Being asked to serve as executor for a client’s estate—or watching a client name a family member or friend to that role—is often framed as an honor. In practice, it is one of the most demanding fiduciary responsibilities an individual can assume.
For wealth advisors and RIAs, understanding the realities of the executor role is critical, both to counsel clients thoughtfully during estate planning and to support executors once administration begins.
Administering an estate is rarely intuitive. It requires technical competence, emotional resilience, and disciplined project management, often at a time when all parties involved are grieving. Executors face significant scrutiny from beneficiaries, many of whom assume the role is simpler than it is. In reality, most executors are navigating unfamiliar legal, tax, and administrative terrain for the first—and often only—time in their lives.
The complexity of the executor role
Executors are responsible for carrying out the decedent’s final wishes while complying with state probate law, tax requirements, and fiduciary standards. The workload is substantial. Core responsibilities include securing death certificates, locating estate planning documents, inventorying assets, managing and safeguarding property, communicating with creditors, filing tax returns, and distributing assets in accordance with the governing documents.
Beyond logistics, executors often serve as de facto mediators. Disputes among heirs are common, particularly when distributions feel unequal, sentimental property is involved, or long-standing family tensions resurface. Executors must balance empathy with impartiality, adhering strictly to the will or trust while managing expectations and emotions.
From an advisory perspective, it is important to recognize that most executors lack prior experience. Adult children, spouses, or close friends are frequently named without a clear understanding of the burden involved. As a result, even well-intentioned executors may feel overwhelmed, underprepared, or exposed to criticism and liability.
Core duties of an executor
While specific requirements vary by jurisdiction, executors generally must:
• Initiate probate proceedings and obtain legal authority to act on behalf of the estate.
• Identify, collect, and value all estate assets.
• Locate and address outstanding liabilities, including creditor claims.
• Protect estate property until distribution.
• Pay estate expenses, administration costs, and applicable taxes.
• Distribute assets to beneficiaries and formally close the estate.
Each step involves deadlines, documentation, and regulatory oversight. Missteps can delay administration, increase costs, or expose the executor to personal liability.
Key qualities of an effective executor
Advisors can add significant value by helping clients evaluate who is best suited to serve as executor. The role requires more than good intentions. Effective executors tend to share several core traits:
Dependability and follow-through. Executors must be willing to commit sustained time and attention, often over many months or longer. Reliability is foundational.
Integrity and impartiality. Executors are fiduciaries. They must act ethically, avoid conflicts of interest, and treat all beneficiaries fairly, even under pressure.
Organization and attention to detail. Estate administration is document-intensive. Accurate recordkeeping and disciplined processes are essential.
Willingness to seek professional guidance. Competent executors recognize their limits and engage attorneys, accountants, appraisers, and financial advisors when appropriate.
Emotional resilience. Executors must navigate grief, family dynamics, and sometimes hostility, while remaining focused on their legal obligations.
For RIAs, reinforcing these characteristics during estate planning conversations can help clients make more informed decisions—and reduce the likelihood of future disputes.
Preparing for the role before death
One of the most effective ways to ease the executor’s burden is proactive communication before the estate owner’s death. Advisors are well positioned to encourage these conversations.
Ideally, the executor should review the estate plan with the client in advance to understand intent, priorities, and potential sensitivities. If a distribution is likely to surprise or upset beneficiaries—such as unequal splits, disinheritance, or gifts to non-family members—the rationale should be clearly articulated.
In some cases, a written letter of instruction can provide valuable context. Even better, clients may choose to discuss their wishes openly with heirs while they are alive. While these conversations can be uncomfortable, they often prevent misunderstandings and resentment later. Transparency during life frequently translates into smoother administration after death.
Initial steps after death
Once the estate owner passes away, administrative tasks begin immediately. Executors should obtain multiple certified copies of the death certificate, as financial institutions, insurers, and courts typically require originals.
The executor must locate the original will and any related estate planning documents, secure residences and valuables, and gather financial records such as bank statements, brokerage accounts, insurance policies, and retirement plan information.
Filing the will with the probate court and obtaining letters testamentary (or equivalent authority) is a critical early step. Until formal authority is granted, the executor generally cannot transact on behalf of the estate.
For advisors, assisting executors with asset identification and account logistics can materially reduce friction at this stage.
Engaging professional support
Few estates can be administered effectively without professional help. Advisors should strongly encourage executors to assemble an experienced team.
An estate attorney provides guidance on probate procedures, deadlines, fiduciary duties, and dispute resolution. A CPA or tax professional handles final income tax returns, estate tax filings if applicable, and tax planning strategies. Financial advisors play a central role in identifying assets, managing liquidity needs, evaluating investment risks, and coordinating distributions.
Specialists may also be required. Appraisers can value artwork, collectibles, or real estate. Realtors assist with property sales. Each professional reduces the executor’s exposure and ensures decisions are defensible.
From an RIA standpoint, it is often prudent to position the advisor as a coordinator rather than a decision-maker, helping executors understand options while avoiding unilateral judgments that could be second-guessed.
Recordkeeping and transparency
Meticulous documentation is one of the executor’s most important protections. Every transaction, expense, valuation, and distribution should be recorded. Beneficiaries frequently ask questions, and detailed records are essential for answering them credibly.
Transparency is equally important. Regular updates to heirs about the status of the estate, anticipated timelines, and material decisions can prevent mistrust and escalation. Even when there is little progress to report, consistent communication reinforces confidence in the process.
Advisors can support this effort by helping executors prepare summaries, reports, or distribution schedules that are clear and easy to understand.
Safeguarding estate property
Vacant homes and unmonitored assets are common targets for theft or misuse. Executors should ensure properties are secured, valuables are inventoried, and insurance coverage remains in force. Photographing personal property can be helpful if disputes arise later.
Advisors should remind executors that informal arrangements—such as allowing family members to take possession of items prematurely—can create legal and relational problems.
Managing conflict and expectations
Conflict is one of the most challenging aspects of estate administration. Beneficiaries may question decisions, challenge valuations, or suspect favoritism. Executors should expect scrutiny and be prepared to respond calmly and consistently.
Regular communication is one of the most effective conflict-management tools. Providing beneficiaries with insight into major decisions—such as selecting a realtor or determining whether to sell or retain a concentrated investment position—can foster a sense of inclusion, even when final authority rests with the executor.
That said, executors must also be firm. The governing documents dictate distributions, and personal appeals cannot override legal obligations. Advisors can play a critical role in reinforcing this boundary and providing objective support when executors must say no.
Distributing assets and personal property
Financial assets are typically straightforward to distribute once debts, expenses, and taxes are paid. Personal property, however, often presents emotional challenges. Estate documents may lack specificity, leaving executors to devise fair processes for dividing sentimental items.
Structured approaches—such as rotation systems, lotteries, or third-party mediation—can help ensure equity and reduce conflict. Advisors can suggest frameworks and help executors think through implications before tensions escalate.
The advisor’s role in executor success
For wealth advisors and RIAs, executor support is an extension of holistic client service. By setting expectations early, encouraging thoughtful executor selection, facilitating communication, and providing disciplined guidance during administration, advisors can significantly reduce stress for all involved.
Serving as executor will never be easy. But with preparation, professional support, and clear processes, it can be managed with the same rigor and accountability expected of any complex fiduciary responsibility.
