A financially comfortable loved one has passed away.
During this time of seemingly endless bad news, that’s not an uncommon situation. Sad but true.
The now-deceased loved one may have been single or married and may have been a relative or not. In any case, you’ve stepped up to the plate and taken on the challenging job of acting as executor for the deceased person’s estate. Good for you.
But it can be a lot of work.
This article is the third and final installment of our series on what you as the executor need to know about both the most important federal tax issues and the most important non-tax financial issues. For the two earlier articles on tax matters, see
Tax Considerations When a Loved One Passes Away (Part 1)
Tax Considerations When a Loved One Passes Away (Part 2)
The Executor’s Role
When a loved one passes away, someone must handle the resulting financial fallout.
That person may be identified in the decedent’s (the deceased loved one’s) will as the executor of the decedent’s estate. If there is no will, the probate court will appoint an administrator. In either case, it’s often the surviving spouse or another family member who takes on the responsibility.
In this article we will refer to that person ... Log in to view full article.