What an executor actually has to do

Most people find out they are an executor at the worst possible time to accept a new role. The list below is not a legal checklist, and the estate's attorney will tell you what applies in your case. It is meant to give you the scope of the work, so you can pace yourself.

Find the will and review it with an attorney who specializes in probate law

The first task is simply to locate the will and review it properly. It typically names you, and an alternate, and it says who inherits what. Even where full probate turns out not to be needed, the original will generally has to be filed with the court in the county where the person lived. An attorney can tell you which kind of proceeding fits the estate, and Texas has more than one.

Tell the people who need to know

Banks, credit card companies, insurers, the Social Security Administration and any pension provider all need to be told of the death. Order more copies of the death certificate than you think you will need. Twenty plus is a good starting point. Almost every institution wants its own.

Get appointed, then protect the estate

Until the court appoints you, your authority is limited, so this stage is about protection rather than decisions. Keep the house insured and secure, keep the utilities on, and make sure nothing of value walks out of the door. Once you have your letters from the court, you can act for the estate.

It usually helps to open a separate estate bank account at this point. Money owed to the deceased goes in, ongoing bills such as the mortgage, insurance and utilities come out, and nothing gets mixed up with your own finances. Remember you are acting as a fiduciary.

Make an inventory

You will need a list of what the estate owns and what it owes, with values. The house is normally the largest item, and its value at the date of death matters for more than the sale price, so it is worth establishing carefully. This is something that I am uniquely qualified to help you with. Personal property, vehicles and accounts are listed alongside it. Your attorney will tell you what has to be filed with the court and when.

Deal with debts and taxes

Creditors have to be notified in the way the law sets out, and legitimate claims are paid from the estate before anything is distributed. The estate may also owe income tax for part of the year, and larger estates can have further filings. This is the part where a tax professional earns their fee.

Decide what happens to the house

Sometimes the will settles it. Sometimes the heirs agree to keep it, or one buys the others out. Often it has to be sold to pay debts or so the estate can be divided fairly. That decision belongs to the executor and the heirs, guided by the attorney, and there is rarely a reason to rush it. What tends to help is knowing early what the property is realistically worth in its current condition and what it could be worth with strategic value adds.

Distribute, account, close

• Distribute what is left according to the will, or as the court directs if there is no will.
• Account for what came in and what went out, in whatever form the court and the heirs require.
• Close the estate, which is the point at which your responsibility ends.

Estates vary enormously, and yours may be simpler or more involved than this. If you take one thing from the list, let it be that none of it has to happen in the first week, and that the estate's attorney is there to tell you what actually applies to you. For anything real estate related I will be there for you whenever you are ready.