Funeral Expenses. An executor does not necessarily take on financial responsibility for the decedentâs funeral arrangements. When he acts in his capacity as executor, he is making financial decisions for the decedentâs estate, and the decedentâs funeral arrangements become a debt of the estate.
By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government. All securities held by the trust funds are special issues of the United States Treasury. Such securities are available only to the trust funds.
State and local governments have two other groups of self-balancing accounts which are not considered funds: general fixed assets and general long-term debts. These assets and liabilities belong to the government entity as a whole, rather than any specific fund.iduciary funds are used to account for assets held in trust by the government for the benefit of individuals or other entities. The employee pension fund, created by the State of Maryland to provide retirement benefits for its employees, is an example of a fiduciary fund.