Operating expenses are costs to maintain or safeguard the property of an estate. For example, if the estate has a vacant home there would still be operating expenses like electrical, property taxes, insurance etc. Executors need to manage these expenses to reduce the negative impact on the estate's net worth while also considering the need to maintain assets and their related value intact. As an executor moves through the estate administration process, many of the assets will be sold/gifted which reduces the amount of operating costs required.
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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