It is very common to hear: “I was named executor in the will and I don’t know what I’m supposed to do.” If that is you, this page is a good place to start. An executor (sometimes called an “executrix” for a woman, though the role is the same) is the person named in a will to carry out the testator’s wishes under Kentucky’s probate laws. It is an important responsibility, and it can be time-consuming even when the estate is small.
This page offers general information about Kentucky law, not legal advice. Reading it or contacting us does not create an attorney-client relationship; that begins only when we agree in writing to represent you. See our advertising notice.
When Does an Executor Have Authority?
Being named as executor does not give you authority to act right away. Under KRS 395.020, the person named as executor may not act as executor until the will is admitted to probate, the executor has posted a bond if the court requires one, and has taken the oath or filed the required declaration. Before then, the executor may arrange the burial, pay reasonable funeral expenses, and take care of and preserve the estate. In Kentucky, a bond is required only if the court orders it (KRS 395.130).
Once qualified, you are a fiduciary. You must act with care, and if you breach your duties you can be held personally liable. That is true whether or not you hire an attorney.
What Does an Executor Do?
Every estate is different, but an executor’s responsibilities commonly include the following.
- Locating the original will and filing the petition and other documents with the District Court in the county where the decedent lived.
- Understanding how the will’s terms affect distribution.
- Collecting the decedent’s funds and keeping estate money in separate estate accounts (KRS 395.120). You will generally need an EIN for the estate from the IRS.
- Locating and documenting bank accounts, safe deposit boxes, stocks, retirement accounts, and other assets, and collecting income due to the estate.
- Locating and listing real estate, deeds, mortgages, leases, and tax information, and managing or securing property, including rental property, until it is distributed or sold.
- Arranging for ancillary administration if the decedent owned real property in another state.
- Collecting debts owed to the decedent, life insurance payable to the estate, and other receivables.
- Protecting business interests, the residence, and other property, and obtaining insurance and appraisals as needed.
- Filing the inventory with the court, generally within 90 days after you qualify (KRS 395.250). It is confidential.
- Giving notice to creditors and handling claims. Claims against the estate are generally barred unless presented within six months after the personal representative is appointed (KRS 396.011). You must pay valid claims in the order the law provides (KRS 396.095) and reject improper ones.
- Keeping accurate records, filing the decedent’s final income tax returns and the estate’s returns, and paying any taxes that are due. Close family members are exempt from Kentucky inheritance tax, but others may owe it, and the federal estate tax applies only to very large estates. Some estates may qualify for special federal tax elections, such as special-use valuation of farm or business real estate or deferral of estate tax payments; we can advise whether any apply.
- Distributing specific gifts and the remainder to the right beneficiaries, and closing the estate. In some cases an informal final settlement is available (KRS 395.605).
Is the Executor Paid?
Yes. Kentucky law allows an executor to be compensated from the estate, up to a statutory limit of 5% of the value of the personal estate plus 5% of the income collected, with additional compensation possible for unusual or extraordinary services with the court’s approval (KRS 395.150). Compensation is taxable income, and many family members choose to waive it. An executor may also hire an attorney to guide the process.
Frequently Asked Questions
What is the difference between an executor and an executrix?
There is no legal difference. “Executrix” is an older term for a female executor.
Is an attorney required to probate a will?
Kentucky does not strictly require an executor to hire an attorney in every case, but the work is detailed and mistakes can lead to personal liability to creditors, the estate, or beneficiaries. We recommend that executors at least consult a probate attorney, whether or not it is our firm. See Probate, Probate Administration, and Estate Administration.
What if I don’t want to serve?
You are not obligated to accept the role. If you do not want to serve, contact us before you take any action, so we can explain your options and what happens next.
Legal Fees
Legal fees: $250 per hour. This applies to representing executors and administrators in probating an estate. We will explain our fee arrangement and the likely scope of work at the start and put the engagement terms in writing before we begin.
Contact Us
To talk with us about this matter, call (859) 444-4695 or contact our office. If it is easier to start online, our secure intake form works too. We are located at 226 N. Upper St., Lexington, Kentucky 40507.