication that may complicate access.

For guidance on planning and executing access to online accounts and crypto, our Digital Asset Estate Planning guide provides step-by-step instructions.

Common executor mistakes and how to avoid them

• Underestimating the time commitment: Probate and estate administration can take months to years. Build a timeline and set expectations with beneficiaries.
• Mixing personal and estate funds: Always use a dedicated estate account.
• Failing to get appraisals when required: Under-valuing property can create tax and distribution problems.
• Poor communication: Regular written updates reduce suspicion and potential litigation.
• Ignoring required notices: Missing creditor or court deadlines can expose you to liability.

When to engage professionals

• Estate or probate attorney: Required in many probate matters or when estate administration is complex (real estate in multiple states, business interests, contested wills).
• CPA or tax professional: For final returns, estate tax returns, and fiduciary tax filings.
• Appraisers and real estate brokers: For accurate valuations and sales.
• Trust officers or corporate executors: Consider a corporate executor for large, complex estates or when impartiality is needed.

In my 15+ years advising families, bringing in experts early—especially for taxes and valuations—almost always shortens the timeline and reduces errors.

Special situations and considerations

• Multiple executors: Define roles in writing and maintain a consistent approval process for expenses and distributions.
• Small estates and simplified procedures: Many states have small-estate affidavits and summary procedures that avoid full probate—check local rules.
• Out-of-state real estate: You may need ancillary probate in states where real property is located.
• Disagreements and disputes: Use mediation and transparent accounting early; litigation is expensive and slow.

Suggested document organization system (template)

1. Legal: original will, codicils, trust docs, Letters Testamentary
2. Vital records: death certificates, marriage/divorce records
3. Banking: account statements, check registers, estate account statements
4. Insurance: life insurance policies, policy numbers, agent contact
5. Real estate & vehicles: deeds, titles, mortgage statements
6. Investments & retirement: brokerage, 401(k), IRA statements and beneficiary forms
7. Business & legal: partnership agreements, corporate minutes, buy-sell agreements
8. Taxes: prior returns, current-year tax documents, correspondence
9. Digital inventory: login location, password manager notes, crypto custody info

Practical timeline (example)

• Days 1–14: Secure property, obtain death certificates, locate will, contact attorney.
• Weeks 2–6: File probate petition, notify beneficiaries and Social Security, open estate account.
• Months 1–6: Inventory assets, arrange appraisals, notify creditors, pay bills, file tax returns.
• Months 6–18+: Settle claims, finalize tax returns, distribute assets, close estate.

Time varies substantially by estate complexity—simple estates with pass-through designations can close in a few months; large or contested estates can take several years.

Additional resources and internal references

• Estate Settlement Roadmap: From Death to Distribution — a step-by-step walkthrough of the probate and distribution process: https://finhelp.io/glossary/estate-settlement-roadmap-from-death-to-distribution/
• Handling Refunds for Deceased Taxpayers: Steps for Executors — practical tax and refund guidance for executors: https://finhelp.io/glossary/handling-refunds-for-deceased-taxpayers-steps-for-executors/
• Digital Asset Estate Planning: Passwords, Crypto and Cloud Photos — how to inventory and manage online accounts and crypto: https://finhelp.io/glossary/digital-asset-estate-planning-passwords-crypto-and-cloud-photos/

Frequently asked questions (expanded)

Q: Can an executor be paid?
A: Many states allow reasonable executor compensation either as set by statute or by the will; disclose compensation to beneficiaries and follow state rules.

Q: What if the will names multiple executors who disagree?
A: Consider written role separation or mediation. If deadlock continues, petition the court for guidance or removal.

Q: Who pays creditor claims?
A: Valid creditor claims are paid from estate assets before distributions; disputed claims should be handled under court supervision.

Final considerations and disclaimer

Serving as an executor is a legal fiduciary duty with personal and financial responsibilities. Acting carefully, documenting every action, communicating clearly with beneficiaries, and consulting qualified professionals will reduce your personal liability and speed estate settlement.

This article is educational and not a substitute for legal advice. For tailored guidance, consult a licensed estate attorney or CPA. Author draws on 15+ years advising clients on estate administration and financial planning.

Authoritative references

• IRS — information for executors and fiduciaries: https://www.irs.gov
• Consumer Financial Protection Bureau — managing finances after a death: https://www.consumerfinance.gov