Being named executor in someone's will sounds like an honor. It's actually a job with deadlines and legal duties. In Oregon the title is personal representative, and it's the person who settles the estate. If there's no will, the court picks someone, as covered in what happens if you die without a will in Oregon.
The first step is to find the original will and file it with the county court, which starts probate. Probate is the court process that confirms the will and names the personal representative. You'll also want about ten certified copies of the death certificate, because banks, insurers, and agencies each ask for one.
Soon after you're appointed, Oregon generally requires you to tell the heirs and anyone named in the will that the estate is open. You also need to find and protect the assets. That means locking up the house, forwarding the mail, and opening a bank account in the estate's name, so estate money never mixes with yours.
Next comes the money. You'll make a list of everything the person owned and its value on the day of death. Then you pay valid debts and taxes from the estate before anyone inherits. Oregon generally gives creditors about four months after notice is published to submit claims. The rules about who pays what are in who actually pays your debts when you die. You'll also file the person's final income tax return, and the estate may need its own return too.
Only after that do you distribute what's left, following the will. Hand out money too early and you can be personally on the hook if a bill shows up later, which is the main reason to wait. Keep a record of every dollar that comes in and goes out, because heirs can generally ask to see it. You can also decline the job if you're named and don't want it, or resign later, so no one is stuck.
Many accounts never go through this process at all. Life insurance, retirement accounts, and anything with a named beneficiary pass by the form, not by the will, which is the point of what a will controls and what it never touches. A small estate may qualify for a shorter court process, and an attorney can tell you whether it does.
The job pays a reasonable fee, and most people hire an estate attorney for at least part of it. I'm a licensed insurance broker, not an attorney, so treat this as an outline. If someone has named you, ask them this month where the original will is kept and who their bank and insurance contacts are.