Being Named Executor Is an Honor.
It Is Also a Job.
A clear, step-by-step guide for the weeks and months after a loved one passes. · Rodd R. Miller, CFP®
When someone names you as executor of their estate, they are trusting you to finish their story the way they wanted it told. But that trust usually arrives at the hardest possible moment, while you are grieving. Most executors have never done this before, and nobody hands them instructions. The good news: the work follows a predictable order. If you take it one phase at a time, it becomes manageable.
10+
Certified death certificates most estates need
3
Phases: secure, organize, settle
9-24
Months a typical estate takes to fully settle
PHASE ONE · THE FIRST TWO WEEKS
Secure and Notify
Your first job is protection, not paperwork. Order at least ten certified death certificates from the funeral home. Banks, insurance companies, and government offices will each want an original. Find the will and any trust documents, and keep the originals somewhere safe. Lock down property: secure the home, vehicles, and valuables, and forward the mail so bills and statements come to you.
Next, notify Social Security. If a payment arrives after the date of death, do not spend it; it will usually need to be returned. Above all, do not pay debts or hand out belongings yet, even if family members ask. Moving too fast is the most common executor mistake.
PHASE TWO · THE FIRST FEW MONTHS
Organize and Take Inventory
Meet with an estate attorney. A good place to start is the attorney who drafted your loved one’s will or trust. That attorney already knows the documents, the family, and what your loved one intended, which can save you time and money. They will tell you whether the estate must go through probate (the court process for settling a will) or whether a trust lets you skip most of it. If there is a living trust, the successor trustee usually handles those assets directly.
Get a tax ID number for the estate from the IRS and open a separate estate bank account. Never mix estate money with your own. If you are the surviving spouse and your assets were held in a trust, the steps may be simpler: you may only need to update the tax ID on the trust. Your attorney can confirm which path applies. Then build a complete inventory: every account, property, policy, and debt. Record what each asset was worth on the date of death. This matters because many investments receive a new tax cost basis, which can save heirs a great deal in taxes when they sell.
Remember that some assets skip the will entirely. Retirement accounts, life insurance, and “transfer on death” accounts pass straight to the named beneficiary. Check those designations early.
“An executor’s best tool is patience. The estate rewards those who build the full picture before they make a single move.”
Rodd R. Miller, CFP®
PHASE THREE · THE MONTHS AHEAD
Settle and Distribute
Once the inventory is complete, pay valid debts and final expenses from the estate account, following the order your attorney recommends. Then handle taxes. The estate may need a final personal income tax return for your loved one, plus a separate return for any income the estate earns while it is open.
One step is easy to miss: if there is a surviving spouse, consider filing an estate tax return even when no tax is owed. Doing so can pass the unused portion of the estate tax exemption to the spouse, which could protect far more wealth later. There is a deadline, so ask early.
Only after debts and taxes are settled should you distribute what remains. Keep careful records, get signed receipts from each heir, and prepare a final accounting. If you distribute too soon and a bill surfaces later, you could be held personally responsible.
WHERE WE FIT
You Should Not Have to Build This Alone
At Miller Wealth Management, we aim to provide proactive education before you need it. We can work with you and your team of other professionals to plan and execute on the prepared strategy when the time comes.
Time frames and figures are general estimates; actual requirements vary by state, estate size, and the documents involved. Miller Wealth Management does not provide legal or tax advice. Please consult a qualified estate planning attorney and CPA regarding your specific situation. This article is produced for informational and educational purposes.