The laws vary by state, but typically within a month of the date of death, the executor finds and files the decedent’s will to be probated with the appropriate registrar or court of jurisdiction. This body verifies the will, and gives the executor permission to access the decedent’s accounts and property. Upon receiving the permission, the executor takes an oath of fiduciary responsibility to make all decisions in the best interest of the estate, while handling the estate’s debts and other obligations.

Within three months or so, the executor must inventory the estate’s possessions, including accounts and assets, copies of trusts, deeds or other relevant documents, collectibles and personal effects. Valuables should be fully insured, and the executor should take possession of the decedent’s property promptly in order to safeguard all physical assets, storing valuables elsewhere or changing locks on the residence, if necessary, to prevent overanxious or disgruntled heirs from nabbing heirlooms and sentimental possessions before they can be distributed. “Personal effects tend to disappear; the stuff just walks away,” notes Fred George, an attorney with Eckert Seamans, a national law firm based in Pittsburgh. “And the personal representative is liable.”

An executor must next determine the value of the estate. Cash positions are easiest to value, safeguard and distribute, but most wills instruct the executor to distribute assets in-kind rather than in cash, George explains. Testators commonly leave in-kind shares of a family business or limited partnership that neither they nor the heirs wish to sell. Executors should consult with a business valuation professional to determine the fair market value of these shares.