Executors are responsible for handling the administration of an estate until it is “settled” or closed. Once the assets have been marshaled, bills have been paid, specific bequests distributed, and any outstanding issues resolved, the fiduciary (the executor or administrator) must prepare an “accounting.” An accounting must be done before the estate’s remaining assets (called the “residuary”) can be distributed to beneficiaries and before the executor will be released from all claims regarding the administration of the estate.
