What Does It Mean to Serve as the Executor of an Estate?

What’s in this article?

• What is an executor?
• Executor core responsibilities
• The process of settling an estate
• Timeline expectations
• Fiduciary duty
• Finding support

Being named the executor of an estate is both practical and personal.

On paper, it’s a legal role. In reality, it’s a position of trust.

You’re the person someone chose to carry out their wishes, manage their affairs responsibly, and help ensure everything is handled thoughtfully for the people they care about.

Depending on the document and the state in which it’s executed, you may see different titles used: executor, personal representative, or, in the case of a trust, trustee. While the terminology varies, the responsibility is largely the same. You’re stepping into a fiduciary role, acting on behalf of the estate and its beneficiaries to see the process through from start to finish.

If you’ve been asked to serve—or you’re considering who to name as your executor—it helps to understand what the job actually involves.

The core responsibility

At its heart, serving as executor is about stewardship.

You’re responsible for gathering assets, settling outstanding obligations, and distributing what remains of the estate according to the instructions laid out in the will or trust. Along the way, you’re expected to keep accurate records, communicate clearly, and make decisions that are fair and prudent.

It’s less about making judgment calls and more about following a clear process carefully and methodically.

What the process typically looks like

While every estate is unique, most follow a similar path.

Early on, the executor locates key documents, notifies beneficiaries, and files paperwork with the court to establish their formal appointment as legal executor. That appointment gives you the legal authority to act on behalf of the estate.

From there, much of the work is organizational. You’ll identify bank accounts, investment accounts, retirement plans, real estate, and personal property; determine their values; and consolidate them under the estate’s control. Many executors open an estate bank account to manage expenses and payments.

Before any assets are distributed, the estate’s bills, debts, and taxes need to be addressed. Only after those obligations are satisfied can remaining assets be transferred to heirs or beneficiaries.

Once everything is complete and properly documented, the estate is formally closed.

It’s a straightforward process in theory—but it does take time and attention to detail.

Timeline expectations

Many people are surprised by how long estate settlement takes.

Even relatively simple estates often take close to a year. More complex situations—such as those involving real estate sales, business interests, or tax filings—can extend beyond that. Court timelines and required notice periods can also add time.

This isn’t a sign that something is wrong; it’s simply how the process is designed to protect everyone involved.

For this reason, some families choose to name a professional or corporate personal representative  such as a trust company or fiduciary firm. Exploring this option may make sense particularly in cases where the estate is complex, family members live out of state, or no one in the family feels comfortable taking on the administrative workload themselves.

Understanding the fiduciary duty

Executors, personal representatives, and trustees are fiduciaries, meaning they’re legally required to act in the best interests of the estate and its beneficiaries.

In practical terms, that means:

• following the instructions in the documents
• treating beneficiaries fairly
• avoiding conflicts of interest
• keeping clear records
• making prudent financial decisions

It’s a meaningful responsibility, but it doesn’t require you to have all the answers yourself.

You don’t have to do it alone

Most executors rely on a team of professionals for guidance as they navigate the estate settlement process.

Estate attorneys help with probate and filings. CPAs assist with tax returns. Financial advisors help with valuations, transfers, and investment decisions. These costs are generally paid by the estate, and executors are often entitled to compensation for their time as well.

Some families take this a step further by appointing a professional fiduciary or trust company to serve in the role, or by naming them as a successor to step in if needed, providing added expertise, objectivity, and continuity.

Think of your role as the coordinator and decision-maker, supported by specialists along the way.

Deciding whether to serve—or who to name

If you’ve been asked to serve, it’s worth considering the time commitment and organizational work involved. Some people are comfortable taking that on themselves. Others prefer to appoint a professional fiduciary or name a co-executor to share the responsibility.

Similarly, if you’re creating your own estate plan, choosing the right person is less about financial expertise and more about trustworthiness, follow-through, and the ability to stay organized and fair. In some cases, a professional or corporate personal representative can be a good fit when neutrality or administrative experience is especially important.

There isn’t one right answer—just the right fit for your family and your situation.

A final thought

Serving as an executor is, at its core, an act of trust and stewardship. You’re helping carry out someone’s final instructions and making sure their affairs are handled with care.

It’s meaningful and detailed work—and very manageable with the right support.

Whether you’re deciding who to name in your own plan or you’ve been asked to serve for someone else, your Coldstream team can help you think through the responsibilities, understand the process, and connect you with the right professionals along the way.

* Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®. CERTIFIED FINANCIAL PLANNER™ and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. CDFA® and Certified Divorce Financial Analyst® are trademarks of The Institute for Divorce Financial Analysts™

This article is for informational and educational purposes only and does not constitute legal, tax, or financial advice. Readers should consult with qualified professionals regarding their specific circumstances. Coldstream Wealth Management is an SEC-registered investment adviser. Registration does not imply a certain level of skill or training.