A legal term referring to a male individual responsible for the financial affairs of the deceased is the ‘Executor’. A female trustee is referred to as the executrix.
Even after death, your heirs may still have to file a separate tax return for you with the Internal Revenue Service. If your accumulated wealth is greater than $5.25 Million, then your executor must file Form 706 – The Estate Tax Return.
When an individual passes away, his/her will or trust identifies a representative to administer his/her estate. This representative is referred to as the executor (male) or executrix (female) and is generally approved or assigned by the local circuit court. The Internal Revenue Service tasks this representative to file a final personal return and information returns until the estate is completely transferred to the heirs.
