Opening bank account of executor

When a person writes a “will”, he nominates a person to as the “executor” of the will. The responsibility of the executor is to divide the property and other assets (“estate”) of the deceased among legal heirs or successors of the deceased. On death of the person, the executor has to approach the court and get the will probated. A copy of the will certified by a court is called “probate”. After obtaining the probate, the executor will take necessary action to execute the will. For this purpose, he may need to open a bank account in to which the balance of the deceased will be transferred. Accounts may be opened in the name of executors in the following manner: “XXXXX, Executor to the estate of YYYYY deceased.” Caution: (i) If more than one executor is appointed, they have to do it jointly. They may jointly authorize one of them to operate bank accounts. (ii) An executor cannot borrow on behalf of the estate. Hence, care should be take not to allow any overdraft in the account of an executor. (iii) Bank should exercise caution allow transfer of money from such account to the personal account of the executor.