Q: Is there a NJ statute stating letters testamentary appointing A, B and C as co-executors all must open a bank account

A: no. also, it is foolish for a will to designate three joint executors. It is our recommendation that Executors undertake the following measures:

1. conduct a thorough search of the decedent's personal papers and effects for any evidence which might point you in the direction of a potential creditor;

2. carefully examine the decedent's checkbook and check register for recurring payments, as these may indicate an existing debt;

3. contact the issuer of each credit card that the decedent had in his/her possession at the time of his/ her death;

4. contact all parties who provided medical care, treatment, or assistance to the decedent prior to his/her death;

We will not be able to file the NJ Inheritance Tax return until it is clear as to the amounts of the medical bills. Medical expenses can be deducted on the Inheritance Tax return.

Other upcoming duties/ Executor to Do

Notice of Probate to Beneficiaries (Attorney will handle)

If charity, notice to Atty General

File notice of Probate with Surrogate (Attorney will handle)

Apply to Federal Tax ID if there will be several beneficiaries

Set up Estate Account at bank (pay all bills from estate account)

Pay Bills

List real estate for sale and have attorney prepare, Deed, Affidavit of title and other document

File first Federal and State Income Tax Return [CPA- ex Marc Kane]

Prepare Inheritance Tax Return and obtain Tax Waivers (Attorney will handle)

File waivers within 8 months upon receipt (Attorney will handle)

Prepare Informal Accounting

Prepare Release and Refunding Bond (Attorney will handle)

Obtain Child Support Judgment clearance (Attorney will handle)

Let's review the major duties involved, which we've set out below.

In General. The executor's job is to (1) administer the estate--i.e., collect and manage assets, file tax returns and pay taxes and debts--and (2) distribute any assets or make any distributions of bequests, whether personal or charitable in nature, as the deceased directed (under the provisions of the Will). Let's take a look at some of the specific steps involved and what these responsibilities can mean. Chronological order of the various duties may vary.

Probate. The executor must "probate" the Will. Probate is a process by which a Will is admitted. This means that the Will is given legal effect by the court. The court's decision that the Will was validly executed under state law gives the executor the power to perform his or her duties under the provisions of the Will.

An employer identification number ("EIN") should be obtained for the estate; this number must be included on all returns and other tax documents having to do with the estate. The executor should also file a written notice with the IRS that he/she is serving as the fiduciary of the estate. This gives the executor the authority to deal with the IRS on the estate's behalf.

Pay the Debts. The claims of the estate's creditors must be paid. Sometimes a claim must be litigated to determine if it is valid. Any estate administration expenses, such as attorneys', accountants' and appraisers' fees, must also be paid.