An executor’s obligations are to the beneficiaries and the creditors of the estate. In general, the role, duties and responsibilities that the executor is required to perform for an estate are: Arranging the funeral; Securing and appraising the assets of the deceased; Applying for probate, if necessary; Paying the debts and taxes of the deceased; Accounting to beneficiaries; Distributing the assets of the estate. An Executor must keep accurate financial records, including copies of all receipts, as well as a record of time spent in administering the estate.
The Executor must be able to satisfy the Court and beneficiaries that the estate has been administered properly. Sometimes this is accomplished informally, but formally this requires preparing financial records in proper Court form, and presenting the records to the Court for approval. This process of Court approval is called a Passing of Accounts. Second, the executor is entitled to compensation which depends, in part, on the amount of work done and time spent by the executor.