Most of us have an idea in our minds of how we would want our estate to be distributed at the time of our death.
Unfortunately, the majority of Americans do not have those thoughts down on paper in the form of a will.
If you are named as an executor for someone's will you should consider it an honor. That person believes that you have the ability to settle debts, distribute assets and complete all the tasks necessary to close their estate.
The answer to this question depends on a variety of factors such as federal or state tax law, the state of the decedent’s death, the type of tax involved (estate or inheritance), and the size of the estate.