What is a Decedent?
How Does a Decedent Work?
Let's say John Doe dies this. He is a decedent. His and trust enabled him to direct what happened to his possessions and his . The legal proceedings associated with settling his refer to John Doe as the decedent.
Why Does a Decedent Matter?
From a financial perspective, decedents don't stop existing after they die. Their estates still have to file afor the in which the decedent died, for one thing.
Establishing a trust often reduces estate taxes because it allows a person to transfer legal title of his or her property to another person while he or she is alive. It also gives the trustee (the person acting on behalf of the decedent) the authority to distribute assets immediately to the beneficiaries based on the of the trust. No court is involved, so there are no probate fees and no public record of the value of the estate. Many financial advisors urge clients to have trusts, especially those who live in states where probate fees are especially high or if the client owns a home or . Trusts are not for everyone, however, so it is important to seek proper financial advice.
Personalized Financial Plans for an Uncertain Market
In today’s uncertain market, investors are looking for answers to help them grow and protect their savings. So we partnered with Vanguard Advisers -- one of the most trusted names in finance -- to offer you a financial plan built to withstand a variety of market and economic conditions. A Vanguard advisor will craft your customized plan and then manage your savings, giving you more confidence to help you meet your goals. Click here to get started.