I was Executor for my mother’s estate in Virginia. My duties involved accounting for all assets/debts and demonstrating how they were distributed and/or settled. I also had to show I followed the Will and satisfied the named beneficiaries. I used Excel to keep a record of all financial matters supported with receipts/bills. Withing one year, I was required to submit a full accounting to Probate which was done with no issues.
One of the first things I did was set up a checking account as, “The Estate of (deceased’s name)’ transferring all monetary assets into it and this account was used for all distributions. I arranged for the sale of the home and held an Estate Sale to address the contents. As Executor, I was entitled to 5% of the entire Estate which I did not take as the Will listed myself and my brothers as beneficiaries. Prior to the Estate Sale, my brothers and I agreed on what household items we each wanted.
It was an involved process and adequate record keeping is a must. My ultimate goal was to bring all assets of the Estate down to zero prior to submitting my accounting to Probate.