The time following the passing of a loved one is filled with many emotions. It can be a period of grief and reflection. The last thing on anyone’s mind is figuring out how to sort out the finances and bills left behind. But amidst all of it, you find out that you were named as an executor in your loved one’s will? You have heard of the term, but now you are wondering, what does an executor of a will do? This is where the help of an experienced professional can make the process easier to navigate.
At Willis Law Group, we can help you understand the responsibilities of an executor and what needs to be done at every step. We focus exclusively on New Jersey elder law and estate planning, so we have the knowledge necessary to guide you through the process. Before your personalized one-hour initial meeting, we prepare potential solutions from the information you provide. And, when you hire us, the same paralegal works with you from intake through completion.
What Is an Executor of a Will?
An executor is someone named in a will to administer a deceased person’s probate estate. The will nominates that person, but the nomination alone does not provide authority to control estate property. The executor generally receives authority by asking a probate court to appoint them as executor after the will’s creator dies.
Probate is the legal process you use for transferring the property a person owned when they died to their heirs. The process focuses on property in the probate estate, which generally includes individually owned property without another effective transfer arrangement. Assets governed by a trust, joint ownership, or beneficiary designation may follow different rules.
Because the executor controls property for the estate and its beneficiaries, they act as a fiduciary, managing financial information for others in their that is in their best interests. The executor must:
- Follow the will and applicable New Jersey law,
- Protect and prudently manage estate property,
- Keep estate funds separate from personal funds,
- Maintain accurate records of estate transactions,
- Treat beneficiaries impartially when their interests are similar, and
- Avoid self-dealing or using the role for personal benefit.
Executors who fail to meet their fiduciary duties breach them, which can affect both the estate and you personally. A beneficiary may demand an accounting, which reports the property received, expenses paid, and distributions made. A court may even remove you and require you to repay losses caused by self-dealing or careless management. Fiduciary responsibility requires an honest, informed, and documented process.
What Is the Role of an Executor of a Will?
Estate administration follows a specific process, and most people usually want to know what does an executor of a will do at each step of that process. Some of the most common functions include:
- Requesting court appointment,
- Using authority to inventory and manage probate assets,
- Determining what the estate owns and owes, and
- Distributing what remains to beneficiaries.
Throughout the process, the executor will keep extensive records.
Beginning Probate and Establishing Your Authority
You generally begin your role as executor by locating the original will and obtaining a certified death certificate. You then apply for appointment through the court in the county where the deceased person lived. Following completion of the documents required to qualify as executor, the court issues certificates granting you authority to manage the estate, called letters testamentary.
Identifying and Protecting Estate Property
Once authorized, you determine which assets belong to the probate estate, consulting:
- Deeds,
- Account titles,
- Beneficiary designations,
- Trust documents,
- Insurance records, and
- Business records.
You then locate and value the probate assets in a written inventory and may even need to secure a home, maintain insurance, safeguard valuables, collect income, or arrange appraisals.
Addressing Debts, Expenses, and Taxes
After identifying estate property, the executor evaluates what the estate owes. Some debts, such as credit card balances, medical bills, or loans, may arise before death but still be outstanding at the time of death. Funeral costs, property maintenance, professional fees, and other administration expenses may arise afterward.
As executor, you identify creditors, evaluate claims, and pay enforceable obligations in the order required by law. The inventory, date-of-death values, expenses, and beneficiaries help determine tax responsibilities. You may need to handle the deceased person’s final income tax return, an estate income tax return, or inheritance tax paperwork.
Distributing Property and Closing the Estate
After resolving debts and tax matters, the executor will distribute the remaining probate property according to the will. That may involve:
- Transferring specific items,
- Selling property, or
- Dividing funds among beneficiaries in stated shares.
After completing distributions, you resolve the remaining administration matters and close the estate.
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What Should You Consider Before Accepting the Role or Choosing an Executor?
If a will names you as executor, consider whether you can perform the required work. You do not have to accept the nomination if you are unable or unwilling to serve in the position. The role is a fiduciary and often requires coordinating what a person owned at the time of death with their will, resolving ambiguities, and working closely with an estate litigation attorney.
New Jersey law may allow you to receive a commission for serving as executor. You may also receive reimbursement for money you properly spend on the estate’s behalf. The available amounts depend on the estate and the services performed.
If you are preparing a will, choose an executor based on these responsibilities. A suitable candidate should be trustworthy, organized, financially responsible, and able to communicate calmly with your loved ones. Location, health, and available time may also matter. You can also name an alternate in case your first choice cannot serve.
Guidance for New Jersey Executors and Estate Plans
Serving as an executor requires you to undertake specific legal and financial responsibilities to manage a loved one’s final affairs. Clear guidance can help you preserve estate property, meet probate requirements, and complete distributions properly.
At Willis Law Group, we draw on 25 years of legal practice and the perspective of a former prosecutor and trial attorney to address estate matters. We help executors understand their duties, maintain control of the process, and protect their loved ones’ legacies.
Contact us to discuss an executor appointment or your estate plan at our Hackensack, Jersey City, Morristown, or Red Bank office.
Legal References Used to Inform This Page
To ensure the accuracy and clarity of this page, we referenced official legal and other resources during the content development process:
- Probate of will and grant of letters, N.J. Stat. Ann. § 3B:3-17 (2004).
- New Jersey Division of Taxation, A Guide to Being an Executor.
