Who can be an executor?
In most states, any U.S. citizen over the age of majority, who has not been convicted of a felony, can be named an executor. However, some states also require an executor to be a resident of the state.
Some people choose an accountant, lawyer or financial consultant because of the person’s expertise and the complexity of the job. Others appoint a spouse, adult child, relative or friend, especially if the estate is small.
More Miscellaneous Details
- If an estate must file income tax or estate tax returns, a federal employer identification number (EIN) must be obtained from the IRS.
- You should open a checking account in the name of the estate with some funds transferred from the decedent’s accounts.
The bank will ask for the estate’s EIN. Use the new account to accept deposits from income earned by the estate and to pay expenses – such as outstanding bills, funeral and medical expenses, and, of course, taxes.
Finally, state income tax returns and perhaps a state estate tax return will have to be filed.