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Many states prohibit people who have felony convictions from serving as executor. In Indiana, you cannot name an executor who has been convicted of a felony under any federal or state law.
Although the law does not require an executor to be a lawyer or other legal or financial expert, it does require than every executor fulfill their duties with the utmost honest and diligence. The word for this in the law is a fiduciary duty, which holds the executor to act in good faith with regards to a person's will. An executor is not entitled to proceeds from the sale of property of the estate. Depending on the particular state, generally, an executor is only entitled to a fee as compensation for administering the will. Most states mandate that this fee be reasonable given the size or complexity of the will.