Most people name an executor the same way they choose a pallbearer: the oldest child, the most dependable sibling, the friend who has always been there. What they don't consider is that the executor is not a ceremonial role. The executor — sometimes called a personal representative — is the person the law trusts with winding down your financial life. They have significant legal authority. They carry personal liability. And the difference between a capable executor and an unprepared one can cost a family tens of thousands of dollars and years of conflict.
Once the court grants authority — through a document called Letters Testamentary, or Letters of Authority — the executor can act on behalf of the estate. That authority is broad and the responsibilities are real. The core duties include: Notifying creditors by publishing a legal notice in a newspaper of > general circulation. In Ohio, for example, creditors typically > have four months to file claims after this notice is published. Locating and securing all assets — bank accounts, investment > accounts, real property, vehicles, jewelry, digital accounts, and > anything else of value. Arranging appraisals. In California, a court-appointed probate > referee must appraise most non-cash assets, at a statutory fee of > 0.1% of the appraised value. Filing the decedent's final federal and state income tax returns, > and any estate tax returns that may be required. Paying valid debts, taxes, and estate administration expenses from > estate funds. Distributing the remaining assets to beneficiaries according to the > will — and only after all of the above is completed. This process takes months to years. During that time, the executor is legally responsible for every decision made on behalf of the estate.
The executor role is a fiduciary (fih-DYOO-shuh-ree) role, meaning the executor has a legal duty to act in the interest of the estate and its beneficiaries. This is not theoretical. Courts have held executors personally liable for: Missing the creditor notice deadline, which can make the executor > personally responsible for debts that should have been discharged > by the estate. Mismanaging estate assets during the administration period — for > example, allowing real property to deteriorate or failing to > maintain insurance coverage. Distributing assets too early, before debts and taxes are confirmed > paid. Failing to file required tax returns on time, resulting in penalties > assessed against the estate. An executor who is disorganized can cost a family far more than they realize. If an attorney has to locate bank accounts because the executor failed to provide records, or if beneficiary disputes require court intervention, legal bills can climb into the tens of thousands of dollars above what a well-managed estate would require.
Executors are entitled to compensation for their service, and in many states that compensation is set by statute — not negotiation. The fees are calculated as a percentage of the gross estate, and in states like California and Florida, they are mandatory unless the executor formally waives them.
State Statutory Executor Fee Formula California 4% of first $100k; 3% of next $100k; 2% of next $800k; 1% of next $9M Florida 3% of first $1M; 2.5% of next $4M; 2% of next $5M Ohio 4% of first $100k; 3% of next $300k; 2% of balance; 1% of unsold real estate Source: California Probate Code §§ 10800, 10810; Florida Statutes §733.617; Trust & Will — Ohio Probate Costs In California and Florida, the estate also pays the attorney's fees at the same statutory rate. That means for a $1,000,000 estate in Los Angeles, the combined statutory fees for the executor and the attorney total $46,000 — even before appraisal costs and court filing fees. Family members serving as executor commonly waive their fee when it would simply transfer money from the estate to themselves as a beneficiary. But when the estate is complex, the family dynamics are strained, or the executor lives far away, waiving compensation may not reflect the real cost of the role.
An estate planning attorney can review your current executor
California Probate Code §§ 10800, 10810; Florida Statutes