Costs Incurred by the Executor
Generally, an estate is responsible for paying the executor a fee. This fee may be specified in the will, or it may be determined by state regulation. The executor’s fee may be waived if the executor is a close friend or family member. If the executor is an attorney, the law in most states prevents him or her from collecting both an executor’s fee and an attorney’s fee for legal advice on the estate.

Generally, an executor is entitled to be reimbursed from the proceeds of the estate for expenses incurred in settling the estate. For example, if you live in California and are named executor of an estate in New York, the estate is liable for your commuting costs.

The Executor’s Checklist
Settling an estate, even a simple one, involves plenty of loose ends and details. The following list will give you an idea of the many things you may need to do as executor. Use it as a guide, adding or deleting items as needed.

Executor’s Checklist

• Locate the will
• Obtain a lawyer, if necessary
• Apply to appear before the probate court
• Notify beneficiaries named in the will
• Arrange for publication of notice to creditors and mail a notice to each known creditor
• Send notices of the person’s death to the post office, utilities, banks and credit card companies
• Inventory all assets and have them appraised, if necessary
• Collect debts owed to the estate
• Check with the deceased’s employer for unpaid salary, insurance and other employee benefits
• File for Social Security, civil service or veteran benefits
• File for life insurance and other benefits
• File city, state and/or federal tax returns
• File state death and federal estate tax returns
• Pay valid claims against the estate
• Distribute assets and obtain receipts from beneficiaries
• File papers to finalize the estate

For your own protection, keep a copy of all records for at least two years. And don’t hesitate to seek the guidance of a professional if you need help in settling the estate.

Consider It an Honor
If you are named executor for a friend or family member, it’s your final act of friendship. The person who chose you trusted and valued your judgment; consider it an honor.