Planning for Executors: Duties, Timelines, and Useful Templates

Why planning for executors matters

Serving as an executor is both an honor and a legal responsibility. The executor (also called a personal representative in some states) turns a decedent’s wishes into action: locating assets, paying creditors and taxes, and transferring property to beneficiaries. Early planning makes these steps clear for the person you appoint and reduces family friction, delays, and avoidable expenses.

Authoritative guidance from the IRS and the Consumer Financial Protection Bureau underscores that timelines, recordkeeping, and notice requirements vary by state and by the size and composition of the estate (see IRS Publication 559 and CFPB resources) (IRS Pub. 559; CFPB “What to do when a loved one dies”).

Typical executor timeline and how it usually plays out

Every estate is different, but the following timeline reflects typical milestones and practical targets I use with clients. Treat these as guidelines, not legal deadlines — confirm local rules with an attorney or probate court.

• First 1–2 weeks: Immediate tasks

• Secure important documents (original will, death certificate, safe deposit boxes, titles, insurance policies).

• Notify close family and the decedent’s employer (for final pay, benefits, and life insurance claims).

• Order multiple certified copies of the death certificate from the state vital records office.

• Weeks 2–8: Open estate administration

• File the will with the local probate court and (if required in your state) apply for appointment as executor/personal representative. Some courts expect probate filings soon after death; check local rules.

• Obtain an Employer Identification Number (EIN) for the estate if you need to open an estate bank account or file Form 1041 (estate income tax). (IRS: how to apply for an EIN.)

• Inventory assets and locate account statements, using a document locator or asset inventory template. (See our Document Locator Strategies.)

• Months 2–4: Notifications and creditor handling

• Publicly or directly notify creditors as required by state law. Timelines vary by jurisdiction; many states set a period for creditors to file claims (often from a few months to a year).

• Pay immediate and secured debts (mortgages, taxes where due) from estate funds after verifying valid claims.

• Months 3–9 (and beyond): Taxes and intermediate administration

• File the decedent’s final individual income tax return (final Form 1040) for the year of death and, if the estate generated income, the estate income tax return (Form 1041). (IRS: filing obligations.)

• If the gross estate exceeds the federal estate tax exemption in effect at death, file Form 706 (estate tax return) within nine months of death unless an extension is requested. (IRS: Form 706.)

• Months 6–18+: Accounting and distribution

• Prepare an estate accounting that lists assets, receipts, payments, and distributions. Provide this accounting to beneficiaries or the court as required.

• After creditor claims and tax liabilities are resolved, distribute assets to beneficiaries under the will. In complex estates (real estate sales, business interests, contested claims), final distributions can take a year or more.

Note: Some estates qualify for simplified or non-probate transfers (joint accounts with right of survivorship, payable-on-death accounts, beneficiary-designated retirement plans, and life insurance proceeds). Proper planning before death simplifies the executor’s workload and can avoid probate entirely in some cases (see our article on Avoiding Probate).

Core duties of an executor (practical checklist)

Executors should focus on a clear sequence of duties. Below is a consolidated checklist I recommend using as soon as you accept the appointment:

1. Locate and secure the original will and other estate documents. Order death certificates. (Tip: request 5–10 certified copies.)
2. Petition the probate court to be appointed executor if necessary. Check state court websites for local forms and filing fees.
3. Obtain an EIN for the estate and open an estate bank account to separate estate funds from personal funds. (IRS guidance on EINs.)
4. Inventory assets: real estate, bank and brokerage accounts, retirement plans, life insurance, business interests, tangible personal property, digital accounts.
5. Notify beneficiaries and heirs; communicate an expected timeline and explain steps you will take.
6. Notify creditors and publish required legal notices. Verify and pay valid claims from estate assets.
7. Prepare and file final and estate tax returns. Pay tax liabilities from estate funds. Consider extensions where necessary.
8. Maintain detailed, dated records of every transaction and correspondence. Prepare a formal estate accounting for beneficiaries or the court.
9. Distribute assets per the will after clearance of claims and taxes. Obtain releases from beneficiaries when appropriate.
10. Close the estate administration by filing required final reports and petitions with the court.

