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.
Restricted and Designated Funds. Restricted Funds: Restricted funds are charitable contributions (as defined above) whose use is restricted by donors to. churches. The church has no discretion in the management and disbursement of such funds. Examples of. such restricted funds would be the offerings for North American Missions (Annie Armstrong), International.