What is an Executor?

An executor is the person you choose to carry out the terms of your Will, including administration of your estate. When the Will is admitted to probate, the court gives the executor authority to act as the testator or Will writer's legal representative in administering the estate. The executor's duties include collecting probate assets of the deceased, paying valid debts (including any estate taxes), investing estate funds, and ultimately distributing them to the beneficiaries in accordance with the Will's terms.

Your executor should be someone you consider highly trustworthy, with good judgment. You might choose a trusted friend or relative who is capable of handling financial matters. Many banks will serve as executor, but they will charge for the service. In most cases, when a friend or relative agrees to become your executor, he or she will waive or refuse a fee.