Locate the Will

• It is important that a person be notified that she has been named as executor before the decedent dies. Only the executor will be entitled to access the decedent's safety deposit box to retrieve the will or to receive the will from the decedent's attorney. If the decedent had an attorney, that attorney may be willing to assist the executor in settling the estate. If not, and the estate is substantial and/or complicated, it may be very helpful to hire an attorney. Attorneys' fees can be paid out of the estate assets.
  
  

Locate Assets

• The executor has a duty to locate all of the decedent's assets. This can include bank accounts, life insurance policies, stocks and bonds, investments, real estate and personal property.
  
  A new bank account, the estate account, should be opened right away. All other accounts should be closed, with the funds being deposited into the estate account.
  
  At this time, stocks and bonds, as well as real estate, may be sold if the property is not passed to one of the decedent's beneficiaries.
  
  

File the Will

• The decedent's will must be filed with a probate court. The death certificate must also be submitted. If the court affirms that the executor is authorized to act on the decedent's behalf, Letters Testamentary will be issued and the decedent's assets can be distributed.
  
  

Locate Beneficiaries

• After filing the will, the executor must locate anyone listed as a beneficiary in the will. Each beneficiary must be notified in writing and a copy of the will should be included.
  
  

Pay Debts

• Before distributing any property, the executor must pay any outstanding debts, as well as the estate taxes. Attorneys' fees and the executor's compensation (a percentage of the estate's assets, which varies by state) must also be paid before any property is distributed to beneficiaries.
  
  

Distribute Property

• Last, all remaining assets (money, real estate and personal property) should be distributed to the decedent's beneficiaries in accordance with the will. Once all property is distributed, the estate bank account should be closed and a final accounting should be submitted to the probate court. The court will then close out the estate formally.