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Oct 14, 2021 · This article discusses the payment of funeral expenses out of an estate, and why executors should pay them promptly. The first reason is practical. After death, the funeral home is often the first to provide a service to the estate. It disposes of the body in a safe and respectful manner. As such, the funeral home understandably expects to be paid.
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Thank you for your question, Carol. This is something I’ve seen many executors face when administering an estate. Let’s start with reviewing what probate is, what the process looks like, and the effects on the estate’s cash flow for paying taxes or other estate expenses, which can include taxes on income from registered retirement savings plans(RRS...
Probate is a term that most of us have heard before; however, the official name in Ontario is Certificate of Appointment of Estate Trustee with (or without) a will. How’s that for a tongue twister? Since the terminology eats up most of my word count for this article (joking of course), I will continue to reference it as probate. Probate is process ...
Carol, as you may be wondering, nothing in regard to estates is a quick process, and the same goes for probate. There is a lot of information gathering, paperwork and waiting. Often, a lot of waiting.
Mar 7, 2016 · A funeral can include everything from the actual burial expenses and the burial plot to a headstone and casket. All of these expenses can really add up and as executor, you need to know if you can ...
As the executor or administrator of an estate, you are tasked with managing the deceased’s affairs, including settling the expenses and debts. Estate expenses and debts can vary, but common examples include funeral expenses, outstanding income taxes and debts owed by the deceased, such as a mortgage, loan or credit card balances.
Nov 6, 2015 · The following items are considered funeral expenses, and are typically paid by the estate via the executor: burial plot in a cemetery or similar locale; funeral home services (i.e., care and/or preparation of the deceased, obtaining the death certificate, hosting the service, burial/cremation fees, etc.); casket (burial) or urn (cremation);
Oct 27, 2023 · The executor must dispose of the remains in a decent, dignified and timely manner; make funeral arrangements befitting the deceased’s station in life; pay for the funeral with a corresponding right to be reimbursed by the estate for reasonable expenses; and inform the deceased’s next of kin of the funeral arrangements.
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To ensure that important debts and taxes do get paid, state probate laws define exactly which payments get made first. That way, the executor doesn’t distribute funds to heirs and then runs out of money to pay creditors. Note: If an estate doesn’t have to go through probate, either because it meets a state’s small estate exemption or ...
