The executor needs to get a handle on the sources and frequency of incoming cash flow to the deceased, where it is coming from (employment income, social security, investment income, pensions etc.).
The executor must notify each payee of the death and make arrangements to have the income redirected to the estate bank account to pay bills. The executor should also notify all debtors of the death and let them know that their bills will be paid as soon as the estate has some cash.
Life insurance policies, where the proceeds payable to “the estate”, can also serve as a ready source of cash to pay bills.
©QuickEstate Administrators Inc.