Who is responsible gor the preparation and filing of a decedent’s final tax retu
ID: 2601811 • Letter: W
Question
Who is responsible gor the preparation and filing of a decedent’s final tax return when the decedent dies testate( with a will) ? 1) decedent’s spouse 2)competent and availsble personnsl representative named in the will 3)court apointef administrator Who is responsible gor the preparation and filing of a decedent’s final tax return when the decedent dies testate( with a will) ? 1) decedent’s spouse 2)competent and availsble personnsl representative named in the will 3)court apointef administrator 1) decedent’s spouse 2)competent and availsble personnsl representative named in the will 3)court apointef administratorExplanation / Answer
Ans:The death of a loved one or close friend is a traumatic experience. In addition to it those who are charged with dealing with the decedent’s personal and financial affairs following death are often left with many more duties and responsibilities.
Tax return will be filed on behalf of the decedent by a person acting in a fiduciary capacity, either as executor (in some states called a personal representative) named in the will or an administrator (if the person dies without a will) or as trustee, depending upon how the decedent held his or her property.
In the above case the descedent's final tax return will be filed by a competent and available personnel representative named in the will.Here an executive is appointed as a personal representative. If a deceased specifically names a person or institution to act for him or her in his or her will, and if the will is accepted as valid, the named personal representative is known as the executor (male) or executrix (female). In cases when more than one individual or an individual and an institution are appointed to act, the joint designation is usually executors. e.g. banks or company
The duties and responsibility of personal representative may change depending on the state laws and circumstances involved.
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