What is decedent account?

A decedent account refers to a financial account that belonged to a deceased individual. After the person's death, this account is typically managed by an executor or administrator as part of the estate settlement process. The account may contain various assets, such as bank balances, investments, or real estate, which must be accounted for and distributed according to the decedent's will or state law. Proper management of the decedent account is essential to ensure that debts are settled and remaining assets are distributed to heirs or beneficiaries.