Keep contemporaneous records and back up digital files securely. Poor documentation is the most common reason executors are later questioned or held personally liable.

Practical templates and samples you can reuse

Below are concise, reusable templates you can adapt. Save them in a secure folder and share copies with your chosen executor.

Asset inventory (sample structure):

• Full institution name
• Account type and number (last 4 digits only in shared copies)
• Current value or approximate balance
• Location of statements / login instructions
• Contact person and phone/email

Creditor notification (short template):

[Date]

[Creditor Name]

RE: Notice of death for [Decedent Name], DOB: [mm/dd/yyyy]. I am contacting you as the appointed personal representative for the estate of [Decedent]. Please send information about outstanding balances and instructions for filing a claim to:

[Executor name, address, phone, email]

Enclosed: certified copy of death certificate and letters testamentary.

Estate accounting outline (items to include):

• Opening balance (value of estate at appointment)
• Receipts (sale proceeds, income, insurance proceeds)
• Disbursements (funeral expenses, creditor payments, taxes, fees)
• Administrative expenses (attorney, CPA, executor fees)
• Current assets and proposed distributions

Distribution plan (short example):

• Clear list of beneficiaries, their relationship, and share or specific bequest.
• Contingent beneficiaries and successor instructions.
• Steps for transferring each asset type (real estate deed transfer, brokerage transfer, life insurance beneficiary claim).

If you want ready-to-download, printer-friendly checklists and letters, see the Executor Playbook and Document Locator Strategies on FinHelp for step-by-step downloads and print templates (Executor Playbook: https://finhelp.io/glossary/executor-playbook-preparing-documents-and-duties/; Document Locator Strategies: https://finhelp.io/glossary/document-locator-strategies-ensuring-executors-find-everything/).

Common mistakes and how to avoid them

• Waiting too long to file probate: delays can increase legal costs and complicate creditor claims. Confirm local filing windows.
• Mixing estate and personal funds: always keep a dedicated estate account and detailed records.
• Ignoring digital assets: passwords, online accounts, and cryptocurrency may require different access steps—see our article on managing digital assets (Executor’s guide to managing online subscriptions and digital assets).
• Underestimating tax filings: estate and final individual returns have different deadlines and possible filing requirements (IRS: Publication 559; Form 706 guidance).

Executor compensation and liability

Executors can be paid for their work, either per the will’s terms or under state statute; compensation rules vary by state. Typical methods include a percentage of estate value or hourly fees. Executors who act negligently or breach fiduciary duties can be held personally liable for losses. That is why clear recordkeeping, transparency with beneficiaries, and using professionals (attorneys, CPAs) when necessary can protect the executor.

When to call a professional

You don’t need legal representation for every estate, but consult an attorney when any of these apply:

• The will is contested or beneficiaries dispute distributions.
• The estate includes businesses, closely held partnerships, or complex tax issues.
• There are out-of-state assets or real estate to sell.
• Significant creditor claims exist or tax returns are complex.

A CPA experienced in estates can also help prepare the estate income tax return (Form 1041) and advise on tax elections that may affect beneficiaries.

For tax-specific executor actions, consult our guide Handling Tax Issues After a Taxpayer’s Death for practical steps and links to IRS forms: https://finhelp.io/glossary/handling-tax-issues-after-a-taxpayers-death-executor-actions-and-filing/.

Quick reference resources

• IRS, Publication 559: Survivors, Executors, and Administrators — explains federal tax filing responsibilities and common procedures. https://www.irs.gov/publications/p559
• IRS, Form 706 instructions — estate tax filing rules and deadlines. https://www.irs.gov/forms-pubs/about-form-706
• Consumer Financial Protection Bureau, “What to do when a loved one dies” — practical consumer-focused steps for accounts and notices. https://www.consumerfinance.gov/about-us/blog/what-to-do-when-a-loved-one-dies/

Professional disclaimer: This article is educational and not a substitute for legal or tax advice. State probate laws and deadlines vary. Executors should consult an attorney or CPA for guidance specific to their jurisdiction and the estate’s facts.

If you’d like printable templates or a one-page executor checklist I use with clients, reply to request a downloadable packet and I can provide the docx/pdf versions.