All the Forms You’ll Need as Executor of an Estate

When you serve as the executor of an estate, you’ll need to grapple with a lot of paperwork as you coordinate the distribution of assets and property. No matter what step of the probate process you’re working through, there’s likely a form for it. Some of the most important documents include a petition for probate and a notice to creditors, as well as various life insurance forms.

A financial advisor can help you coordinate estate planning and asset management for your future. Connect with an advisor today.

What Is an Executor of an Estate?

An executor of an estate is a person appointed to carry out the final wishes of the deceased individual, as outlined in their will.

The executor’s duties include managing the person’s assets, paying off their debts and distributing their property to beneficiaries. This is an important role that can help ensure that the deceased’s wishes are respected and their estate is handled properly. For example, executor services may be necessary when an individual has a large estate or complicated financial affairs, such as multiple properties or investment accounts.

To become an executor of an estate, an individual must be named in the deceased’s will and appointed by a court.

Petition for Probate

The Petition for Probate form is critical to the process of executing a will. This is a form that the executor completes and files with the appropriate probate court.

By doing this, they can receive formal approval from the judge to begin the probate process. Even if the deceased’s will names you as executor, you must still complete this form to gain the authority to spend and move assets from the estate.

The executor submits a petition for probate, and the court then issues Letters Testamentary to the executor. Letters Testamentary are official court documents that bestow the authority to act on behalf of the decedent’s estate. This will allow you to pay debts, transfer assets to beneficiaries and otherwise manage the estate’s affairs.

For estates that fall below a certain value threshold, some states allow an alternative to formal probate known as a small estate affidavit. This document can enable beneficiaries to claim assets without a long probate process. The value limits and eligibility criteria vary by jurisdiction.

Petition for Administration

There are plenty of instances where the deceased didn’t create a will. In other cases, the deceased created a will but didn’t name an executor. If you wish to serve as executor in one of these cases, you can file a petition for administration in the appropriate probate court. The probate court can also appoint its own executor for the estate. These individuals receive the alternate title of administrator.

To appoint administrators, most probate courts have what’s called a priority of appointment. This is a list of people, descending in priority, who could be called upon to serve as administrator. Different states vary, but surviving spouses are typically given high priority, then children, then other family members.

If you’re filing a petition for administration but not high on your court’s priority of appointment, you’ll also need to obtain written waivers from the candidates with a higher priority than you.

Notice of Probate

When the probate process begins, the executor/administrator must, by law, notify all beneficiaries that they are part of the decedent’s will. The executor can do this by delivering a Notice of Probate in person or via first-class mail. This is also known as a Notice to Beneficiaries or a Notice to Heirs.

If the executor is also the sole beneficiary of the estate, this step is unnecessary. However, read the will carefully to determine if this situation applies to you.

Inventory of Assets

Many states require an executor to file an inventory of the deceased’s assets. This form helps determine the estate’s total value and may be necessary for tax filings and probate proceedings.

A comprehensive inventory should include all applicable property.

• Real estate holdings
• Bank accounts
• Retirement accounts
• Tangible assets (vehicles, jewelry, artwork, collectibles)
• Business interests and intellectual property rights
• Cryptocurrency
• Online accounts
• Documentation (property deeds, account statements, appraisals)

Some assets may require professional valuation to determine their fair market value.

Notice to Creditors

The Notice to Creditors must also inform all potential creditors of the decedent’s death. This is in case any want to make claims against the decedent’s estate. This is a necessary step to ensure the executor pays off all of the estate’s debts.

The standard practice is for the executor to publish this notice in the largest newspaper where the probate is taking place. That way, any potential creditors that the executor isn’t aware of will still have an opportunity to see it and make their claim if they need to.

Life Insurance Forms

If the decedent owned a life insurance policy, the executor will need to submit a life insurance claim. The exact claims process varies by insurance company. However, if you, as the executor, have the decedent’s policy number and other necessary information, you can contact the insurance company to complete the process.

If you know the deceased held a life insurance policy but you don’t know anything else, don’t give up. You can still reach out to the insurance company with a letter declaring that you are the executor of the decedent’s will and require information about the pertinent life insurance policy.

With this route, you will also likely need to include the death certificate and Letters Testamentary to prove your credibility.

Tax Documents

The IRS requires estates with taxable income to obtain an Employer Identification Number (EIN), or tax identification number, for tax reporting and to open an estate bank account. This is done by filing Form SS-4 with the IRS. ¹

If the estate exceeds the federal estate tax exemption threshold, you must file Form 706, United States Estate Tax Return with the IRS. ²

Some states also impose separate estate taxes or inheritance taxes, requiring additional forms. Executors should check state-specific requirements to determine filing obligations.

Managing Digital Assets and Online Accounts as an Executor

Modern estates routinely include digital property that often gets overlooked during probate.

This can include several types of digital accounts.

• Online investment accounts
• Payment platform balances
• Loyalty rewards
• Domain names
• Active subscriptions

All these accounts can have significant value or generate ongoing costs that need to be addressed as part of settling the estate.

Most states have enacted legislation giving executors formal authority over digital accounts. However, having legal standing and gaining actual access are two different things. Each platform sets its own procedures for working with estate representatives, and those procedures vary widely. Some companies have dedicated tools for this purpose, while others require submitting a death certificate and court-issued executor documents before any cooperation begins.

A deceased person who kept organized records of their accounts, whether in a password manager or a written document, makes the executor’s job much simpler. Without that kind of preparation, combing through old emails for billing statements and account notifications is often the most practical way to build a picture of what digital accounts exist.

Cryptocurrency holdings present a particular challenge. There is no financial institution to contact, and there is no administrative process for recovering access. If the private key or recovery phrase was not documented and stored somewhere accessible, the assets may be lost regardless of the legal authority the executor holds. A thorough search for any physical notes, hardware devices or secure files is worth conducting before drawing that conclusion.

Active subscriptions deserve attention early in the process. Services that renew automatically will keep charging the estate until someone steps in to cancel them, and those costs can accumulate quietly over a prolonged probate timeline.

Bottom Line

The paperwork associated with the probate process is quite complex. It’s actually one of the reasons why serving as a will’s executor can be a demanding job. This is where estate planning attorneys can be helpful to executors handling complex estates.

If you wish to serve as the executor in one of these cases, you can file a petition for administration with the appropriate probate court. If you’re creating a will, make sure to keep detailed but concise records of your financial holdings and obligations. That way, your executor will have an easier time locating your assets and creditors.

Tips for Planning Your Estate

• Creating a will is just one of the moves you should make as you enter your golden years. Others include taking out life insurance policies, setting up trusts, exploring long-term care policies and creating advance directives to handle potential end-of-life medical issues. 
• Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.
• While it’s entirely possible to build a comprehensive estate plan on your own, doing so can be risky. That’s because there are so many ins and outs in relation to the laws surrounding probate, trusts and other similar topics. If you insist on going the DIY route, be sure to avoid these mistakes.

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