A financial payment made to the estate of the deceased. Death benefits may come from an employer, government, insurance or veteran's organizations. Executors must be diligent and pursue these benefits for the estate. An executor should closely review the terms of the death benefit and seek legal assistance if required as there are many factors to consider: cause of death, named beneficiaries, service details and many others. Often these payments are received as a lump sum and while most death benefits are not subject to income tax, an executor should confirm that is the case in their estate's jurisdiction.
What you need to know
What to do when a loved one dies
When people die, they leave behind a life that must be closed out. Don't tackle it all alone. From planning the funeral to tackling the legal & financial estate, here's an ultimate checklist of all the things an executor needs to do following the loss of a loved one.
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