Estate Planning8 min read • Updated Feb 2026

What Is an Executor of a Will?

An executor is the person you name in your will to manage your estate after you die. They handle everything — from filing the will in court to distributing assets to your beneficiaries. It's one of the most important decisions in estate planning.

What Does an Executor Do?

  1. 1File the will with probate court
  2. 2Obtain death certificates (order 10-15 copies)
  3. 3Notify banks, insurers, creditors, and government agencies
  4. 4Inventory and appraise all assets
  5. 5Manage estate assets during probate
  6. 6Pay outstanding debts and final bills
  7. 7File the deceased's final income tax return
  8. 8File estate tax return if required
  9. 9Distribute assets to beneficiaries per the will
  10. 10File a final accounting with the court
  11. 11Close the estate

How to Choose the Right Executor

Your executor should be:

Trustworthy & honest
Organized & detail-oriented
Willing to serve
Geographically accessible
Financially responsible
Able to handle family dynamics
Available (not too old/ill)
Ideally has some financial literacy

Executor Compensation

StateTypical Fee
California4% of first $100k + 3% of next $100k + 2% of next $800k
New York5% of first $100k + 4% of next $200k + 3% of next $700k
Florida3% of first $1M + 2.5% of next $4M
Texas5% of estate (typical 'reasonable' amount)
Most other states2-5% of estate value ('reasonable compensation')

💡 The #1 thing you can do for your executor: Document where everything is. Bank accounts, insurance policies, debts, property titles, login credentials — if your executor can't find it, the estate gets delayed. MyLifeLedger creates the roadmap they need.

FAQ

Can an executor be a beneficiary?

Yes. A spouse or adult child often serves as both. No legal conflict.

Do executors get paid?

Most states allow 2-5% of estate value. Family members sometimes waive this.

Can I refuse to be an executor?

Yes. You can decline ('renounce') and the backup or court-appointed administrator takes over.

What if there's no executor named?

The court appoints an 'administrator' — usually the surviving spouse or adult child.

Be the executor's best friend.

Give your executor a clear map of every account, policy, and document. MyLifeLedger makes it easy.

Start Your Ledger →

$49/year • 30-day money-back guarantee

Disclaimer: The content on this page is for informational and educational purposes only and does not constitute legal, financial, tax, or professional advice. MyLifeLedger is not a law firm, financial advisor, or licensed professional services provider. Every situation is unique — laws vary by state and individual circumstances differ. We strongly recommend consulting with a qualified attorney, CPA, or financial advisor for advice specific to your situation. MyLifeLedger is an organizational tool; we do not prepare legal documents or provide legal counsel.