Decedent definition
/What is a Decedent?
A decedent is a person who has died, usually recently. The term is typically used in relation to the estate of the deceased person. At the point of death, a decedent’s possessions become part of his or her estate. With proper estate planning via a trust agreement or will, a decedent can control how estate assets are used. During the legal process of executing a trust agreement or will, the deceased is referred to as the decedent.
Example of a Decedent
Evan is in a nursing home. His assets are a life insurance policy, a pension plan, and $50,000 in a savings account. He dies, and is now referred to as a decedent. His executor pays all remaining bills from the cash in the savings account, files his final tax return, and pays out all remaining funds to the beneficiaries stated in Evan’s will. The life insurance company distributes funds directly to the beneficiaries after it receives Evan’s death certificate.